RBG Rebgold Corporation

REBgold Corporation ("REBgold" or the "Company") (TSX VENTURE:RBG) and Belvedere
Resources Ltd. ("Belvedere") (TSX VENTURE:BEL) today announced that their
respective Finnish subsidiaries have entered into a definitive Shareholders'
Agreement as contemplated by the Letter of Intent announced in a news release
dated March 24, 2011. Under the terms of the Shareholders' Agreement, REBgold
has the right to earn up to a 50% interest in a special purpose joint venture
company which holds the Kiimala and Rantasalmi projects by contributing
expenditures of C$6 million over a 4 year period. To maintain its earn-in right,
during the first year REBgold must contribute at least C$1.5 million on the
projects. Currently, Belvedere Resources Finland Oy (a wholly-owned Finnish
subsidiary of Belvedere) holds a 100% interest in the special purpose joint
venture company.


The Shareholders' Agreement will come into force upon satisfaction or waiver of
certain conditions precedent, including a condition that REBgold shall have
completed an equity financing as required to fund the first year's expenditure
commitment. Upon execution of the Shareholders' Agreement REBgold will pay
C$100,000 to Belvedere Resources Finland Oy. After the earn-in has been
completed, a decision will be made whether to proceed to a feasibility study. If
REBgold proceeds with and completes the feasibility study it will increase its
stake in the projects to between 55% and 75% depending on the level of
Belvedere's contribution to the study. A further 5% can be earned if REBgold's
bioleaching technology can lead to a material improvement in the project
economics.


During the first half of the year, Belvedere undertook a drilling program with
positive results in intersecting additional gold mineralization. The results of
this drilling program have been summarized in press releases issued on March 29,
May 17 and June 30, 2011. Further assay results are expected during August.
Belvedere has expended approximately C$1.1m on a drilling program on the
Rantasalmi project. In accordance with the Shareholders' Agreement, these
expenditures will be reimbursed by REBgold and count as a credit towards its
first year expenditure commitment. 


Resources have been previously announced on both projects and information
regarding these can be found on Belvedere's web-site. It is anticipated that a
new resource calculation will be published before the end of Q3, 2011.


Mark Burridge, Chairman of REBgold, commented: "These are gold projects with
significant upside potential that may be further enhanced by the potential use
of our technology. We look forward to working with Belvedere, a company that has
a strong track record in Finland, a country that is recognized as a good
jurisdiction for mining investment."


David Pym, CEO of Belvedere commented: "We are very pleased to enter into a JV
with REBgold on two of our gold projects in Finland. Belvedere has demonstrated
the gold potential of the properties and the agreement allows the properties to
be advanced while Belvedere concentrates on developing its other gold properties
and its nickel mining operations."


About Belvedere: 

Belvedere Resources Limited is a mining company incorporated in British Columbia
with a primary focus on nickel, gold, cobalt and copper in Finland. Belvedere
currently produces 2500 tonnes of nickel in concentrate per year from the Hitura
nickel mine in Central Finland. Belvedere has a number of advanced gold projects
in close proximity to the Hitura mine. 


REBgold PROFILE

REBgold is in the process of acquiring and developing economic interests in gold
assets, in particular, where it can utilize its competitive advantages to create
shareholder value.


The Company's key competitive advantages include an experienced board and
management team, strategic investor backing and proprietary technology. The
Company's bacterial oxidation and bioleaching technologies are commercially
proven for the liberation of precious metals from difficult-to-treat sulphide
ores and concentrates, with environmental and economic benefits. To date, the
Company's BACOX technology has been used at three gold mines located in Western
Australia, Tasmania and China.


Forward Looking Statement:

Some of the statements contained herein may be forward-looking statements, which
involve known and unknown risks and uncertainties. Without limitation,
statements regarding future plans and objectives are forward-looking statements
that involve various degrees of risk. It is important to note that the actual
results could differ materially from those in such forward-looking statements.

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