Belmont's Kibby notice of intent review completed

2016-11-09 23:23 ET - News Release

Mr. Vojtech Agyagos reports

BLM COMPLETES ITS REVIEW OF THE KIBBY BASIN, NEVADA - NOTICE OF INTENT TO DRILL

Belmont Resources Inc. has provided an update.

Kibby drilling update

Belmont Resources' wholly owned subsidiary, Belmont Nevada Inc., is pleased to report that the Bureau of Land Management's (BLM) Tonopah field office has completed its review of the Kibby basin notice of intent to drill up to nine holes (200 to 500 feet in depth).

The work forms part of the phase 2 exploration program in the Kibby basin, as previously outlined in the National Instrument 43-101 technical report (E.L. Hunsaker III; May, 2016), following the completion of the phase 1 geophysical review (Wright Geophysics Inc.; June, 2016), gravity survey (Magee Geophysical Services LLC; June, 2016) and Kibby basin survey interpretation (Wright Geophysics; June 26, 2016).

The drill holes will require only minimal pad and access road construction, with a limited disturbance area of approximately 3.46 acres, in accordance with applicable BLM and Nevada Division of Minerals regulations. A reclamation bond has been posted and Belmont will receive written confirmation that the notice of intent is officially accepted.

The Kibby basin contains all the geological requirements needed for a lithium brine mine. Commercial deposits of shallow lithium brines have the following characteristics in common:

• An arid climate;
• A closed basin with a dry seasonal lake;
• An active basin -- tectonically driven subsidence;
• Igneous or geothermal activity -- indicators suggest an area with locally higher heat flow;
• Lithium source/host rocks;
• A permeable aquifer -- a large-enough basin to develop porous layers that act as an aquifer;
• Enough time to concentrate brine -- the age of the Monte Cristo Valley is estimated to be 11 million to 24 million years old.

"We are now in the process of securing a drilling contractor and equipment," said Vojtech Agyagos, president and chief executive officer of Belmont. "The drilling is designed to demonstrate the existence of a deposit of lithium within the prospect area. Recently announced surface samples assayed positive for lithium."

The Kibby basin lithium project is located in Esmeralda county, Nevada, and home to North America's only producing lithium mine (Albemarle's Silver Peak mine).

The Kibby basin is approximately 120 miles from Tesla's $5-billion lithium-ion-battery Gigafactory currently under construction.

NI 43-101 disclosure

Robert (Bob) G. Cuffney, certified professional geologist, a qualified person as defined by NI 43-101, has reviewed and approved the technical information in this news release.

About Belmont Resources

On March 30, 2016, the company entered into a property acquisition agreement to acquire 16 mining claims, representing 1,036 hectares (2,560 acres) in Esmeralda county, Nevada, United States.

On July 11, 2016, the company reported it has arranged the staking of 213 20-acre additional placer mineral claims totalling approximately 1,724 hectares (4,260 acres), adjoining the Kibby 16, increasing the total Kibby basin land position to 2,760 hectares (6,820 acres).

In 50/50 ownership with International Montoro Resources Inc., Belmont has acquired and is exploring joint venture opportunities for its two significant uranium properties (982 hectares at Crackingstone and 11,109 hectares at Orbit Lake) in the Uranium City district in Northern Saskatchewan.

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