BELMONT CONTINUES DRILLING AT KIBBY, NEVADA LITHIUM PROJECT & EXTENDS TERMS WITH MGX MINERALS INC.
Vancouver, B.C. Canada, March 04, 2019 - Belmont Resources Inc. (TSX.V: BEA; FSE: L3L1; DTC Eligible - CUSIP 080499403); ("Belmont", or the "Company").
Kibby Basin –Hole KB-4 Update:
Further to our March 1, 2019 news release, Belmont and MGX announces drilling KB-4 has reached a depth of 615 feet and will continue to a targeted depth of approximately 900 feet into lakebed sediments. The hole targets a potential fault as interpreted from the geophysical survey data, which looks deep into sub-surface layers.
MGX Minerals Inc. extension:
Belmont is pleased to announce the signing of a Letter of Extension to April 30, 2019 with MGX Minerals Inc. (CSE: XMG) on its earn-in agreement on the Kibby, Nevada lithium project.
MGX has currently earned a 25% interest in the Kibby, Nevada project. At the discretion of MGX they may acquire an additional 25% interest (for a total of 50%) by MGX incurring exploration expenditures of $300,000 (the “Additional Funds”) on additional drill holes and upon completion of the additional expenditures become the operator on Kibby.
About Belmont Resources Inc.
Belmont owns the Kibby Basin Lithium project covering 2,056 hectares (5,080 acres) in Esmeralda County, Nevada, U.S.A. The Kibby Basin property is located 65 km north of Clayton Valley, Nevada the location of the only US Lithium producer. MGX Minerals Inc. (CSE: XMG) has currently earned a 25% interest in the Kibby project and has the right to increase this to 50% by expending an additional $300,000 on exploration and become the operator.
In 50/50 ownership with International Montoro Resources Inc., Belmont has acquired and is exploring joint venture opportunities for its significant uranium properties (Crackingstone -982 ha) in the Uranium City District in Northern Saskatchewan, Canada.
ON BEHALF OF THE BOARD OF DIRECTORS
“James H. Place”
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 2019; 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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