December 15, 2020 -Vancouver, B.C. Canada,; Belmont Resources Ltd. (“Belmont”), (or the “Company”), (TSX.V: BEA;  FSE: L3L2) announces a non-brokered private placement for aggregate gross proceeds of up to $555,000 (the “Offering’). The Offering will consist of up to 1,5 million Non flow-through Units-$105,000 (the “NFT Units”)  at a price of $0.07 per Unit and up to 5.625 million Flow-Through Units -$450,000 (FT Units”) of the Company at a price of $0.08 per FT Share.

NFT Units:

Each NFT Unit consists of one common share of the Company (a “Common Share”) and one transferable share purchase warrant (“Warrant”). Each Warrant entitles the holder to purchase one Common Share at a price of $0.10 for a period of two years from closing.

FT Units:

Each FT Unit consists of one flow-through common share of the Company (a “Common Share”) and one non flow-through share purchase warrant (“NFT Warrant”). Each Warrant entitles the holder to purchase one Common Share at a price of $0.12 for a period of two years from the initial closing date of the Offering.

The FT Shares will qualify as “flow-through shares” (within the meaning of the Income Tax Act (Canada)). The gross proceeds from the sale of the FT Shares will be used to incur qualifying Canadian Exploration Expenses.  Qualifying expenses are to be incurred by no later than December 31, 2021 for renunciation to investors of FT Shares in the financing effective December 31, 2020.  The use of proceeds of the financing will be used for general corporate and working capital purposes and for a 2,000 meter drill program on the Company’s Athelstan-Jackpot gold project and other exploration as deemed necessary on its properties located in the Greenwood Mining District of southern British Columbia.

Acceleration Clause on Warrants:

The Warrants are subject to an accelerated expiry date, which comes into effect when the trading price on the TSX Venture Exchange of the Company’s common shares closes at or above $0.15 per share for 10 consecutive trading day commencing four months plus one day after the closing. (date of share/warrant issuance).    In such event, the Company may accelerate the expiry date of the Warrants by disseminating a press release, providing the Warrant holders with an acceleration notice (the “Notice”)  and in such case the Warrants will expire on the 30th day after the date on which such press release is disseminated.

The shares issued under the Offering will be subject to a four-month and one day hold period and will not be sold in the United States. The Offering is subject to customary closing conditions including, but not limited to, receipt of applicable regulatory approvals, including approval of the TSX-V. The closing of the Offering may occur in one or more tranches, with the initial closing date of the Offering expected to occur on or around December 30, 2020 and is not subject to receipt of a minimum amount of gross proceeds. The Company may pay to certain introducing parties in respect of the Offering finder’s fees of up to 8% cash and non-transferable 8% warrants, subject to compliance with applicable securities legislation and TSX-V policies.

Belmont President & CEO provides a video update on the Greenwood Mining Camp projects and the proposed drilling program on the Athelstan-Jackpot (A-J) gold project. The A-J property has two past producing gold mines which collectively produced 7,600 ozs Au & 9,000 ozs Ag (Minfile 082ESE047). The A-J Group was one of the most productive gold mines in the Greenwood mining district of southern British Columbia.

The primary target of the planned drill program is a coincident strong resistivity-chargeability anomaly identified only 130 meters below the two former gold mines. This large IP anomaly is identified as a possible causative source of gold mineralization at surface including the two mines.

BEA President _CEO George Sookochoff

About Belmont Resources Inc.

Belmont Resources Property-Map

Belmont Resources Property-Map

Belmont Resources is a British Columbia based junior mining company engaged in the business of acquiring past producing gold-copper mineral properties located in the highly prospective Greenwood-Republic mining camps. Belmont is utilizing new exploration technology as well as new geological modelling to identify gold-copper mineralized feeder systems to the relatively shallow historic mines.

The Belmont project portfolio includes:

Athelstan-Jackpot, B.C. – 100%, Athelstan & Jackpot Gold mines

Pathfinder, B.C. – 100%, Bertha & Pathfinder Gold-Silver mines

Come By Chance, B.C. – 100%, Betts Copper-Gold mine

Lone Star, Wash.  – LOI, Lone Star Copper-Gold mine

Kibby Basin, Nevada – 100%, Lithium

Crackingstone, Sask – 50%, Uranium




“George Sookochoff”

George Sookochoff, CEO/President

Ph: 604-683-6648



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 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.