VANCOUVER, BC / ACCESSWIRE / August 16, 2019 / Belmont Resources Inc. (“Belmont”), (or the “Company”), (TSX.V:BEA)(FSE:L3L1) DTC Eligible – CUSIP 080499502).
Belmont has arranged two Demand Loans for $25,000 each from non-related parties. The proceeds of the loans are to be used to renew its Bureau of Land Management (“BLM”) claims in the Kibby Basin, Nevada, for a further 12 months and working capital. The Company will continue to explore other financing to proceed with the exploration of its Pathfinder, Greenwood gold prospect and seeking a joint venture/option party to continue exploration for further lithium in the Kibby Basin.
The loans bear interest at 1.5% per month. In consideration for the loans, the Company has also agreed to issue, an aggregate of 166,666 bonus common shares, at a deemed price of $0.06 per share. The loans and issuance of bonus shares are subject to regulatory approval, and the shares issuable pursuant to the agreements will be subject to a four-month + 1 day hold from the date issued.
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.
(i) On March 28, 2019 Belmont entered into an agreement to acquire 100% interest in 253.34 hectares of mineral claims (now increased to 295.56 ha) which are part of the former Pathfinder Property, located in the historically productive Republic-Greenwood Gold District. Copper and gold mining in this camp dates back to the turn of the century. The property is currently surrounded on 3 sides by claims held by KG Exploration (Canada) Inc. (a wholly owned subsidiary of Kinross Gold Corporation).
(ii) Belmont owns 75% of 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 earned a 25% interest in the Kibby project.
(iii) In 50/50 ownership with International Montoro Resources Inc., Belmont owns and is exploring joint venture opportunities for its significant uranium properties (Crackingstone -982 ha) in the Uranium City District in Northern Saskatchewan, Canada
ON BEHALF OF THE BOARD OF DIRECTORS
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 and other risk factors beyond its control. Forward looking statements in this news release include statements about the possible raising of capital and exploration 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 and we may not be able to organize and carry out an exploration program in 2019, 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 assumes 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 Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
SOURCE: Belmont Resources Inc.
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