Vancouver, B.C. Canada, May 9, 2017 - Belmont Resources Inc. (TSX.V: BEA; FSE: L3L1; DTC Eligible - CUSIP 080499403); (“Belmont”, or the “Company”).
Mina, Nevada Property Acquisition & Shares for Debt
Belmont Resources Inc. has entered into a Shares for Debt Agreement with American CuMo Mining Corporation (TSX.V: MLY); (CuMo); for $25,900. The Company has agreed to issue an aggregate of 370,000 common shares at a deemed price of $0.07. The Shares for Debt is subject to regulatory approval, and once issued, a statutory hold period of four months + one day. The Company is not indebted to any other creditors who wish to settle shares for debt at this time.
The access to Belmont’s Kibby Basin lithium property is approx. 16 miles closer from Mina than Tonopah, Nevada along Highway 95; between Reno and Las Vegas. “The residence, field office and core storage was used by CuMo for a number of years and indicates a further commitment by Belmont in advancing its Kibby Basin property. Due to the large amount of drilling activity in the nearby Clayton and Big Smokey Valleys, we found it very expensive and difficult to locate secure core storage in Tonopah and the surrounding communities. The residence and office is fully furnished for both accommodation; and a location for our consulting geologists from Reno and Eureka to set up an offsite field office complete with mapping tables, filing cabinets, etc.,” stated Gary Musil, Chief Financial Officer.
An additional metal storage building on the property provides secure storage for logging core; site for future table top testing by Khalili Engineering’s lithium extraction process on basin brines and a large property area to rent core storage for other mining companies. It is also in close proximity to a local assay lab that spot checks samples for many other mineral properties in the area.
Kibby Basin - Drilling commences
Further to our news release of April 18, 2017 the Company is pleased to report that Harris Exploration Drilling & Associates (“Harris Drilling”) mobilized to the property and set up drilling HQ (3.875”core) commencing Hole #1 on April 23, 2017. Hole #1 was drilled on the eastern basin-bounding fault, and drilled to a depth of 548 feet. Harris Drilling has now moved the drill rig and preparing to set-up on top of the playa basin later this week, approximately 5000 feet southwest of Hole #1 and anticipate drilling to a depth near 1000 feet or more.
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 acquired 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-U.S.A. 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, Canada.
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.