BELMONT UPDATES INTERNATIONAL ARBITRATION EVENTS-ICSID CASE NO. ARB/14/14
Vancouver, B.C. Canada, April 10, 2017 - Belmont Resources Inc. (TSX.V: BEA; FSE: L3L1; ("Belmont", or the "Company").
Belmont/EuroGas Inc. update re Award distribution
Belmont Resources Inc. (the “Company”) provides the following update of events related to the international arbitration involving the Company, EuroGas Inc. (“EuroGas”), v. the Slovak Republic in connection with Rozmin S.R.O. and its ownership of the Gemerska Poloma talc deposit.
As announced previously, the Company and EuroGas retained a law firm in France, under a legal retainer and funding arrangement (the “Funding Agreement”); to pursue legal action by filing a claim for damages against the Slovak Republic through the International Centre for Settlement of Investment Disputes (ICSID). As reported on a United Nations website (see: http://investmentpolicyhub.unctad.org/ISDS/Details/594) the summary of Case No. ARB/14/14 is as follows: Claims arising out of the revocation of claimants’ exclusive rights for mining activities at the Gemerska Poloma talc deposit allegedly without compensation, despite three decision of Slovakia’s Supreme Court declaring such action illegal. Pursuant to such Funding Agreement, the Company terminated its agreement with EuroGas to receive 3.5% of any final award, subject to legal fees and financing charges.
The Company shall be entitled to receive its share of any final award, corresponding to the losses incurred in proportion to the Company’s holdings in Rozmin S.R.O.; subject to legal fees incurred, financing and associated payments, and other necessary adjustments and deductions.
About Belmont Resources Inc.
On March 30, 2016; the Company acquired 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-U.S.A. 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, Canada.
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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