Belmont Updates International Arbitration Events-Icsid Case No. ARB/14/14
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 UPDATES INTERNATIONAL ARBITRATION EVENTS-ICSID CASE NO.
ARB/14/14
Vancouver, B.C. Canada , April 10, 2017 – Belmont Resources Inc. (TSX.V: BEA; FSE: L3L1; (“Belmont”, or
the “Company).
Belmont/EuroGas Inc. update re Award distribution
Belmont Resources Inc. (the “Company”) provides the following update of events related to the international
arbitration involving the Company, EuroGas Inc. (“EuroGas”), v. the Slovak Republic in connection with Rozmin
S.R.O. and its ownership of the Gemerska Poloma talc deposit.
As announced previously, the Company and EuroGas retained a law firm in France , under a legal retainer and
funding arrangement (the “Funding Agreement”); to pursue legal action by filing a claim for damages against the
Slovak Republic through the International Centre for Settlement of Investment Disputes (ICSID). As reported on a
United Nations website (see: http://investmentpolicyhub.unctad.org/ISDS/Details/594) the summary of Case No.
ARB/14/14 is as follows: Claims arising out of the revocation of claimants’ exclusive rights for mining activities at
the Gemerska Poloma talc deposit allegedly without compensation, despite three decision of Slovakia’s Supreme
Court declaring such action illegal . Pursuant to such Funding Agreement , the Company terminated its agreement
with EuroGas to receive 3.5% of any final award, subject to legal fees and financing charges.
The Company shall be entitled to receive its share of any final award , corresponding to the losses incurred in
proportion to the Company’s holdings in Rozmin S.R.O.; subject to legal fees incurred, financing and associated
payments, and other necessary adjustments and deductions.
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 hectare s (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
“Vojtech Agyagos”
Vojtech Agyagos
CEO/President/Director
This Press Release may contain forward -looking statements that may inv olve 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 facto rs beyond its control. Forward looking
statements in this news release include statements about the possible raising of capital and exploration of our properties. Actual eve nts 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 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 mineral 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 upd ate
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 polici es of the TSX Venture Exchange) accepts responsibility
for the adequacy or accuracy of this news release.