BELMONT ADVANCES KIBBY BASIN-NEVADA DRILL PERMIT FILING, LITHIUM SAMPLING; AND FINANCING
Vancouver, B.C. Canada, October 5, 2016 - Belmont Resources Inc. (TSX.V: BEA; FSE: L3L1; ("Belmont", or the "Company").
Kibby Drilling Application and Sampling:
Bob Cuffney, P. Geo. recently visited the Kibby Basin property to review road access and locate drill sites for the proposed reverse circulation and shallow direct push drilling. While on site Mr. Cuffney also flagged the various drill sites and collected ten (10) samples of the playa sediments for lithium assaying. These samples have been delivered to the ALS Group assaying facility in Reno, Nevada and results will be reported as received and compiled by Mr. Cuffney.
While in the region Mr. Cuffney also visited the Bureau of Land Management ("BLM") office in Tonopah, Nevada to discuss the Notice of Intent ("NOI") application, in particular bond calculations in relation to areas of disturbance, and reclamation requirements. A Notice of Intent to drill up to 10 exploration holes has been submitted to the Bureau of Management for review and approval. Drill bids are being solicited and the drilling program is anticipated to start in late October or early November, depending on drill availability.
Belmont has arranged demand loans for a total amount of $105,000 from three non-related parties. The proceeds of the loans are to be used to secure additionally staked claims in the Kibby Basin, Nevada; for property expenditures and working capital.
The loans bear interest at 1.5% per month. In consideration for the loans, the Company has also agreed to issue, an aggregate of 262,500 bonus common shares, at a deemed price of $0.06 per share. The loans and issuance of bonus shares are subject to regulatory approval, and the shares issuable pursuant to the agreements will be subject to a four-month +1 day hold from the date issued.
Lithium in the News:
The U.S. Defense Logistics Agency (DLA) said it has a mandate to buy 600 kg of lithium cobalt oxide (LCO) and 2,160 kg of lithium nickel cobalt aluminum oxide (NCA) in the fiscal year starting October 1st.
They are double what were mandated to buy in the 2015-2016 fiscal year. Both compounds are used to make lithium-ion batteries. LCO batteries are used for mobile phones and laptops; and NCA batteries are used for electric vehicles.
While estimates vary, IHS Automotive expects electric vehicles to represent nearly 4 percent of all light vehicles worldwide by 2020, equivalent to 3.9 million cars, up from just over 14,000 in 2010.
"The lithium industry is going from 160,000 tonnes of LCE (lithium carbonate equivalent) today to at least 260,000 tonnes by 2020," said Simon Moores, managing director of Benchmark Mineral Intelligence.
Prices of battery grade lithium in China, the biggest lithium ion battery producer, surged to above $20,000 a tonne this summer, nearly three times higher than a year earlier, as demand grew.
About Belmont Resources Inc.
Belmont is an emerging resource company engaged in the acquisition, exploration and development of mineral properties in Canada and Nevada, U.S.A.
On March 30, 2016; the Company entered into a property acquisition agreement to acquire sixteen placer (16) mining claims, representing 1036 hectares (2,560 acres) in Esmeralda County, Nevada, U.S.A. The Kibby Basin property is located 65 km north of Clayton Valley, Nevada. The Company believes the property to be highly prospective to host lithium.
On July 11, 2016; the Company reported it has arranged the staking of 213 x 20 acre additional placer mineral claims totaling approx. 1724 hectares ( 4,260 acres), adjoining the Kibby 16, increasing the total Kibby Basin land position (the "Property") to 2760 hectares (6,820 acres).
In 50/50 ownership with International Montoro Resources Inc., Belmont has acquired and is exploring joint venture opportunities for its two significant uranium properties (Crackingstone - 982 ha & Orbit Lake - 11,109 ha) in the Uranium City District in Northern Saskatchewan.
ON BEHALF OF THE BOARD OF DIRECTORS
This Press Release may contain forward-looking statements that may involve a number of risks and uncertainties, based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of exploration and other risk factors beyond its control. Forward looking statements in this news release include statements about the possible raising of capital and exploration of our properties. Actual events or results could differ materially from the Companies forward-looking statements and expectations. These risks and uncertainties include, among other things, that we may not be able to obtain regulatory approval; that we may not be able to raise funds required, that conditions to closing may not be fulfilled and we may not be able to organize and carry out an exploration program in 2016; and other risks associated with being a mineral exploration and development company. These forward-looking statements are made as of the date of this news release and, except as required by applicable laws, the Company assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements.
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