Belmont Resources Inc. (TSX.V –“BEA”) (the “Company”) with Dorex Minerals Inc. (TSX.V-“DOX”) or (“Dorex”) have completed the first three holes totaling 942 meters of the proposed eight hole -2,450 meter drilling program on the Lumby/Bufo Property (the “Property”) consisting of 23 contiguous claims (3,040 ha) located approximately 35 km northeast of the town of Atikokan, Ontario.
The first drill target consisting of three holes is focused on testing an 800-meter long Max Min and VLF EM conductor under the north portion of Bufo Lake located on the west part of the property.
Hole #1 (BB-10-6) was drilled to a depth of 269 meters. The drill hole exceeded it’s objective of explaining the cause of the conductor and identified a wide zone of silicified pillowed volcanic rocks containing abundant quartz and quartz-calcite veining containing variable amounts of disseminated and seams of sulphides. 41 samples have been delivered to Accurassay Labs in Thunder Bay for analysis. We are analyzing for Au via fire assay + AA finish, Ag via AA, and 34 multi-elements.
Hole #2 (BB-10-7) was drilled to a depth of 376 meters, and encountered continuous mineralization beyond the 100-meter depth in similar geology to BB-10-6. 159 samples have been delivered to Accurassay Labs.
Hole #3 (BB-10-8) was drilled to a depth of 297 meters. The hole is still being logged and sampled.
Assay results will be released from these holes, once they are compiled.
The Company is now moving the drill to the second target area (2 holes) in the south part of Bufo Lake between the spring 2010 drilling of holes BB-10-01 and –04. In preparation for the drill set up for Hole #4 (BB-10-9), the site preparation work exposed a new iron (Fe) carbonate alteration zone (about 3+ meters wide). This new Fe carbonate zone appears to parallel others in the area and suggests a potentially much wider gold system than previously known. A float boulder previously located in the area contained gold bearing Fe carbonate alteration, which assayed 2.33 oz/ton.
To earn an initial 49% interest in the Property, Dorex will complete $1,500,000 in exploration expenditures by December 31, 2011 of which $500,000 must be incurred by February 28, 2011. Dorex may increase its interest to 60% by incurring further exploration and payments to Belmont (see NR –November 15, 2010).
The Lumby-Bufo Property is contiguous with and on strike to the north-northeast with the Hammond Reef deposit, where Osisko is presently focused on expanding their gold resources. A preliminary assessment (“PA”) study was completed on Hammond Reef on November 12, 2009, resulting in a NI 43-101 compliant Inferred Resource estimate of 6.7 million ounces of gold (259.4 million tonnes @ 0.8 g/t gold, using a 0.3 g/t Au cutoff).
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 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.
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 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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