Belmont Arranges Private Placement to Raise $600,000
05 Februar 2014 - 1:11AM
Marketwired
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.
Other
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.
Belmont Resources
Inc.604-683-6648604-683-1350belmontr@telus.netwww.BelmontResources.com
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