Belmont Resources Inc. (TSX.V –“BEA”) (the “Company”) with Dorex Minerals Inc. (TSX.V-“DOX”) or (“Dorex”) are pleased to announce the receipt of a NI 43-101 Technical Report on the 2010 Drilling Program which includes significant historical information of the mineral potential of the Lumby/Bufo Property (the “Property”) consisting of 23 contiguous claims (3,040 ha) located approximately 40 air km northeast of the town of Atikokan, Ontario.
Raymond A. Bernatchez, P.Eng, Consulting Geologist of Atikokan, Ontario, an independent qualified person under NI 43-101 reported the following:
“The property and area has been of interest to mineral exploration companies since the discovery of a high-grade gold bearing float boulder at the west end of Lumby Lake by the Geological Survey of Canada in 1937. This boulder was reported to contain several ounces of gold per ton.
The regional and local geology of the property and area consists of bi-modal sequences of felsic, intermediate and mafic volcanic rocks which are geological environments conducive for the deposition of Volcanic Massive Sulphide (VMS) style deposits. The presence of gold mineralization within this same stratigraphy, strongly indicates the potential for the discovery of poly--metallic type deposits.
Airborne and ground geophysical surveys have identified up to five distinct, east-west striking conductive horizons on the property. Mineralization uncovered within the most southerly(VLF EM) conductive zone, the Lumby-Herontrack-Spoon (LHSL) Horizon, has confirmed the presence of multiple layers of sulphide mineralization containing copper, zinc, lead, silver and gold.
The Belmont 2010 drilling program in the southwest corner of the property around Bufo Lake has confirmed a new east-west striking gold system that extends eastward to the LHSL Horizon in the Lumby-Spoon Lake area. The gold and base metal mineralization is located in the South Lumby Lake Greenstone belt near its contact with the Marmion Batholith/Diversion Stock.
Further exploration is most definitely warranted on the Property and that all five east-west striking geophysical electromagnetic trends and other mineralized zones should be explored. A 2-Phased multi-disciplined exploration program is proposed.”
The Technical Report has been filed on SEDAR.
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
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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