(TheNewswire)
Vancouver, BC - TheNewswire - November 1 5 ,2023 - Belmont Resources Ltd. (“ Belmont ” or the“ Company ”) (TSX.V:BEA ) ( FSE:L3L2) is pleased to announce that TSXVenture Exchange has accepted for filing documentation with respect toa $420,000 convertible loan from arms length parties.
The convertible debenture bears no interest beforeApril 1, 2024. Interest on arrears of 12.0% per annum will begin toaccrue starting April 2, 2024, if the principal amount is not paid infull on April 1, 2024. Interest is payable in cash, anything else willbe subject to TSXV approval.
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.
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 drill program recently completed (see NR Oct. 31_2021)
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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; -
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.
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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