Belmont Resources Inc.
TSX VENTURE : BEA
FRANKFURT : L3L
PINK SHEETS : BEAAF

Belmont Resources Inc.

March 31, 2010 11:18 ET

Belmont Contracts to Commence Drilling at Lumby/Bufo Property Northeast of the Brett Resources Inc. Hammond Reef Deposit

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 31, 2010) - Belmont Resources Inc. (TSX VENTURE:BEA)(OTCBB:BEAAF)(FRANKFURT:L3L) (the "Company") has awarded a contract to C3Drilling Canada Inc. of nearby Fort Frances, Ontario to commence a drill program on the 1632 ha group of 14 contiguous mineral claims (102 claim units), known as the Lumby/Bufo property. This property adjoins on strike to the north- northeast with Brett Resources Inc. "Hammond Reef deposit" (TSX.V -BBR) ("Brett") claims. The Lumby/Bufo property is located approximately 35 km northeast of the town of Atikokan. The gold-bearing structures on the Brett property can be traced northeast onto the Lumby/Bufo Lake property.

The minimum 1,000 meter (4 or 5 holes) diamond drill program is scheduled to commence no later than April 5, 2010. The drilling will assist in determining the location of further planned drill holes.

This initial drill program in the southwest corner of Bufo Lake will be testing one of three East-West VLF-EM and Max Min conductors previously detected under Bufo and Two Bay Lake. The South Bufo Lake conductor strikes westerly towards a gold showing on the main road. A quartz-carbonate mineralized system was discovered 300 meters to the west on the main logging road west of Bufo Lake. This mineralization contains gold, silver and copper values. The gold, silver and copper mineralization is hosted within quartz-carbonate veins contained within a wide zone of highly altered and sheared, carbonatized and sericitized mafic and felsic rocks. Two grab samples from the road showing, assayed 5.3 g/t and 9.4 g/t gold and up to 13 g/t silver. A float boulder found on the south shore of Bufo Lake and south of the conductors under the lake assayed 2.2 oz gold/ton. Both gold sources (float and road showings) contain similar style of mineralization and rock types. Similar altered rocks were also found along the south and southwest shores of the Bufo Lake conductor.

The claim group has potential for the discovery of high grade gold, silver and base metal deposits as proven by the exploration work carried out by Atikokan Resources Inc. from 1994 to 2004. Atikokan Resources made a significant high grade silver-base metal discovery at the east end of Lumby Lake reporting grab samples from the main showing 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.

South of the Lumby/Bufo property, Brett's "Hammond Reef" NI 43-101 compliant report has outlined an inferred resource of 259.4 million tonnes grading 0.8 gram per tonne Au cut-off down to a depth of 300m (approx. 6.7 million ounces of gold). The resource is amenable to open pit mining with a low stripping ratio of 1.43:1. The mineralization remains open along strike and dips gently to the southeast. All of the resources are contained within the Marmion Batholith. The Brett technical report is available on SEDAR. On March 22, 2010 Brett announced that it has received a friendly takeover offer from Osisko Mining Corporation (TSX: OSK). Brett has advanced the property through the value-creation chain to the point where it has garnered the attention of a serious partner to take it forward in development.

The technical, part of 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 1632 ha. (14 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 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 two uranium claim blocks in the Central Mineral Belt in Labrador. Other properties: Holds interests (50/50 with Int. Montoro) in three claim blocks in the Red Lake, Ontario gold camp and a 12.5% interest in a West Voisey's Bay, Labrador joint venture –112.75 sq. km nickel/copper/cobalt property.

Further information can be obtained from the Company website at www.BelmontResources.com and www.sedar.com.

ON BEHALF OF THE BOARD OF DIRECTORS

Vojtech Agaygos, President/CEO

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 release.

Contact Information

  • Belmont Resources Inc.
    Vojtech Agaygos
    President/CEO
    604-683-6648
    or
    Belmont Resources Inc.
    Gary Musil
    CFO/Director
    604-683-6648
    www.BelmontResources.com