(TheNewswire)
October 19, 2023 – TheNewswire- Vancouver, B.C., Canada; Belmont ResourcesLtd. (“Belmont” or the “Company”) (TSXV:BEA ) ( FSE:L3L2) ispleased to announce that it has entered intoConvertible Loan Agreements in the aggregate of $420,000 Cdn. with twoprivate investment holding companies (the “Lenders”). TheLenders are arm’s length to the Company.
The Loans shall bear no interest and payable on orbefore April 1, 2024. If Belmont fails to repay the Loans in fullon or before April 1, 2024, interest on arrears of 12% p.a. will bepayable by Belmont beginning April 2, 2024.
The Lenders have the option to have the Debt paidthrough the issuance of 14,000,000 common shares, at a deemed value of$0.03 per share, subject to the approval of the TSX VentureExchange.
The Use of Proceeds will be allocated as: $210,000exploration expenditures; $60,000 office and administration (salaries,management, audit & legal); unallocated working capital $150,000. While the Company intends to spend the net proceeds from the loan asstated above, there may be circumstances where, for sound businessreasons, funds may be reallocated at the discretion of theBoard.
The closing of the transaction is subject to the approval of the TSX Venture Exchange.
About Belmont Resources
Belmont Resources has assembled a portfolio of highlyprospective copper, gold, lithium, uranium and rare earths projectslocated in British Columbia, Saskatchewan, Washington and NevadaStates. Its holdings include:
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Athelstan-Jackpot (A-J): 2 former gold mines. 2,000m drilling targeting multi-coincidentgeophysical anomaly on strike with neighboring gold trend and goldmines.
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Crackingstone Uranium-Rare Earths: Some of the highest grade Rare Earth Elements (REE’s) are beingdiscovered in Northern Saskatchewan due to the presence of Uranium,Thorium Pegmatites. Crackingstone project meets the criteria forpotentially discovering a large REE’s deposit with its high gradeuranium along with thorium and pegmatite. A review of 3,000m of 2008drill data shows a 1.3km pegmatite dyke drilled but only assayed foruranium at that time. 2023plans are to re-assay pegmatite sections for REE’s ;
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Come By Chance (CBC): 2021 geophysics delineated potential large copper-goldporphyry
2022 drilling provided further vectors towardspotential core of porphyry;
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The LoneStar Copper-Gold: optioned to Australian Marquee Resources ASX:MQR. MQR hasspent in excess of $2.5M in drilling, completed new resource in Dec.2022, and is currentlypreparing a Preliminary Economic Assessment inorder to earn 80% interest.
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The Kibby BasinLithium project located 60 kilometers north ofthe lithium rich Clayton Valley Basin: Optioned 80% of the centralKibby Playa claim block to Australian Marquee Resources - MQR. MQR hasspent in excess of $2.5M in drilling in 2022 for potential deep seatedlithium brine. 2022 Drilling confirmed high levels of lithium-bearingsediments along with dissolved lithium in the groundwater.
NI 43-101 Disclosure:
The technical information in this news release has beenprepared in accordance with Canadian regulatory requirements as setout in National Instrument 43-101 and has been reviewed and approvedby Laurence Sookochoff, P.Eng.
ON BEHALF OF THE BOARD OF DIRECTORS
“GeorgeSookochoff”
George Sookochoff, CEO/President
Neither the TSX Venture Exchange nor its RegulationServices Provider (as the term is defined in the policies of the TSXVenture Exchange) accepts responsibility for the adequacy or accuracyof this news release.
This Press Release may contain forward-lookingstatements that may involve a number of risks and uncertainties, basedon assumptions and judgments of management regarding future events orresults that may prove to be inaccurate as a result of exploration andother risk factors beyond its control. Actual events or resultscould differ materially from the Companies forward-looking statementsand expectations. These risks and uncertainties include, among otherthings, that we may not be able to obtain regulatory approval; that wemay not be able to raise funds required, that conditions to closingmay not be fulfilled and we may not be able to organize and carry outan exploration program in 2023, and other risks associated with beinga mineral exploration and development company. These forward-lookingstatements are made as of the date of this news release and, except asrequired by applicable laws, the Company assumes no obligation toupdate these forward-looking statements, or to update the reasons whyactual results differed from those projected in the forward-lookingstatements.
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