Vancouver, B.C. Canada, March 1, 2021; Belmont Resources Inc. (“Belmont”), (or the “Company”), (TSX.V: BEA; FSE: L3L2) is pleased to announce it has entered into a non-binding Letter of Intent (“LOI”) agreement with Pan Andean Minerals Ltd. (TSXV: PAD) (“Pan Andean”) to acquire a 25% interest in the “A Block” of the Kibby Basin Lithium Project (the “Kibby Lithium Property”).
Belmont is the owner of the property known as the A Block, located 65 km north of Clayton Valley, Nevada, U.S.A. (2,971 acres, 1,202 ha) claim block.
The Kibby Lithium Property is approximately halfway between Las Vegas and Reno and located 65 km north of Clayton Valley Basin with Albemarle Corporation’s lithium brine producing operations (Silver Peak Mine). Analyzing geophysical and drilling data, Belmont believes there is great potential for both brine and clay lithium in the Kibby Basin.
George Sookochoff, President & CEO commented “Belmont is very pleased to have an up and coming anode materials supplier to the electric vehicle industry join us in the development of our Kibby Lithium Project in Nevada. Pan Andean has assembled a very impressive board of directors with close connection to lithium ion battery industry. Mr Sung Rock Hwang with over 30 years experience with Samsung SDI and Dr. Jong Hyeok Park who served as Senior Researcher for LG Chem, currently the largest lithium-ion battery manufacturer in the world.”
This non-binding LOI allows for a 15-day period which Pan Andean will perform due diligence on the “A Block.”
About Pan Andean Minerals Ltd.
Pan Andean Minerals Ltd. is Vancouver-based junior resource company focused on battery metals exploration in North America. The Company has staked new mining claims in Golden, BC, along a strike with a quartzite bed, targeting silica in the quartzites for a total of 467 hectares. The Company focuses on exploring and producing silicon, which, when added to anode materials in the production of lithium-ion batteries, provides improvements in capacity and efficiency over lithium-ion batteries using graphite in their anode materials. The Company intends to become an integrated silicon producer and anode materials supplier to the electric vehicle industry. www.panandeanminerals.com
About Belmont Resources Inc.
Belmont Resources is engaged in the business of acquiring and developing gold-copper-lithium projects located in North America. By utilizing new exploration technology and geological modelling the company is identifying possible sources of gold-copper-lithium mineralization.
The Company’s project portfolio includes:
– Athelstan & Jackpot Gold mines, B.C. (Athelstan-Jackpot property – 100%)
– Kibby Basin Lithium Project, Nevada – (100%)
– Betts Copper-Gold mine, B.C. (Come By Chance property – 100%)
– Bertha & Pathfinder Gold-Silver mines, B.C. (Pathfinder property – 100%).
– Lone Star Copper-Gold mine, Washington State (Lone Star Property – LOI)
Laurence Sookochoff P.Eng. is the qualified person under National Instrument 43-101 who has reviewed and approved the technical content of this news release.
The Qualified Person has not verified the data disclosed, through sampling, analytical, nor test data. The information was obtained from technical reports and publicly available company reports.
The Qualified Person has not completed sufficient work to verify the historic information on the Property.
ON BEHALF OF THE BOARD OF DIRECTORS
George Sookochoff, CEO/President
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.