Belmont Acquires Field Office & Core Storage Property IN Mina, Nevada & Commences Drilling ON Its Kibby Basin Lithium Property
BELMONT RESOURCES INC.
#600 – 625 Howe Street, Vancouver, B.C. V6C 2T6
Ph: (604) 683-6648 Fax: (604) 683-1350 E-Mail: [email protected]
BELMONT ACQUIRES FIELD OFFICE & CORE STORAGE PROPERTY IN MINA, NEVADA
& COMMENCES DRILLING ON ITS KIBBY BASIN LITHIUM PROPERTY
Vancouver, B.C. Canada , May 9, 2017 – Belmont Resources Inc. (TSX.V: BEA; FSE: L3L1; DTC Eligible –
CUSIP 080499403 ); (“Belmont”, or the “Company).
Mina, Nevada Property Acquisition & Shares for Debt
Belmont Resources Inc. has entered into a Shares for Debt Agreement with American CuMo Mining Corporation
(TSX.V: MLY); (CuMo); for $25,90 0. The Company has agreed to issue an aggregate of 370,000 common shares
at a deemed price of $0.07. The Shares for Debt is subject to regulatory approval, and once issued, a statutory hold
period of four months + one day. The Company is not indebted to any other creditors who wish to settle shares for
debt at this time.
The access to Belmont’s Kibby Basin lithium property is approx. 16 miles closer from Mina than T onopah, Nevada
along Highway 95; between Reno and Las Vegas. “The residence, field office and core storage was used by CuMo
for a number of years and indicates a further commitment by Belmo nt in advancing its Kibby Basin property. Due
to the large amount of drilling activity in the nearby Clayton and Big Smokey Valleys, we found it very exp ensive
and difficult to locate secure core storage in Tonopah and the surrounding communities. The residence and office is
fully furnished for both accommodation; and a location for our consulting geologists from Reno and Eureka to set
up an offsite field office complete with mappin g tables, filing cabinets, etc.,” stated Gary Musil, Chief Financial
Officer.
An additional metal storage building on the property provides secure storage for logging core; site for future table
top testing by Khalili Engineeri ng’s lithium extraction process on basin brines and a large property area to rent core
storage for other mining companies. It is also in close proximity to a local assay lab that spot checks samples for
many other mineral properties in the area.
Kibby Basin –Drilling commences
Further to our news release of April 18, 2017 the Company is pleased to report that Harris Exploration Drilling &
Associates (“Harris Drilling”) mobilized to the property and set up drilling HQ (3.875”core) commencing Hole #1
on April 23, 2017. Hole #1 was dril led on the eastern basin -bounding fault, and drilled to a depth of 548 feet.
Harris Drilling has now moved the drill rig and preparing to set -up on top of the playa ba sin later this week,
approximately 5000 feet southwest of Hole #1 and anticipate drilling to a depth near 1000 feet or more.
About Belmont Resources Inc.
Belmont is an emerging resource company engaged in the acquisition, exploration and development of mineral properties in Canada and Nevada,
U.S.A.
For further information see our Website at: www.BelmontResources.com
-Facebook https://www.facebook.com/Nevadalithium/
-Twitter https://twitter.com/Belmont_Res
On March 30, 2016; the Company acquire d sixteen placer (16 ) mining claims, representing 1036 hectares (2,560 acres) in Esmeralda County,
Nevada, U.S.A. The Kibby Basin property is located 65 km north of Clayton Valley, Nevada -U.S.A. The Company believes the property to be
highly prospective to host lithium.
On July 11, 2016; the Company reported it has arranged the staking of 213 x 20 acre additional placer mineral claims totaling approx. 1724
hectares ( 4,260 acres) , adjoining the Kibby 16, increasing the total Kibby Basin land position (the “Property”) to 2760 hectares (6,820
acres).
In 50/50 ownership with International Montoro Resources Inc., Belmont has acquired and is exploring joint venture opportuni ties for its two
significant uranium properties (Crackingstone -982 ha & Orbit Lake – 11,109 ha) in the Uranium City District in Northern Saskatchewan,
Canada
ON BEHALF OF THE BOARD OF DIRECTORS
“Gary Musil”
Gary Musil, Corporate Secretary/CFO/Director
This Press Release may contain forward -looking statements that may involve a number of risks and uncertainties, based on ass umptions and judgments of
management regarding future events or results that may prove to be inaccurate as a result of exploration and other risk facto rs beyond its control. Forward looking
statements in this news release include statements about the poss ible 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 abl e
to obtain regulatory approval; that we may not be able to raise funds required, that conditions to closing may not be fulfill ed and we may not be able to
organize and carry ou t an exploration program in 2016 ; and other risks associated with being a miner al 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 assum es 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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the policies of the TSX Vent ure Exchange) accepts responsibility
for the adequacy or accuracy of this news release.