November 5, 2010

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

Belmont Resources Inc. (TSX.V –“BEA”) (the “Company”) has further acquired through staking an additional seven claims (56 units) 896 ha adjoining its 2144 ha group of 16 contiguous mineral claims, totaling 3040 ha. Further staking was recommended based on the historical knowledge of the area by our Consulting Geologist, Ray Bernatchez, and on a new geology map (Buse & Lewis, 2009) of the Lumby Lake metavolcanic belt. A gap on the north edge of the property was staked based on the Em conductors striking southwest through Hook Lake towards our Two Bay Lake area claims. The second area of recommended staking was located in the northeast and east portion of the present property boundary. Mr. Bernatchez observed abundant iron carbonate alteration with quartz veining in this area. (Buse & Lewis) noted several outcrops of silicification, quartz, pyrite and epidote in this area –characteristics favourable for gold mineralization.

This second staking area also contains intermediate to felsic pyroclastic-sedimentary rocks favourable for hosting base metal (Cu-Zn) mineralization. This volcanic-sedimentary sequence forms an extensive east-west interbedded and sulphide-bearing horizon within the northern portion of the property. This sulphide horizon responded strongly to the 2009 OGS electromagnetic survey. Previous exploration along this horizon has identified gold and base metal mineralization. This long continuous sulphide horizon forms the upper part of an east-west striking north topping bimodal base-metal and gold- bearing felsic-mafic interbedded sequence similar to those found at the high grade silver-base metal discovery showing.

Other:

Further to our news release of September 9, 2010, the Company announces that they have terminated the Option Agreement with EuroGas, Inc. whereby EuroGas could have earned an interest in the Lumby/Bufo property.

The Company has received other public company expressions of interest to option in the Lumby/Bufo property and is currently reviewing these proposals.

South of the Lumby/Bufo property, the Hammond Reef project is now a wholly owned subsidiary of Osisko named Osisko Hammond Reef Gold Ltd. and is presently focused on expanding the gold resources. 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. A 300,000 metre-drilling program, geological mapping and a baseline environment study are now underway. Sixteen drills are turning on the property, at a rate of 25,000 metres per month.

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.

ON BEHALF OF THE BOARD OF DIRECTORS OF
BELMONT RESOURCES INC.

"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.

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