Vancouver, B.C. Canada, October 30, 2019 – Belmont Resources Inc. (“Belmont”, or the “Company”), (TSX.V: BEA; FSE: L3L1; DTC Eligible – CUSIP 080499502 ).
Glenora Property – Greenwood Mining District:
Belmont has acquired 2 Mineral Claims containing 127 hectares near Greenwood BC. The claims are adjacent to the south side of Golden Dawn’s (TSX.V: GOM) Golden Crown Project which is located 3 km south of the Greenwood Processing Plant and 1 km south of the historic Phoenix Open Pit Mine which produced over 1 million ounces of Gold and 500 million pounds of Copper up to 1978 (historical results). The Golden Crown Property contains a NE 43-101 compliant resource (indicated plus inferred) of 205,000 tonnes containing 75,600 of gold equivalent ounces (source: GOM website). The Glenora claims are situated near the southern entrance of a 1,070 meter long underground exploration drift that was developed in 1985 to access a multi-vein system. A total of 229 surface drill holes and 53 underground drill holes have been completed on the Golden Crown property to support the above mentioned resource estimate.
Belmont plans to compile additional data on the claims in order to plan the best possible exploration program to enhance the property while concurrently reviewing additional strategically located claims and crown grants in the Greenwood area, along the same mineralized trend of other discoveries in the vicinity.
Terms of the Acquisition Agreement:
The claims have been optioned from three non-related third parties (the “Vendors”) under the following terms:
- A total of 420,000 Units upon TSX Venture Exchange approval. Each Unit contains one common share (the “Shares”) in the capital of Belmont Resources Inc. (the “Shares”) and one transferable warrant (the “Warrants”) exercisable at a price of $0.08 per Share for a period of eighteen (18) months from the approval date (the “Warrants”), provided however should the weighted average trading price of Belmont’s shares be a least $0.20 per share or above for 10 consecutive trading days, then Belmont may, by written notice reduce the remaining exercise period applicable to the Warrants to not less than 30 days from the date of such notice;
- A total of 420,000 Shares in the capital of Belmont Resources Inc. on the one year anniversary of the Agreement Date;
- The grant of a 1.5% NSR Royalty to the vendors, with Belmont having the right to acquire half (50%) of the NSR from the vendors within five years of the Agreement Date in consideration for $500,000 payable in cash, divided as to one-third to each of the three vendors.
About Belmont Resources Inc.
Belmont Resources Inc. is a Canadian based resource company traded on the TSX-V under the symbol “BEA”. The Company is systematically exploring its extensive property positions in British Columbia (Gold), Nevada (Lithium) and Saskatchewan (Uranium).
ON BEHALF OF THE BOARD OF DIRECTORS
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.
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.