Vancouver, B.C. Canada, September 23, 2013 – Belmont Resources Inc. (“Belmont”, the “Company” or “TSX.V: BEA”) announces that it will be making an application to the TSX Venture Exchange to extend the terms and amending the exercise price of certain warrants previously issued:
Private Placement warrant amendments:
(i) The private placement which these warrants relate to closed on December 30, 2011 (2,186,500 warrants) and are exercisable at $0.20 (2,100,000 related to a non flow-through) and at $0.30 (86,500 related to a flow-through unit). These warrants have an expiry date of December 30, 2013 and will be extended for a period of one additional year so that they will now expire on December 30, 2014 and have a new exercise price of $0.15. All other terms of the warrants will remain the same. Insiders hold an aggregate of 146,500 of the total 2,186,500 warrants.
(ii) The second group of private placement warrants closed in one tranche on March 28, 2012 (5,750,000 warrants) and have an expiry date of March 28, 2014 at an exercise price of $0.20. These warrants will be extended for a period of one additional year so that they will now expire on March 28, 2015 and have a new exercise price of $0.15. Insiders hold an aggregate of 200,000 of the total 5,750,000 warrants.
The above amendments are subject to the approval of the regulatory authorities.
Lumby/Bufo Property Option – Atikokan, Ontario
On October 12, 2012 the Company had entered into a Letter of Intent (“LOI”) with Yuntone Capital Corp. (“Yuntone”) (TXS.V:YTC.H) for an option to earn an interest in Belmont’s Lumby/Bufo (“LB”) Claims, Thunder Bay Mining Division, near Atikokan, Ontario. The LB property forms a block of 23 contiguous mineral claims, totaling (190 units) – 3,040 hectares within the Norway and Richardson Lake Townships. The LB property is bounded to the south by the Osisko Mining Corp. (former Brett Resources Ltd.) “Hammond Reef” gold deposit. Yuntone was unable to complete the necessary financing in order to close this qualifying transaction and the LOI is thereby terminated. The Company received a $10,000 non-refundable deposit upon execution of the LOI. An updated NI 43-101 Geological Report has been completed on the LB property outlining an extensive amount of work incurred on the property by Belmont and previous property owners and proposes further drilling and numerous exploration targets.
The Company is seeking new potential option joint venture partners to continue exploration and development of this exciting land package which is very accessible from Atikokan, Ontario.
About Belmont Resources Inc.
In June 2012, the Company entered into a property option agreement to acquire four groups of mineral (51) claims, representing 2,254.27 hectares in the Berthiaume, Orvilliers and Joutel Townships, all located within the Abitibi Harricana-Turgeon volcanic greenstone of Northwestern, Quebec. This belt hosts several world- class deposits that have produced both gold and base metals.
The Company completed and fulfilled the final terms of the February 2010 option agreement and have now acquired a 100% interest in 3,040 ha. (23 contiguous mineral claims), known as the Lumby/Bufo property located approximately 35 km. northeast of the town of Atikokan. The property adjoins the “Hammond Reef” gold deposit, belonging to Osisko Mining Corp. (former Brett Resources Inc.), along strike to the north-northeast.
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.
Further information can be found on the Company’s website at www.BelmontResources.com and on www.Sedar.com, or by phoning 604-683-6648.
ON BEHALF OF THE BOARD OF DIRECTORS
This Press Release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Companies forward-looking statements and expectations. 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