BELMONT CLOSES 1st TRANCHE OF PRIVATE PLACEMENT FOR $210,500

Vancouver, B.C. Canada, February 22, 2017 – Belmont Resources Inc. (TSX.V: BEA; FSE: L3L1; (“Belmont”, or the “Company).

Financing:

Further to our news release of February 15, 2017, the Company has closed the first tranche of the private placement.

The Company has issued 4,210,000 units (the “Units”) at a price of $0.05 per Unit for gross proceeds of $210,500.  Each Unit will consist of one common share of the Company and one transferable share purchase warrant (a “Warrant”).  Each whole warrant will permit the holder to acquire one additional share of the Company at a price of $0.08 in the first year (up to February 22, 2018) and at $0.10 in the second year after closing on or before February 22, 2019.  Nine placees participated, two being directors/insiders each subscribing for 500,000 units.

The Company is paying finder’s fees in the amount of 42,000 warrants that are exercisable into common shares under the same terms as described above.  The Common Shares and Warrants are subject to a statutory hold period until June 23, 2017.

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

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.

For further information see our Website at:  www.BelmontResources.com

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On March 30, 2016; the Company acquired sixteen placer (16) mining claims, representing 1036 hectares (2,560 acres) in Esmeralda County, Nevada, U.S.A.  The Kibby Basin property is located 65 km north of Clayton Valley, Nevada-U.S.A.  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 x 20 acre additional placer mineral claims totaling approx. 1724 hectares ( 4,260 acres) , adjoining the Kibby 16, increasing the totalKibby Basin land position (the “Property”) to 2760 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 ha & Orbit Lake – 11,109 ha) in the Uranium City District in Northern Saskatchewan, Canada 

ON BEHALF OF THE BOARD OF DIRECTORS

“Gary Musil”

Gary Musil

CFO/Director