August 11, 2010

BELMONT ACQUIRES FURTHER CLAIMS AT LUMBY/BUFO PROPERTY NORTHEAST OF THE OSISKO MINING/ BRETT RESOURCES “HAMMOND REEF” DEPOSIT

Belmont Resources Inc. (TSX.V -“BEA”) (the “Company”) has acquired through staking an additional two claims (32 units) adjoining its 1632 ha group of 14 contiguous mineral claims (102 claim units). The Lumby/Bufo property adjoins on strike to the north- northeast with Osisko Mining Corp. (TSX –OSK) (former Brett Resources Inc.) “Hammond Reef” deposit (TSX.V –BBR). The gold-bearing structures on the Hammond Reef 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.

The Company further wishes to report that increased amounts of silver were reported from the re-assaying of the silver through Atomic Absorption (“AA”) vs ICP analysis. Further detail logging of the drill core also noted visible gold and also shows several stages of alteration, and at least three styles of gold mineralization; remobilized enriched visible gold in grey quartz veins, gold enrichment in pyritized and silicified volcanic and intrusive/extrusive quartz-feldspar porphyry, and gold bearing ankerite-fucsite carbonate veining.

The AA analysis shows pervasive silver mineralization throughout the five holes drilled. The silver mineralization appears to be a separate mineralizing event from the gold mineralization. The silver mineralization is probably related with the base metal zinc-copper mineralization of the volcanic massive sulphide event, which appears to have occurred prior to the gold mineralization. This is substantiated by the high grade silver-base metal system discovered on the same horizon, at the east end of Lumby Lake located 5 kilometers on strike and east from the Bufo Lake drilling area. Similar high gold and silver values have been obtained from historical drilling between Bufo and Lumby Lake on the same horizon and on the next mineralized horizon coinciding with the north portion of Bufo Lake.

The gold-silver mineralization appears dominant in the south portion of Bufo Lake as was intersected in Hole BB-10-2 (55.0 to 70.0 m – 15.0 m of 2.476 g/t Au). A continuous section also from Hole BB-10-2, (from 49.0 m to 113.65 m -64.65 m averaged 2.22 g/t Ag). The average silver values for all samples in each hole are listed below:

Hole #

No. of Samples

Total Sampled
Interval (m)

Average Silver Value
for Sampled Sections
(g/t)

BB-10-01

75 samples

95.25 m

1.64 g/t

BB-10-02

200 samples

263.50 m

1.97 g/t

BB-10-03

153 samples

98.06 m

2.16 g/t

BB-10-04

73 samples

83.35 m

3.14 g/t

BB-10-05

108 samples

205.25 m

2.58 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.

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, Osisko/Brett are presently focused on expanding gold resources at the Hammond Reef gold deposit. A preliminary assessment (“PA”) study was completed on Hammond Reef on November 12, 2009, resulting in an inferred resource of 6.7 million ounces of gold (259.4 million tonnes grading 0.8 g/t gold at a cut-off grade of 0.30 g/t, which relates to the economic cut-off in the PA study). The deposit remains open along strike and depth, and over 97% of this resource is within 300 metres of surface.

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.

Further information can be obtained from the Company website at www.BelmontResources.com and www.sedar.com, or by phoning 604-683-6648.

ON BEHALF OF THE BOARD OF DIRECTORS

“Gary Musil”

Gary Musil
CFO/Director

 

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.

Latest News