Belmont Resources Inc. (“BEA”) (the “Company”) is arranging the balance of a non-brokered private placement financing. On September 1, 2010 the Company announced the sale of up to 6,000,000 units at $0.05 per unit, and on October 25, 2010 the Company announced that they had completed the 1st and 2nd tranches totaling 4,000,000 units.
The Company is pleased to announce that we have arranged the sale of the final 2,000,000 units at a price of $0.05 per unit for gross proceeds of $100,000. The units consist of one share and one share purchase warrant exercisable at $0.10 per share in the first year and $0.15 per share in the second year from issuance. The Company will pay an 8% finder’s fee or commission in accordance with the policies of the TSX Venture Exchange. The private placement is subject to the approval of the TSX Venture Exchange.
About Belmont Resources Inc.
Belmont has recently entered into an option to acquire 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 and adjoining on strike to the north-northeast with the Osisko Mining Corp. (former 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 one rare earth mineral and one uranium claim block in the Central Mineral Belt in Labrador.
ON BEHALF OF THE BOARD OF DIRECTORS OF
BELMONT RESOURCES INC.
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.
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