BELMONT ANNOUNCES RESULTS OF ANNUAL GENERAL MEETING
Vancouver, B.C. Canada, July 21, 2017 - Belmont Resources Inc. (TSX.V: BEA; FSE: L3L1; DTC Eligible - CUSIP 080499403); ("Belmont", or the "Company").
The Annual General Meeting (“AGM”) of Belmont Resources Inc. was held today. At the meeting the shareholders re-elected Vojtech Agyagos, Gary Musil, Roger Agyagos, and Dusan Berka for the upcoming year. Jake Bottay did not stand for re-election. The scrutineer reported that there were a total of 24 shareholders holding 5,017,462 common shares represented in person or by proxy at the meeting. This represents 11.02% of the total 45,520,953 shares issued and outstanding at record date.
On a show of hands, the Chairman declared that the shareholders ratified the election of directors for all nominees listed, to hold office until the next annual meeting of shareholders or until their successors are duly elected or appointed. Directors Vojtech Agyagos and Gary Musil received 5,014,959 (99.95%) votes for re-election; Roger Agyagos 4,984,959 (99.35%), and Dusan Berka 4,987,459 (99.40%).
Other resolutions submitted by management to shareholders for consideration were approved as presented, including the approval of the Company’s Stock Option Plan as summarized in the Information Circular.
At the Directors Meeting following the AGM; the directors re-appointed Vojtech Agyagos as President/Chief Executive Officer, and Gary Musil as Corporate Secretary/Chief Financial Officer. The Audit Committee appointees are: Gary Musil, Roger Agyagos & Dusan Berka.
The Board of Directors would like to thank Jake Bottay for his 17 years of support and service as a Director. The Board of Directors would also like to thank the Company’s shareholders for their continued support throughout the past year.
Kibby Basin - 1st Phase Drilling Assay Results
Hole KB-2c was advanced in the playa (dry lake bed) area and encountered fine-grained clay-rich sediments: silts and muds punctuated by thin gravel intervals and some thicker fine-grained sand zones typical of playa lake sediments. Layers containing ground water were encountered at numerous depths. Core was logged, photographed, and sampled in the field and at Belmont’s field office facility in Mina, NV. Samples of clay-rich core intervals were transported to ALS Labs in Sparks, NV for analysis. The Company was pleased with the core sample assays, ranging from 70 ppm to 200 ppm Li with 13 of 25 core samples assaying over 100 ppm Li; indicating that the sediments could be a potential source of lithium for the underlying aquifers.
Hole KB-1c targeted the approximate location of the basin-bounding fault as defined by a gravity survey, and was drilled east of the playa. The hole encountered unconsolidated alluvial sand and gravel deposits with minor occurences of silt, clay, and water courses. Three samples of thin clay-rich zones in the gravels were analyzed for lithium, but were not anomalous (20-40 ppm) Li.
Hydro sleeve samples of formation water were collected from the bottoms of both drill holes, where brine is likely to collect, and were also delivered to ALS for lithium analysis and testing of physical parameters. Water test results are pending.
Belmont’s next stage of evaluation will consist of carrying out geophysical surveys (Electromagnetic Resistivity survey-‘EM’ and possibly seismic surveys) of the property, which should generate higher aquifer probability targets for further drilling this year.
Vojtech Agyagos, CEO/President of Belmont reports; “We are pleased with the first drilling results in Kibby. Existing reports describing the geological history of the area and analysis of surrounding bedrock, volcanic ash, and surface sediment testing show key features that are similar to the known lithium mine area at Silver Peak-Clayton Valley; and have also indicated a potential for lithium in the Kibby basin.” The key features are:
NI 43-101 Disclosure
Robert (“Bob”) G. Cuffney, Certified Professional Geologist, a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the technical information in this news release.
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.
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.