Belmont Resources Inc. (TSX.V -“BEA”) (the “Company”) has received assay results from the first two holes of afive hole (1,024 meters) diamond drill program completed on the Company’s Lumby/Bufo property. The 1632 ha group of 14 contiguous mineral claims (102 claim units) adjoins on strike to the north- northeast with Brett Resources Inc “Hammond Reef deposit” (TSX.V –BBR), (“Brett”) claims. The gold-bearing structures on the Brett property can be traced northeast onto the Lumby/Bufo Lake property. The Lumby/Bufo property is located approximately 35 km. northeast of the town of Atikokan, Ontario.

This initial drill program in the south portion of Bufo Lake tested one of three East-West VLF-EM and Max Min conductors previously detected under Bufo and Two Bay Lake.

Hole BB-10-1 was drilled to a length of 99 meters at an angle of –50 degrees. This hole intersected 2 graphitic shale beds containing sphalerite (zinc) mineralization. This bedded shale contained anomalous concentration of zinc (100 to 300 ppm), copper (62 to 460 ppm), nickel (144 to 562 ppm), chromium (183 to 1433 ppm) and silver (1 to 3 g/t). A continuous section in this hole, from 74.5 to 95.75 m (21.25 m) averaged 1.76 g/t silver. This hole encountered a clay seam from 96 to 99 m. where the hole was terminated.

Hole BB-10-2 was drilled to a length of 266.4 meters at an angle of –50 degrees and encountered continuously altered mafic, felsic meta-volcanic and intrusive rocks down to the bottom of the hole, indicating an alteration system over 200+ meters wide. Numerous intersections containing gold and silver were encountered as follows:



Au g/t

Ag g/t

55.0m to 70.0m


2.476 (average) including

55.0m to 56.6m




65.5m to 68.5m


3.40 (average)


65.5m to 67.0m




67.0m to 68.5m




144.0 to 144.95m


25 ppb (0.025 g/t)


157.8 to 159.0m


51 ppb (0.051 g/t)

159.0 to 160.5m


21 ppb (0.021 g/t)

160.5 to 161.55m


82 ppb (0.082 g/t)

174.75 to 176 6 m


63 ppb (0.063 g/t)

185.55 to 186.3 m


24 ppb (0.024 g/t)

189.6 to 191.1 m


22 ppb (0.022 g/t)

193.0 to 193.25 m


22 ppb (0.022 g/t)

240.6 to 241.3 m


34 ppb (0.034 g/t)

*Note: The silver values from 144.0 m onward were <1 ppm.

Hole BB-10-2 also intersected sheared, chloritized and Fe-carbonate altered mafic and felsic volcanic and layered gabbros and felsic intrusive rocks containing disseminations and seams of pyrite, chalcopyrite and pyrrhotite in all rock types. Of particular interest, a section from 136.5 m to 148.5 m, a gabbro type rocks contained significant levels of zinc (up to 300 ppm), copper (up to 300 ppm), nickel (up to 562 ppm), cobalt (up to 134 ppm) and chromium (up to 1433 ppm).

Silver was noted in 146 of 152 samples taken from 1.4 m to 113.65 m with over 1 g/t. The average silver content of the 146 samples was 1.99 g/t with values up to 3.72 g/t. This suggests an enriched silver system possibly associated with the base metal mineralization in this area. This is substantiated by the high grade silver-base metal system discovered at the east end of Lumby Lake located 5 kilometers on strike to the east from the Bufo Lake drilling area. Similar high gold and silver values have been obtained from historical drilling between Bufo
and Lumby Lake drilling. Some grab samples taken from the high grade silver showing did contain over 1 g/t gold.

A continuous section from this hole, from 49.0 m to 113.65 m (64.65 m) averaged 2.22 g/t silver. Additional significant Ag intersections are listed below:



Au g/t

Ag g/t

12.4 – 68.5m

55.1 m

684 ppb (0.685 g/t)

1.83 g/t average

49.0 – 113.65m

64.65 m

1,050 ppb (1.05 g/t)

2.22 g/t average

49.0 – 56.5m

7.5 m

3,580 ppb (3.58 g/t)

2.36 g/t

61.0 – 65.5m

4.5 m

15 ppb (0.015g/t)

2.50 g/t

90.20– 90.65m

0.45 m

47 ppb (0.047 g/t)

3.05 g/t

90.65 – 91.0m

0.35 m

22 ppb (0.022 g/t)

1.63 g/t

91.5 – 91.7m

0.20 m

57 ppb (0.050 g/t)

3.78 g/t

91.50 – 93.2m

1.70 m

74 ppb (0.074 g/t)

2.38 g/t

The historical geophysical conductors detected under the south and north portion of Bufo Lake indicates continuity of these two conductors eastward to Lumby Lake. The south Bufo Lake conductor appears to coincide with the high grade silver-base metal showing at the east end of Lumby Lake.

Core cutting and logging of drill holes BB-10-3, 4 and 5 is completed and assay results will be announced following receipt of assays.

The rock types and mineralization encountered during this drilling program does suggest the presence of three styles of mineralization: a VMS style environment, a magmatic style Cu-Ni-Cr-Co style and a hydrothermal (or meso-thermal) gold-silver system that warrants follow-up exploration. The gold-silver mineralization appears dominant at this time in the south portion of Bufo Lake.

The claim group has potential for the discovery of high grade gold, silver and base metal deposits as shown by Belmont’s recent drilling in the south Bufo Lake area., and previous exploration work carried out by Atikokan Resources Inc. from 1994 to 2004. Atikokan Resources made a significant high grade silver-base metal discovery at the east end of Lumby Lake reporting grab samples from the main showing assaying up to 416 oz/ton silver, 25% lead and 15% zinc. A 300 ton bulk sample extracted in 2003 averaged 15 oz. silver/ton.

South of the Lumby/Bufo property, Brett continues expanding and advancing its evaluation on its Hammond Reef deposit which has outlined an inferred resource of 259.4 million tonnes grading 0.8 gram per tonne Au using a cut off grade of 0.30 g/t gold (reported to contain 6.7 million ounces of gold).

Quality Assurance and Quality Control

The Company utilizes standard industry practices in quality control and quality assurance with insertion of blind standards, blanks, and duplicates, in addition to the quality assurance and quality control practiced by the assay laboratory. Sample preparation and analysis are conducted by Accurassay Laboratories in Thunder Bay, Ontario, an ISO/IEC guideline 17025 accredited facility.

This press release has been reviewed and approved by Raymond A. Bernatchez, P.Eng. Consulting Geologist and a qualified person as defined in NI 43-101.

About Belmont Resources Inc.

Belmont has recently entered into an option to acquire 100% interest in 1632 ha. (14 contiguous mineral claims), known as the Lumby/Bufo property located approximately 35 km. northeast of the town of Atikokan and adjoining on strike to the north-northeast with Brett Resources Inc. “Hammond Reef” deposit.

Belmont Resources Inc. has previously focused on acquiring and developing uranium properties in developed and emerging uranium districts. Belmont (50/50) with International Montoro Resources Inc. has acquired two significant uranium properties (Crackingstone –982 ha & Orbit Lake –11,109 ha) in the Uranium City District in Northern Saskatchewan. The Company also holds interests (50/50 with Int. Montoro) in two uranium claim blocks in the Central Mineral Belt in Labrador. Other properties: Holds interests (50/50 with Int. Montoro) in three claim blocks in the Red Lake, Ontario gold camp and a 12.5% interest in a West Voisey’s Bay, Labrador joint venture –112.75 sq. km nickel/copper/cobalt property.


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Vojtech Agaygos

The statements used in 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 that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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