Belmont & Dorex Starts Drilling on Lumby/Bufo Property
VANCOUVER, BRITISH COLUMBIA, Nov. 23, 2010 (Marketwire) -- Belmont Resources Inc. (TSX VENTURE:BEA)(PINK SHEETS:BEAAF)(FRANKFURT:L3L) (the "Company") with Dorex Minerals Inc. (TSX VENTURE:DOX) or ("Dorex") have commenced a minimum 2,450 meter drilling program 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.
The drilling has commenced and will consist of eight or more holes, focusing on four drilling targets. The first drill target consisting of three holes is focused on testing an 800-meter long Max Min and VLF EM conductor under the north portion of Bufo Lake located on the west part of the property.
Belmont's five-hole spring 2010 drill program completed on the south portion of Bufo Lake was successful in defining a 200 meter wide multiple gold bearing system contained in sheared, carbonitized, sericitized, silicified and sulphide bearing (pyrite and chalcopyrite) quartz-carbonate veins contained within the east-west striking mafic and felsic volcanic and intrusive rocks located near the Lumby Lake volcanic-Marmion Granite contact. Two east-west striking gold and base metal bearing felsic strata can now be traced easterly on this part of property from Bufo Lake to the east end of Spoon Lake a total strike length of 8.5 km. The 2010 drilling program within the southern most horizon returned gold values up to 17.87 g/t over 1.5 meters and silver values up to 11.65 g/t over 0.55 meters. The high grade silver-base metal showing at the east end of Lumby Lake forms part of this southerly gold-bearing felsic horizon intersected in the 2010 spring drilling.
The northeast structure located under Bufo Lake is suspected of being one of several gold-bearing structures which hosts the Osisko Hammond Reef deposit. These northeast structures intersect the gold and silver-base metal bearing felsic strata located near the Marmion Batholith-Lumby Lake Meta-volcanic contact.
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.
ON BEHALF OF THE BOARD OF DIRECTORS
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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Belmont Resources Inc. CFO/Director (604) 683-6648 (604) 683-1350 (FAX) www.BelmontResources.com
Source: Marketwire Canada (November 23, 2010 - 4:26 PM EST)
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