You can specify below left=<vertical distance> and <horizontal distance>. This will specify the distance between the node borders. If instead you want to specify the distance between the node centres, you can set on grid before below left=....
The positioning options are described on pp. 185 of the pgfmanual.

\documentclass[a4paper]{article}
\usepackage{tikz}
\usetikzlibrary{shapes.geometric,positioning}
\begin{document}
\begin{tikzpicture}[
every node/.style={
draw,
ultra thick,
outer sep=0pt % prevents the thick line from influencing the dimensions of the nodes
}
]
\draw [gray!50] (-3,-2) grid (1,3); % to demonstrate placement
\node (A) [ minimum width=2cm,minimum height=2cm] {A};
\node [on grid, below left=1cm and 2 cm of A] (B) {B};
\node [above left=1cm and 1cm of A] {C};
\end{tikzpicture}
\end{document}