When Belvedere Resources (BEL-V) acquired its 100%-owned Hitura nickel mine in Finland six months ago, it had about 12 months of mineable reserves. Since then those reserves have grown to four years.
An updated estimate for the mine, which currently churns out 620,000 tonnes of nickel in concentrate each year, indicates an enormous jump in reserves.
Hitura contains a total ore reserve of 2.35 million tonnes an increase of 156% over the previous estimate in 2006 grading 0.62% nickel and 0.22% copper.
Measured and indicated resources contain 1.37 million tonnes grading 0.64% nickel and 0.22% copper.
In addition the mine has an inferred resource of 430,000 tonnes grading 0.70% nickel and 0.29% copper.
The company is currently trading at about $1.32 per share and has a a 52-week trading range of $1.00 to $3.00 per share. It has 79.1 million shares outstanding.