Belmont Arranges Private Placement to Raise $600,000
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb 4, 2014) - Belmont Resources Inc. ("Belmont", the "Company") (TSX VENTURE:BEA)(PINKSHEETS:BEAAF)(FRANKFURT:L3L) is pleased to announce it is arranging a non-brokered private placement to raise up to $600,000.
The Company will be issuing 5.0 million units at $0.12. Each unit will consist of one common share and one two year transferable share purchase warrant. Each full warrant will entitle the holder to purchase one additional common share of the Company for a period of two years at a price of $0.18 per share.
The Company will pay a finder's fee of up to 8% in cash or warrants. The financing will be subject to TSX Venture Exchange acceptance.
In 2013 the Company contracted Geosig Inc. of Quebec who completed approx. 46.2 km. of induced polarization (TDIP) geophysical survey with a dipole-dipole configuration on the three areas line cut, as recommended in the NI 43-101 Report. The Company will use the funds for working capital and to continue ground geophysics and diamond drilling to test the high-priority anomalous zones and strong IP anomalies which identified new exploration targets on the Berthiaume ("Be") property in the Abitibi, Northwestern Quebec area in the Harricana-Turgeon Belt. The property is located halfway between the towns of Matagami and Lebel-sur-Quevillon.
The exploration program will be coordinated and supervised by Pierre O'Dowd, P.Geo., the Company's new V.P. of Exploration.
Previous exploration was done by Umex (1971), Shell Canada (1980) and Noranda Exploration (1983). In each case, exploration was directed at the many east-west conductive zones observed on the interpretation maps, with a target of volcanogenic massive sulphide mineralization detectable by EM airborne surveys. Umex drilled a few holes, intersecting semi-massive pyrite-pyrrhotite mineralization and graphitic sediments with traces of sulphides. In 1987, Falconbridge staked a large property including both Be blocks focusing on exploration for gold.
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The Company has arranged a Quebec office for additional information and contact regarding the Abitibi area properties. The address is Suite 725, 999 De Maissonneuve W., Montreal, Quebec H3A 3L4 and telephone #514-845-1101.
About Belmont Resources Inc.
In June 2012, the Company entered into a property option agreement to acquire four groups of mineral (51) claims, representing 2,254.27 hectares in the Berthiaume, Orvilliers and Joutel Townships, all located within the Abitibi Harricana-Turgeon volcanic greenstone of Northwestern, Quebec. This belt hosts several world- class deposits that have produced both gold and base metals.
The Company completed and fulfilled the final terms of the February 2010 option agreement and has now acquired a 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. The property adjoins the "Hammond Reef" gold deposit, belonging to Osisko Mining Corp. (former Brett Resources Inc.), along strike to the north-northeast.
In 50/50 ownership with 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.
Further information can be found on the Company's website at www.BelmontResources.com and on www.Sedar.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Gary Musil, CFO/Director
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 the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.