Vancouver, B.C. Canada, January 30, 2017 - Belmont Resources Inc. (TSX.V: BEA; FSE: L3L1; ("Belmont", or the "Company").
As a result of recent inquiries and interest in uranium worldwide, the Company and its 50/50 partner - International Montoro Resources Inc. (TSX.V: IMT), are reviewing potential joint venture/option avenues. During the period 2006 - 2011 Belmont & Montoro incurred $1.97 million in property acquisition and development costs on its 12,091 ha Uranium City, Saskatchewan claims.
Uranium Industry Overview
MINING.com expects "the period from 2017-2020 to be a landmark period for the nuclear sector and uranium stocks, as the global operating nuclear reactor fleet expands." First and foremost, the world is building more nuclear reactors right now than ever before.
Uranium analyst David Talbot of Dundee Capital Markets was forecasting 6 percent compound annual demand growth through 2020, which is enough, he says, to "kick-start" uranium prices up to and beyond 2007 levels. Up to 20% of the uranium supply needed to operate the world’s existing nuclear reactors for the rest of this year and next is not covered. Morningstar analyst David Wang predicted prices will double within the next two years.
World Nuclear Association ("WNA") - The WNA reports that there are 440 nuclear reactors operable in 30 countries as of March 1, 2016. A total of 65 nuclear reactors are under construction in 14 countries with the principal drivers of this expansion being China (24), Russia (8), India (6), the United States (5), South Korea (3) and UAE (4). Based on the most recent statistics from the WNA, there are a total of 238 reactors that are either under construction, or planned around the world, and an additional 337 reactors that are proposed, with the potential to be operating by 2030.
Visual Capitalist - Chart: Can Uranium Be Great Again? By Jeff Desjardins – January 27, 2017 http://ow.ly/SKfq308qCZS
Review of BEA/IMT Uranium City, Sask. claims (as previously filed on SEDAR and our websites):
Crackingstone claims - 982 ha
February 2007 - Completed 87 km line-cutting program consisting of establishing grid lines and a Mag/VLF-EM ground geophysical survey over 750 ha.
August-October 2007 - Channel (278) and grab (12) sampling program with samples assaying over 0.59% U3O8 and a radon gas survey. Radon gas survey covered approx. 4.65 km at 50 meter sample intervals (93 samples) around the intersection point of the Crackingstone and Boom Lake faults.
October 2007 - MPX Geophysics Ltd. conducted 1,391 km of helicopter airborne magnetic and radiometric survey -100 meter flight line spacing over Crackingstone & Orbit claims
July 2008 - Completion of a 20-hole diamond drill program totaling 3,075 meters, and confirmed the presence of uranium mineralization for a strike distance of 1800 meters. Eight of the holes tested a 600 meter strike length long conductor starting from the Beck 94 showing. Assays graded up to 0.37% U3O8 (7.4 lbs./ton), included intersections of 0.3 m assaying 2.087% U3O8 (41.74 lbs./ton) including a 3.0 m intersection assaying 0.36% U3O8 (7.19 lbs./ton); 10.6 m intersection including 0.4m intersection assaying 0.182% (3.64 lbs./ton) and many others.
Orbit claims - 11, 109 ha
April 2008 - ompleted Aeroquest Airborne magnetic/electromagnetic survey. Consisted of 1,319 line km’s using the Aerotem IV system. Confirmed 19 electromagnetic conductors of which 6 have significant strike length from 1 km to 3.5 km. Four of the conductors are coincident with significant radioactive zones detected in the 2007 airborne survey (see October 2007 above) and historical uranium showings.
September 2011 - Conducted a sampling program on three NE linear radiometric (U) anomalies which transected the property from the southwest corner at Orbit Bay to the northeast corner of the claim group at Orbit Lake. Results included numerous rare earth elements. Further results can be reviewed in the December 5, 2011 news release and posted in Tables 1-6 - titled ´2011 Sampling Program´ on the Crackingstone/Orbit property pages on the website.
About Belmont Resources Inc.
Belmont is an emerging resource company engaged in the acquisition, exploration and development of mineral properties in Canada and Nevada, U.S.A.
On March 30, 2016; the Company entered into a property acquisition agreement to acquire sixteen placer (16) mining claims, representing 1036 hectares (2,560 acres) in Esmeralda County, Nevada, U.S.A. The Kibby Basin property is located 65 km north of Clayton Valley, Nevada. The Company believes the property to be highly prospective to host lithium.
On July 11, 2016; the Company reported it has arranged the staking of 213 x 20 acre additional placer mineral claims totaling approx. 1724 hectares (4,260 acres), adjoining the Kibby 16, increasing the total Kibby Basin land position (the "Property") to 2760 hectares (6,820 acres).
In 50/50 ownership with International Montoro Resources Inc., Belmont has acquired and is exploring joint venture opportunities for its two significant uranium properties (Crackingstone -982 ha & Orbit Lake - 11,109 ha) in the Uranium City District in Northern Saskatchewan.
ON BEHALF OF THE BOARD OF DIRECTORS
This Press Release may contain forward-looking statements that may involve a number of risks and uncertainties, based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of exploration and other risk factors beyond its control. Forward looking statements in this news release include statements about the possible raising of capital and exploration of our properties. Actual events or results could differ materially from the Companies forward-looking statements and expectations. These risks and uncertainties include, among other things, that we may not be able to obtain regulatory approval; that we may not be able to raise funds required, that conditions to closing may not be fulfilled and we may not be able to organize and carry out an exploration program in 2016; and other risks associated with being a mineral exploration and development company. These forward-looking statements are made as of the date of this news release and, except as required by applicable laws, the Company assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.