Vancouver, B.C. Canada, December 8, 2011 – Belmont Resources Inc. (“Belmont”, the “Company” or “BEA”) is arranging a non-brokered private placement to raise up to $1.25 million, through both flow-through and non flow-through units.
The Company will be issuing 5 million units @ $0.15 per unit. Each unit will consist of one common share and one full non flow-through, two year non-transferable share purchase warrant. Each full warrant will entitle the holder to purchase one additional common share of the Company for a period of two years at a price of $0.25 per share in the first year and $0.30 per share in the second year.
The Company will be issuing 5 million units @ $0.10 per unit. Each unit will consist of one common share and one full non flow-through, two year non-transferable share purchase warrant. Each full warrant will entitle the holder to purchase one additional common share of the Company for a period of two years at a price of $0.15 per share in the first year and $0.20 per share in the second year.
The Company will pay a finder’s fee of up to 8% in cash or warrants. The financing will be subject to TSX Venture Exchange acceptance.
The Company will use the funds to continue exploration on its 3,040 ha. Lumby/Bufo property, for further property acquisitions, and working capital.
The Lumby/Bufo property adjoins to the north-northeast with Osisko’s (OSK:TSX) 100% owned Hammond Reef gold project property, which hosts an updated NI 43-101 compliant Global inferred resource of 10.53 million ounces of gold (based on a 0.30 g/t Au cut-off), an increase of 65% or 4.16 million new ounces from the total resources previously released by Brett Resources in 2009. (See Osisko news release dated November 8, 2011). New drilling by Osisko & Brett from January 2010 to July 2011 (approx. 300,000 meters) has significantly increased the size of the deposit.
In November 2010 Osisko also announced an option with Sparton Resources Inc. (SRI: TSX.V) to option Sparton’s West Hammond Contact and Clement Lake gold properties, as well as six surrounding wholly-owned Sparton claims, all located adjacent to the Hammond Reef project. Sparton recently announced starting six to eight holes for approximately 3,300 meters, designed to follow up, at depth, earlier discoveries by Sparton at the south end of the West Hammond claim block, where several wide, shallow gold intersections were found in the past drilling. These included 0.74 g/t of gold over 14.8 meters and 0.80 g/t over 7.5 meters.
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 (50/50) with International Montoro Resources Inc. has acquired and explored 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 Res.) 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. Neither the TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.