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Belmont Resources Inc. (TSX VENTURE:BEA - News; PINK SHEETS:BEAAF - News; FRANKFURT:L3L - News; the
"Company") with Dorex Minerals Inc. (TSX
VENTURE:DOX - News) or ("Dorex") have commenced a minimum 2,450 meter
drilling program on the Lumby/Bufo
Property (the "Property") consisting of 23 contiguous claims (3,040
ha) located approximately 35 km northeast of the town of Atikokan,
Ontario.
The drilling has commenced and will
consist of eight or more holes, focusing on four drilling targets. The first
drill target consisting of three holes is focused on testing an 800-meter
long Max Min and VLF EM conductor under the north portion of Bufo Lake located on the west part of the property.
Belmont's five-hole spring 2010 drill
program completed on the south portion of Bufo Lake
was successful in defining a 200 meter wide multiple gold bearing system
contained in sheared, carbonitized, sericitized, silicified and sulphide
bearing (pyrite and chalcopyrite) quartz-carbonate veins contained within the
east-west striking mafic and felsic
volcanic and intrusive rocks located near the Lumby
Lake volcanic-Marmion Granite contact. Two
east-west striking gold and base metal bearing felsic
strata can now be traced easterly on this part of property from Bufo Lake to the east end of Spoon Lake a total strike
length of 8.5 km. The 2010 drilling program within the southern
most horizon returned gold values up to 17.87 g/t over 1.5 meters and
silver values up to 11.65 g/t over 0.55 meters. The high grade silver-base
metal showing at the east end of Lumby Lake forms
part of this southerly gold-bearing felsic horizon
intersected in the 2010 spring drilling.
The northeast structure located under Bufo Lake is suspected of being one of several
gold-bearing structures which hosts the Osisko
Hammond Reef deposit. These northeast structures intersect the gold and
silver-base metal bearing felsic strata located
near the Marmion Batholith-Lumby
Lake Meta-volcanic contact.
To earn an initial 49% interest in the
Property, Dorex will complete $1,500,000 in
exploration expenditures by December 31, 2011 of which $500,000 must be
incurred by February 28, 2011.
The Lumby-Bufo
Property is contiguous with and on strike to the north-northeast with the
Hammond Reef deposit, where Osisko is presently
focused on expanding their gold resources. A preliminary assessment
("PA") study was completed on Hammond Reef on November 12, 2009,
resulting in a NI 43-101 compliant Inferred Resource estimate of 6.7 million
ounces of gold (259.4 million tonnes @ 0.8 g/t
gold, using a 0.3 g/t Au cutoff).
This press release has been reviewed and
approved by Raymond A. Bernatchez, P.Eng. Consulting Geologist and a qualified person as
defined in NI 43-101.
About Belmont Resources Inc.
Belmont has recently entered into an
option to acquire 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 and adjoining on strike to the north-northeast
with the Osisko Mining Corp. (former Brett
Resources Inc.) "Hammond Reef" deposit.
Belmont Resources Inc. has previously
focused on acquiring and developing uranium properties in developed and
emerging uranium districts. Belmont (50/50) with International Montoro Resources Inc. has acquired two significant
uranium properties (Crackingstone -982 ha &
Orbit Lake -11,109 ha) in the Uranium City District in Northern Saskatchewan.
The Company also holds interests (50/50 with Int. Montoro)
in one rare earth mineral and one uranium claim block in the Central Mineral
Belt in Labrador.
Further information can be obtained from
the Company website at www.BelmontResources.com and www.sedar.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Gary Musil,
CFO/Director
The statements used in this Press Release
may contain forward-looking statements that may involve a number of risks and
uncertainties. Actual events or results could differ materially from the
Companies forward-looking statements and expectations.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of
this news release.
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