Belmont Re-Commences Drilling at Kibby Basin Lithium Brine Project, Nevada; Adds TWO New Directors
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 RE-COMMENCES DRILLING AT KIBBY BASIN LITHIUM
BRINE PROJECT, NEVADA; ADDS TWO NEW DIRECTORS
Vancouver, B.C. Canada , December 18, 2018; (“Belmont Resources Inc. (“Belmont” or the
“Company”) (TSX.V:BEA; FSE: L3L1; DTC Eligible – CUSIP 080499403).
Kibby Basin – Drilling KB-4 Commences
Belmont is pleased to announce drilling has re -commenced at the Kibby Basin Lithium Brine
project with MGX Minerals Inc. (CSE: XMG) in Nevada. Hole KB -4 has a targeted depth of
300 meters into the lakebed sediments. The hole targets a potential fa ult as interpreted from the
geophysical survey data , which looks deep into the sub -surface layers. Previous drilling has
shown consistent lithium in clay mineralization 1200 -1700 feet up to 580 ppm Li and moderate
lithium mineralization at shallow depths to 300 feet up to 100 ppm Li. Geophysical and
geological interpretation has indicated potential geothermal activity may have brought
concentrations of dissolved minerals close to the su rface. The drill hole KB -4 is in the center of
the measured gravity low targeting the center of the anomaly on the interpreted fault.
Figure 1. Drill Hole Locations
Figure 2 KB-4 Location as “A” on MT Survey (depth to top and bottom of conductor shown)
Figure 3 MT Section of KB-4 as “A”, showing fault offset of MT conductor
NI 43-101 Disclosure
Robert (“Bob”) G. Cuffney, Certified Professional Geologist, a Qualified Person as defined by
National Instrument 43 -101, has reviewed and approved the above technical information in this
news release.
Jared Lazerson joins the Board of Directors
Belmont welcomes Jared Lazerson to the Board. Mr. Lazerson is CEO and Director of MGX
Minerals Inc. (CSE:XMG). Mr. Lazerson represents MGX Minerals interest on the Belmont
Board. MGX currently owns 4 million shares of Belmont with 4 million two year warrants at 8
cents in the first year and 10 cents in the second year; and has the right to acquire up to 10
million shares of B elmont at 20 cents for 3 years. Mr. Lazerson started MGX in 2014 and has
overseen the growth of the Company that now includes multiple industrial technology
subsidiaries including rapid lithium extraction technology and battery mass storage, with current
mineral exploration operations in four countries. MGX was the winner of the 2018 Standard &
Poor’s Global Platts Metals Global Award for Leadership in Base and Specialty Metals. Mr.
Lazerson holds a B.A. in International Relations from the University of Pennsylvania.
Karim Rayani joins the Board of Directors
Belmont also welcomes Karim Rayani to the Board. Mr. Rayani has spent the last 14 years
providing management consulting and investment banking services to companies in the junior
mining, bio medical and technology sectors. Mr. Rayani has assisted in raising over $45 million
over the last 4 years for public and private companies. Formerly he was head of Bloomberry
Capital Group; a Vancouver based merchant bank and capital advisory firm. Currently he is
Chairman of R7 Capital Ventures Ltd.; President/CEO/Director of District 1 Exploration Corp.;
and Director of Fiber Crowne Manufacturing. His business endeavors have enabled him to
establish a global network of contacts with a focus on institutiona l accounts, and will assist
Belmont in raising financing for its ongoing exploration projects.
Roger Agyagos resigns
The Board wishes to thank Roger Agyagos for his contribution to the Audit Committee of the
Company and as a Director since 2004; and wishes him well in his future endeavors.
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
Belmont owns the Kibby Basin Lithium project covering 2,056 hectares (5,080 acres) in
Esmeralda County, Nevada, U.S.A. The Kibby Basin property is located 65 km north of Clayton
Valley, Nevada the location of the only US Lithium producer. MGX Minerals Inc. (CSE: XMG)
has currently earned a 25% interest in the Kibby project and has the right to increase this to 50%
by expending an additional $300,000 by December 31, 2018 and become the operator.
In 50/50 ownership wit h 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,
Canada
ON BEHALF OF THE BOARD OF DIRECTORS
“James H. Place”
James H. Place
CEO/President
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 a nd other risk factors beyond its control. Forward looking
statements in this news release include statements about the possible raising of capital and explorati on 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 an d we may not be able to
organize and carry out an exploration program in 2016; and other risks associated with being a mineral exploration and develo pment compan y. 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.