Belmont & Dorex Mobilize Crew to Commence Exploration on Lumby/Bufo Property
Belmont Resources Inc.
#600 – 625 Howe Street TSX-V: BEA Vancouver, B.C. V6C 2T6 FRANKFURT: L3L Ph: (604) 683-6648 OTC: BEAAF.PK Fax: (604) 683-1350
November 18, 2010
“NEWS RELEASE”
BELMONT & DOREX MOBILIZE CREW TO COMMENCE EXPLORATION ON LUMBY/BUFO PROPERTY
Belmont Resources Inc. (TSX.V –“BEA”) (the “Company”) with Dorex Minerals Inc. (TSX.V- “DOX”) or (“Dorex”) have mobilized an exploration crew to start the next phase of exploration on the Lumby/Bufo Property (the “Property”) consisting of 23 contiguous claims (3,040 ha) located approximately 35 km northeast of the town of Atikokan, Ontario.
In preparation for the upcoming drilling program, a line cutting crew has been mobilized to start establishing two grids. The first grid consisting of 40 line kilometers is being cut in the Bufo-Two Bay Lake area in the western portion of the property. This grid will aid in establishing proper location for 5 of the 8 hole-Phase II drill program proposed near the north and southwest shores of Bufo Lake.
A partial grid is also being established at the east end and north of Lumby Lake. The Phase II drill program is proposing 2 drill holes to test the multiple and parallel I.P. anomalies located north, south and under Lumby Creek and south of the high grade Silver-Base Metal showing. A drill hole is also proposed to test a strong Airborne EM anomaly trend and a strong and wide chargeability anomaly trend located about 1000 meters north of the high grade Silver-Base Metal showing. Previous sampling by Atikokan Resources at the high grade silver-base metal discovery showing reporting grab samples assaying up to 416 oz./ton silver, 25% lead and 15% zinc. A 300-ton bulk sample extracted in 2003 averaged 15 oz. silver/ton.
Belmont has hired Silverado Drilling Corp. of Kamloops, B.C. to diamond drill a minimum 2450 meters of NQ size core for this Phase II drilling program to test some of the targets recommended.
To earn an initial 49% interest in the Property, Dorex will complete $1,500,000 in exploration expenditures by December 31, 2011 of which $500,000 must be incurred by February 28, 2011.
The Lumby-Bufo Property is contiguous with and on strike to the north-northeast with the Hammond Reef deposit, where Osisko is presently focused on expanding their gold resources. A preliminary assessment (“PA”) study was completed on Hammond Reef on November 12, 2009, resulting in a NI 43-101 compliant Inferred Resource estimate of 6.7 million ounces of gold (259.4 million tonnes @ 0.8 g/t gold, using a 0.3 g/t Au cutoff).
This press release has been reviewed and approved by Raymond A. Bernatchez, P.Eng. Consulting Geologist and a qualified person as defined in NI 43-101.
About Belmont Resources Inc.
Belmont has recently entered into an option to acquire 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 and adjoining on strike to the north-northeast with the Osisko Mining Corp. (former Brett Resources Inc.) “Hammond Reef” deposit.
Belmont Resources Inc. has previously focused on acquiring and developing uranium properties in developed and emerging uranium districts. Belmont (50/50) with International Montoro Resources Inc. has acquired two significant uranium properties (Crackingstone –982 ha & Orbit Lake –11,109 ha) in the Uranium City District in Northern Saskatchewan. The Company also holds interests (50/50 with Int. Montoro) in one rare earth mineral and one uranium claim block in the Central Mineral Belt in Labrador.
Further information can be obtained from the Company website at www.BelmontResources.com and www.sedar.com, or by phoning 604-683-6648.
ON BEHALF OF THE BOARD OF DIRECTORS
“Gary Musil”
Gary Musil CFO/Director
The statements used in 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.
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