|
Belmont Resources Inc. (TSX VENTURE:BEA - News; PINK SHEETS:BEAAF - News; FRANKFURT:L3L - News; the
"Company") are pleased to announce that they have entered into an
Option Agreement with Dorex Minerals Inc.
(TSX.V-"DOX") or ("Dorex")
whereby Dorex can earn up to a 60% interest in 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 Property is located within the Lumby
Lake Metavolcanic Belt near its southern contact
with the Marmion Batholiths, and is accessible by
all-season and seasonal logging roads, 45 km north from the Sapawe junction with Highway 11. The Sapawe
Junction is located approx. 170 km. west from Thunder Bay, Ontario and 24 km
east of Atikokan. According to Osisko
Mining Corp.'s ("Osisko") public filings,
the "Hammond Reef" deposit, (now a wholly owned subsidiary of Osisko) named Hammond Reef Gold Ltd., remains open along
strike and depth, and over 97% of this resource is within 300 meters of
surface. A 300,000-meter drilling program, geological mapping and a baseline
environmental study is currently underway with sixteen drill rigs actively
working at a reported rate of 25,000 meters per month.
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).
To earn an initial 49% interest in the
Property, Dorex will pay to Belmont a
non-refundable $10,000 cash payment upon signing this agreement, and an
additional $15,000 payment upon Exchange approval. Further, Dorex will issue 400,000 restricted shares of its common
stock to Belmont and incur $1,500,000 in exploration expenditures by December
31, 2011 of which $500,000 must be incurred by February 28, 2011. Belmont
will be the exploration program operator until Dorex
earns greater than 50% interest. Dorex may increase
its interest to 60% by incurring a further $500,000 in exploration
expenditures by December 31, 2012 and delivering to Belmont a $200,000 cash
payment or the equivalent in Dorex common shares.
The Lumby/Bufo claim group has potential for the discovery of
high-grade gold, silver and base metal deposits as shown by Belmont's spring
2010 drilling campaign in the south Bufo Lake area
and previous exploration work carried out by Atikokan
Resources Inc. from 1994 to 2004.
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.
Contact:
Gary Musil
Belmont Resources Inc.
CFO/Director
604-683-6648
604-683-1350 (FAX)
www.BelmontResources.com |