BELMONT RECEIVES BLM DRILLING PERMIT FOR KIBBY BASIN, NEVADA AND ARRANGES FINANCING
Vancouver, B.C. Canada, November 21, 2016 - Belmont Resources Inc. (TSX.V: BEA; FSE: L3L1; ("Belmont", or the "Company").
Kibby Drilling Update:
Belmont Resources Inc. wholly owned subsidiary, Belmont Nevada Inc. is pleased to report that the Bureau of Land Management (BLM), Tonopah field office has issued its drilling permit for the Kibby Basin, Nevada project to drill up to nine (9) holes (200 - 500 feet in depth).
The work forms part of the phase 2 exploration program in the Kibby Basin as previously outlined in the NI 43-101 Technical Report (E.L. Hunsaker III - May 2016). The drill holes will require only minimal pad and access road construction, with a limited disturbance area of approximately 3.46 acres, in accordance with applicable BLM and Nevada Division of Minerals regulations. A reclamation bond has been posted.
“Mr. Robert G. Cuffney, Certified Professional Geologist is currently reviewing drilling bids, and anticipates securing a drilling contractor and equipment shortly”, said Vojtech Agyagos, CEO/President. “The drilling is designed to demonstrate the existence of a deposit of lithium within the prospect area. Recently announced surface samples assayed positive for lithium.”
The Kibby Basin Lithium project is located in Esmeralda County, Nevada and home to North Americas only producing lithium mine (Albemarle’s -NYSE: ALB) Silver Peak Mine.
The Kibby Basin is approximately 120 miles from Tesla’s $TSLA $5 billion lithium-ion battery Gigafactory currently under construction.
The Company also announces that it is arranging a non-brokered private placement of up to 5,000,000 units (the “Units) at a price of $0.06 per Unit to raise gross proceeds of up to $300,000. Each Unit will consist of one common share of the Company and one transferable share purchase warrant (a “Warrant”). Each whole warrant will permit the holder to acquire one additional share of the Company at a price of $0.10 in the first year and at $0.15 in the second year after closing.
The Company will pay a finder’s fee of up to 10% in cash and/or warrants. The Common Shares and Warrants are subject to a statutory hold period and the financing is subject to Exchange acceptance.
The Company intends to use the net proceeds from the Private Placement for exploration on the Kibby Basin Property and general working capital.
About Belmont Resources Inc.
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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).
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.
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.