Mar 12 2015
Belmont Resources Inc. ("Belmont" or the "Company") announces today that is has entered into Letter of Intent ("LOI") to acquire 51% ownership of 32 minerals claims (1,696 hectares) known as the "KM 140 Property", in the James Bay Region of Quebec.
The KM 140 Property is adjacent and to the east of a new gold discovery made by Visible Gold Mines Inc. ("Visible Gold"). ("Now, a dozen polymetallic high-grade gold boulders have been discovered grading as high at 63.83 g/t Au, 62.60 g/t Ag, 2.63 % Cu & 4.62% Zn"), see Visible Gold Mines news release dated November 11, 2014. Mr. Martin Dallaire, P.Eng., President and CEO of Visible Gold, is the qualified person on the 167 EXTENSION exploration project information presented in this press release. The KM 140 property lies approximately 240 kilometres northeast of the city of Chibougamau in the James Bay region in Québec's Plan Nord territory and is within 3 kilometres from the newly built extension of Highway 167.
"This KM 140 Property is transformational for Belmont, positioning us with an excellent opportunity in this highly prospective area. Our property is contiguous to the Visible Gold property and we are north, up-ice and also south of the area where selective boulder samples that returned hi-grade gold values were found," commented Vojtech Agyagos, President of Belmont. "This entire area has been underexplored for years due to lack of access. With construction of the year round Highway 167, we can now direct our funds to exploration, putting more money into the ground and maximizing our exploration dollars. I am very excited by this opportunity and I am looking forward to getting some boots on the ground and uncovering the property's true potential."
Belmont has agreed to pay CDN $5,000 on the date of execution of the LOI. In addition the Company will issue up to 5,000,000 common shares (the "Consideration Shares") in the capital of Belmont. Issuance of the Consideration Shares is subject to the approval of the TSX Venture Exchange; regulatory hold periods; raising sufficient working capital, and exploration financing in order to complete the minimum Phase I exploration program as recommended; and other conditions as will be detailed in a definitive agreement. Belmont further agrees to expend such funds on the exploration and development of the KM 140 Property (the "Expenditures") as to keep the Mineral Claims in good standing in accordance with all applicable legislation of the Province of Quebec. At the discretion of Belmont, Belmont may acquire an additional 49% interest in the KM 140 Property (for a total of 100%) by Belmont giving notice to the Vendor of its intention within six months of exercising the First Option, such terms to be negotiated in good faith. Belmont has also agreed to a net smelter return interest to the Property Vendor of 3 % of the market value of the metal content of the ores less refining charges for bullion and less charges for smelting, refining and the cost of transportation (from the mill to any smelter or other purchaser) for concentrates. Belmont shall have the option to purchase 1% of the 3% NSR for the sum of CDN $1,000,000; expiring 90 days from the date which Belmont announces the commencement of production. Belmont agrees to pay a Finder's Fee on this acquisition in accordance with those allowed under Property Transactions policy.
About Belmont Resources Inc.
Belmont is an emerging resource company engaged in the acquisition, exploration and development of mineral properties in Canada.
In June 2012, the Company entered into a property option agreement to acquire four groups of mineral (51) claims, representing 2,254.27 hectares in the Berthiaume, Orvilliers and Joutel Townships, all located within the Abitibi Harricana-Turgeon volcanic greenstone of Northwestern, Quebec. This belt hosts several world- class deposits that have produced both gold and base metals.
The Company completed and fulfilled the final terms of the February 2010 option agreement and has now acquired a 100% interest in 3,040 ha. (23 contiguous mineral claims), known as the Lumby/Bufo property located approximately 35 km. northeast of the town of Atikokan. The property adjoins the "Hammond Reef" gold deposit, belonging to Osisko Mining Corp. (former Brett Resources Inc.), along strike to the north-northeast.
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.
Further information can be found on the Company's website at www.BelmontResources.com and on www.Sedar.com.
To view accompanying map, visit the following link: http://media3.marketwire.com/docs/BEA_KM140PropertyClaimMap.pdf
ON BEHALF OF THE BOARD OF DIRECTORS
Vojtech Agyagos, President/Director