Belmore Resources (Holdings) plc
LSE : BEL

August 03, 2009 02:00 ET

Drilling Update

                                                                                        03 August 2009
                                                   
                                                   
                                                   
                                   Belmore Resources (Holdings) Plc
                                                   
                                     ("Belmore" or "the Company")
                    Further Zinc-Lead-Silver mineralisation encountered by drilling
                                                  and
                                  Lundin accelerates pace of earn in
                                                   
The  Board  of  Belmore  Resources, a minerals exploration company with a focus  on  projects  in  the
Republic  of  Ireland,  is  pleased to announce further encouraging drill results  at  its  Kilbricken
discovery.  Additionally this project is now being accelerated with Lundin Mining Exploration  Limited
("Lundin") increasing the pace of its earn in.

Lundin,  which  is  a wholly owned subsidiary company of Lundin Mining Corporation, has now  completed
its  initial  obligated expenditure requirement of €700,000 under its joint venture  option  agreement
with Belmore Resources signed in February 2009. Following this initial spending Lundin has decided  to
continue its earn-in at an accelerated pace.

Lundin  has  a  right to earn up to a 70% interest in the Prospecting Licences that Belmore  currently
holds in Co. Clare. To earn the 70% Lundin needs to spend up to €14.7 million over a number of years


DRILLING UPDATE

There are currently four rigs drilling on the Kilbricken Zinc- Lead- Silver discovery acreage, and the
project  is  being  operated by Lundin. Continued appraisal drilling of the  site  has  indicated  the
potential  for  further  economic  mineralization in the Kilbricken  area  well  beyond  the  original
discovery.

Significant  results include intersection of 1.25m massive sulphide zone - grading 6.83%  Zinc,  3.87%
Lead  and  48.07 grams/tonne Silver in step-out drillhole 14. This might indicate the  presence  of  a
second body of mineralization to the northwest of the original discovery area.


DRILLHOLE 09-3679-07

This  drillhole intersected the target horizon, the base of the Waulsortian Reef Limestone, 40  metres
east of the discovery drillhole 09-3679-04.

Assayed drill results are as follows:


From 442.75 to 447.7 metres depth:
4.95 (4.87 true thickness) metres grading 4.94% Zinc, 1.31% Lead, 59.26 grams/tonne Silver

and


from 459.05 to 463.95 metres depth:
4.9 (4.83 true thickness) metres grading 3.13% Zinc, 6.65% Lead, 65.19 grams/tonne Silver


DRILLHOLE 09-3679-08

This drillhole intersected the target horizon 30 metres north of 09-3679-04.

Assayed drill results are as follows:

From 445.6 to 451.1 metres depth:
5.50 (5.26 true thickness) metres grading 6.18% Zinc, 2.67% Lead, 57.96 grams/tonne Silver

and

from 458.6 to 459.6 metres depth:
1.00 (0.96 true thickness) metre grading 2.38% Zinc, 1.68% Lead, 24.32 gram/tonne Silver.

Both  of these holes intersected significant resource grade mineralization continuous with the  thick,
high-grade  intercepts  encountered in drillholes 09-3679-04 and 09-3679-06  (see  21  May  2009  news
release).

Belmore  is  extremely pleased with the results of these two holes, as they have begun to delineate  a
significant new resource of high-tenor quality at Kilbricken.


DRILLHOLE 09-3679-09

This drillhole intersected the target horizon 80 metres northeast of discovery drillhole 09-3679-04.

Assayed drill results are as follows:

From 443.8 to 444.8 metres depth:
1.00 metre (true thickness) grading 0.08% Zinc, 1.33% Lead and 10.62 grams/tonne Silver


DRILLHOLES 09-3679-10 and 09-3679-12

Drillhole  09-3679-10  intersected the targeted 'base of Reef' 50 metres west of drillhole  09-3679-06
and drillhole 09-3679-12 intersected base of Reef 50 metres northwest of drillhole 09-3679-06. Neither
of these drillholes intersected mineralization.


DRILLHOLE 09-3679-11

This  drillhole intersected the target horizon 100 metres east of discovery drillhole 09-3679-04.  The
hole is faulted and very strongly dolomitised which makes it different from most of the other holes in
the area. It is weakly mineralized but no assays are available to date.


DRILLHOLE 09-3679-14

This  drillhole has just been completed.  It is a major step out to the northwest from  the  discovery
area  and  has tested the targeted base of Reef horizon 170 metres from drillhole 09-3679-06 and  well
beyond the two barren drillholes 09-3679-10 and 09-3679-12.

Assayed drill results are as follows:

From 403.0 to 406.0 metres depth
3.00 (2.84 true thickness) metres grading 3.30% Zinc, 1.09% Lead and 33.21 grams/tonne Silver

and

From 423.55 to 427.0
3.45 (3.26 true thickness) metres grading 3.07% Zinc, 1.48% Lead and 21.2 grams/tonne Silver

Including

From 423.55 to 424.8
1.25 (1.18 true thickness) metres grading 6.83% Zinc, 3.87% Lead and 48.07 grams/tonne Silver

The  1.25m massive sulphide zone (from 423.55 to 424.8m), might indicate the presence of a second body
of mineralization to the northwest of the original discovery area.



Company  Chairman, Mr. Ian Forrest commented:  "We are extremely pleased with Lundin's operations  and
encouraged  by  the  results achieved to date. The addition of two further resource-grade  mineralized
drill  holes  is  extremely encouraging and has increased our optimism with regard to  the  Kilbricken
project.

"The presence of significant mineralization in the step-out drillhole 09-3679-14 is excellent news  as
it potentially opens up a new area, northwest of the original discovery, for further diamond drilling.
This  is highly significant inasmuch as it indicates the potential for further economic mineralisation
in the Kilbricken area well beyond the original discovery."


                                                   
                                                   
                                                   
                                               --ENDS--
                                                   
                                                   
                The directors of the issuer accept responsibility for this announcement



ENQUIRIES:
Belmore Resources (Holdings) Plc                                      Tel: 0035 387 681 2883
Patrick Mahony

Bishopsgate Communications Ltd                                        Tel: 020 7562 3350
Nick Rome/Michael Kinirons

Rivington Street Corporate Finance                                    Tel: 020 7562 3389
Monisha Varadan/Eran Zucker
Notes to Editors

About Belmore

Belmore is a minerals exploration company with a focus on projects in the Republic of Ireland.  Whilst
prospects for any mineral will be considered, priority will be given to the Company's zinc exploration
properties in County Clare.

Clare  Blocks  (Republic  of  Ireland): Belmore now has a 100% interest  in  11  prospecting  licences
covering 392.75 sq kilometres.

As  announced  by  the Company in April 2008 diamond drilling on Prospecting Licence  3679,  in  which
Belmore  holds a 100% interest, near Quin in County Clare, intersected newly discovered zinc and  lead
mineralisation.   The  drillhole  intersected 18 metres  of  massive  sulphide  at  the  base  of  the
Waulsortian Reef.  The top part of that massive sulphide consists of virtually barren pyrite  but  the
bottom  part  contains  high-grade zinc and lead sulphides as well as pyrite  and  arsenopyrite.   The
interval  from 448.1 to 458.1 metres gave the following composite result:  10 metres at  13.84%  Zinc,
5.52% Lead and 62.84 gm/tonne Silver.


As  announced  on  the 26th February 2009, Belmore has entered into an agreement  with  Lundin  Mining
Exploration  Ltd, in respect of Prospecting Licences that the Company currently holds  in  Co.  Clare.
Lundin  has  a  right to earn up to a 70% interest in the Prospecting Licences that Belmore  currently
holds  in  Co. Clare by spending up to €14.7 million over a number of years.  Lundin's agreed  initial
expenditure  will be €700,000 by June 2009 allowing for an active drilling and associated  exploration
programme over the coming months.

Previous  exploration  identified  a  high-grade resource of zinc  and  lead  rich  massive  sulphides
(approximately 400,000 tonnes @ 12% zinc plus lead and 75g/t silver) in the area of Milltown.


For further information please visit www.belmoreresources.com

About Lundin

Lundin  Mining  Corporation is a diversified base metals mining company with operations  in  Portugal,
Spain  and  Sweden,  producing  copper, nickel, lead and zinc. In  addition,  Lundin  Mining  holds  a
development project pipeline which includes the world class Tenke Fungurume copper/cobalt  project  in
the  Democratic  Republic  of  Congo and holds an extensive exploration  portfolio  and  interests  in
international mining and exploration ventures. Lundin Mining keeps corporate offices in Canada and the
United Kingdom.

Contact Information

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