2017-02-15 19:41 ET - News Release

Mr. Gary Musil reports

BELMONT ARRANGES $300,000 FINANCING FOR CONTINUED EXPLORATION ON KIBBY BASIN, NEVADA LITHIUM PROPERTY

Further to Belmont Resources Inc.'s news release of Nov. 21, 2016, the company has arranged a non-brokered private placement of up to six million units at a price of five cents per unit to raise gross proceeds of up to $300,000. Each unit will consist of one common share of the company and one transferable share purchase warrant. Each whole warrant will permit the holder to acquire one additional share of the company at a price of eight cents in the first year and 10 cents in the second year after closing.

In addition to relying upon other available prospectus exemptions to effect the private placement, a portion of the private placement is being completed in accordance with the exemption set out in B.C. Instrument 45-536 (exemption from prospectus requirement for certain distributions through an investment dealer). The company also confirms there is no material fact or material change related to the company that has not been generally disclosed.

The company will pay finder's fees of up to 10 per cent in cash and/or warrants. The common shares and warrants are subject to a statutory hold period, and the financing is subject to exchange acceptance.

The company intends to use the net proceeds from the private placement for drilling and exploration on the Kibby basin, Nevada, property and for general working capital.

The working capital use of proceeds consists of the following (maximum/minimum for the next six months of estimated operating expenditures):

• Consulting fees -- $20,000/$15,000;
• Legal and audit -- $15,000/$10,000;
• Rent, office and miscellaneous -- $15,500/$11,000;
• Regulatory fees -- $7,500/$5,000;
• Salaries and administration -- $60,000/$60,000;
• Transfer agent fees -- $5,000/$3,500;
• Travel and promotion -- $45,000/$30,000.

About Belmont Resources Inc.

On March 30, 2016, the company acquired 16 placer mining claims, representing 1,036 hectares (2,560 acres), in Esmeralda county, Nevada. The Kibby basin property is located 65 kilometres north of Clayton Valley, Nevad, and the company believes the property to be highly prospective to host lithium.

On July 11, 2016, the company reported it has arranged the staking of 213-by-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 (Crackingstone -- 982 hectares, and Orbit Lake -- 11,109 hectares) in the Uranium City district of Northern Saskatchewan.