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

Belmont Resources Inc.

April 05, 2011 09:00 ET

Belmont Confirms and Identifies New Polymetallic (Gold & Base Metal) VMS Style Deposits on the Lumby-Bufo Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 5, 2011) - Belmont Resources (TSX VENTURE:BEA)(PINK SHEETS:BEAAF)(FRANKFURT:L3L) is pleased to report the results of the last 5 holes of their 2010-11 fall-winter drilling program on its 100% owned Lumby-Bufo property northeast of Atikokan and adjacent to Osisko's Hammond Reef Gold project.

Belmont previously reported the results of the first three holes (BB-10-6, 7 & 8) drilled at the north end of Bufo Lake where the three holes intersected anomalous values of gold, silver, copper and zinc contained within an east-west striking mineralized sulphide and quartz-ankerite bearing vein system associated with altered interbedded tuff, massive and pillowed mafic volcanic rocks. The holes confirmed the westerly and easterly extension of the gold mineralized horizons intersected by previous exploration in this area and further eastward under Lumby Lake.

Holes BB-10-09 and BB-10-10 were drilled to test the down-dip and strike extension of the south east-west gold and silver mineralization encountered in holes BB-10-01 to BB-10-05 drilled last spring in the southwestern portion of Bufo Lake. Hole BB-10-09 was collared 50 meters north of BB-10-02 to test the down-dip extension of gold mineralization encountered in Hole BB-10-02. Hole BB-10-10 collared 100 meters west of BB-10-03 tested the westerly extension of the gold mineralization encountered in hole BB-10-3. Hole BB-10-04 drilled last spring is located 200 meters west of hole BB-10-10. Further reconnaissance geological observations around the south end of Bufo Lake revealed several other untested parallel Fe-carbonate shear zones.

The following are highlights of the values intersected in Holes BB-10-09 and BB-10-10.

Hole BB-10-09

Hole BB-10-09 was drilled south on L 5+00E, 10+00N (Bufo Lake Grid) at a dip of
-45 degrees to a depth 300 meters intersecting 3 gold bearing sulphide zones as shown in Table-1 below:



Table - 1
---------------------------------------------------------------------------
Hole Number From To Interval Gold Silver Copper
BB-10-09 Sample # m m m ppb g/t ppm
---------------------------------------------------------------------------
92042-92061 10.4 38.8 28.5 13 3.3
---------------------------------------------------------------------------
92072 55.7 56.5 0.8 24 ---
---------------------------------------------------------------------------
92077 & 92078 59.2 59.7 0.5 20 2.04 251
---------------------------------------------------------------------------
92209-92212 229.5 235.5 6 80
---------------------------------------------------------------------------


Hole BB-10-10

This hole intersected 6 gold-silver bearing mineralized zones. The results are listed in Table -2 below:



Table - 2
--------------------------------------------------------------------
Hole Number From To Interval Gold Silver
BB-10-10 Sample # m m m ppb g/t
--------------------------------------------------------------------
92277 43.5 45.1 1.6 72 1.9
--------------------------------------------------------------------
92284 55.6 57.0 1.4 181 1.46
--------------------------------------------------------------------
92298 85.5 87.0 1.5 77
--------------------------------------------------------------------
92336-92339 129.5 132.4 3.7 131 2.47
--------------------------------------------------------------------
92355 178.4 180.2 1.8 41 3.29
--------------------------------------------------------------------
92363 215.2 216.2 1.0 36 2.66
--------------------------------------------------------------------


The next two holes were drilled near the east end of Lumby Lake, 50 meters north of the high grade silver-base metal discovery zone and north of Herontrack Lake. Holes BB-10-11 and BB-10-12 tested depth and strike extensions of the high grade silver-base metal discovery showing. Both holes intersected widespread sphalerite, galena, chalcopyrite and pyrrhotite mineralization containing significant silver and base metal (Zn, Pb, and Cu) values. Hole BB-10-11 also intersected chalcopyrite and pyrrhotite mineralization in gabbro containing up to 2.2 g/t Ag, 817 ppm Cu and 602 ppm Ni over 0.8 meters. Table 3 shows the highlights of the 130 meter wide mineralized zone intersected in Hole BB-10-11. This Cu-Ni zone of mineralization may be the down-dip extension of a copper-nickel-silver-zinc and PGM surface showing, previously discovered along the road south of Lumby Creek.

Hole BB-10-11

Hole BB-10-11 collared at L29+00E, 24+50N and drilled at a dip of - 45 degrees grid south to a depth of 336 meters. A 130 meter wide zone of mineralization was intersected with values ranging from 5 ppb up to 67 ppb gold, up to 76.5 g/t silver, up to 0.3 % copper, 1.09 % zinc, 0.3% lead and 602 ppm nickel. The silver and gold values show strong association with the sphalerite-galena and chalcopyrite mineralization within a zinc upper capping zone and with the lower copper footwall alteration zone. The gold shows higher values with the copper mineralization.

A richer narrower section of 21.4 meters from 64.6m to 86.0m assayed 8.76 g/t silver and 0.21% zinc. Table -3, listed below shows the highlights of this 130 meter wide mineralized section. The style of mineralization encountered is similar to volcaniclastic VMS style deposits, with an upper silver-lead-zinc rich capping zone and a copper-zinc-silver rich lower footwall zone. The mineralization intersected within these 2 holes are similar in width and to the silver-zinc-lead-copper mineralization intersected in holes L-98-1 to L-98-5 and L-00-6 drilled by Atikokan Resources and located 200 and 300 meters west and on strike with holes BB-10-11 and BB-10-12. The 300 to 500 meter thick volcaniclastic rock sequence containing the silver- base metal mineralization is traceable from surface trenching and the geophysical survey from the west end of Lumby Lake and eastward to Hutt Lake, a distance of over 6 kilometers.



Table - 3
----------------------------------------------------------------------
Sample From To Interval Gold Silver Copper Zinc Lead Nickel
# m m m ppb ppm ppm ppm ppm ppm
----------------------------------------------------------------------
092389 49.8 51.2 1.4 less 7.41 11 2401 433 7
than
5
----------------------------------------------------------------------
092390 51.2 52.4 1.2 13 76.49 30 173 2965 15
----------------------------------------------------------------------
092391 52.4 53.4 1.0 less 4.74 58 950 50 51
than
5
----------------------------------------------------------------------
092392 53.4 54.4 1.0 8 8.1 32 2047 600 23
----------------------------------------------------------------------
092393 54.4 55.6 1.2 13 9.51 37 3759 1059 38
----------------------------------------------------------------------
092394 55.6 57.4 1.8 8 3.6 100 3244 209 187
----------------------------------------------------------------------
092395 57.4 58.1 0.7 6 4.79 87 205 less 82
than 1
----------------------------------------------------------------------
092396 58.1 59.5 1.4 6 6.1 107 191 less 94
than 1
----------------------------------------------------------------------
092397 59.5 60.5 1.0 67 60.58 244 10894 317 20
----------------------------------------------------------------------
092398 60.5 61.0 0.5 less 9.23 328 980 less 77
than than 1
5
----------------------------------------------------------------------
092399 61.0 61.9 0.9 30 4.55 58 3497 38 33
----------------------------------------------------------------------
092400 61.9 62.3 0.4 7 4.38 86 381 less 79
than 1
----------------------------------------------------------------------
092402 62.3 62.7 0.4 14 3.25 43 752 17 35
----------------------------------------------------------------------
092403 62.7 64.1 1.4 12 5.67 19 2029 134 26
----------------------------------------------------------------------
092404 64.1 65.6 1.5 14 5.07 27 1378 68 35
----------------------------------------------------------------------
092405 65.6 66.4 0.8 17 less 54 984 78 46
than 1
----------------------------------------------------------------------
092406 66.4 67.6 1.2 20 2.31 52 3104 58 27
----------------------------------------------------------------------
092408 69.0 70.0 1.0 6 4.08 121 114 2 97
----------------------------------------------------------------------
092409 70.0 71.0 1.0 less 4.91 133 798 31 113
than
5
----------------------------------------------------------------------
092410 71.0 71.8 0.8 less 10.18 108 762 956 43
than
5
----------------------------------------------------------------------
092411 71.8 72.2 0.5 45 7.8 65 6866 425 33
----------------------------------------------------------------------
092412 72.2 73.1 0.9 31 20.37 56 2166 1682 33
----------------------------------------------------------------------
092413 73.1 74.0 0.9 16 9 42 1066 168 47
----------------------------------------------------------------------
092414 74.0 75.0 1.0 30 3.47 30 1635 106 44
----------------------------------------------------------------------

----------------------------------------------------------------------
092420 81.5 83.0 1.5 5 1.56 40 617 21 55
----------------------------------------------------------------------
092421 83.0 84.4 1.4 less 1.57 27 3095 25 60
than
5
----------------------------------------------------------------------
092422 84.4 86.0 1.6 less 3.38 175 3349 208 55
than
5
----------------------------------------------------------------------
092423 86.0 87.4 1.4 17 1.47 32 791 less 55
than 1
----------------------------------------------------------------------
092424 87.4 88.4 1.0 less 5.63 43 609 110 60
than
5
----------------------------------------------------------------------
092425 88.4 89.8 1.4 less 4.22 88 561 100 49
than
5
----------------------------------------------------------------------

----------------------------------------------------------------------
092431 105.0 106.5 1.5 less 1.02 31 227 less 38
than than 1
5
----------------------------------------------------------------------
092432 106.5 108.0 1.5 less 1.85 35 1290 9 33
than
5
----------------------------------------------------------------------
092433 108.0 109.5 1.5 20 1.92 49 1009 less 38
than 1
----------------------------------------------------------------------
092434 109.5 111.0 1.5 less 1.19 32 438 less 39
than than 1
5
----------------------------------------------------------------------
092435 111.0 112.5 1.5 less 1.1 23 139 less 36
than than 1
5
----------------------------------------------------------------------
092436 112.5 114.0 1.5 less 1.46 77 408 41 42
than
5
----------------------------------------------------------------------
092437 114.0 115.5 1.5 less less 31 571 54 29
than than 1
5
----------------------------------------------------------------------

----------------------------------------------------------------------
092453 141.0 142.6 1.6 less 1.16 41 544 less 19
than than 1
5
----------------------------------------------------------------------
092454 142.6 144.3 1.7 less 2.03 136 1363 less 23
than than 1
5
----------------------------------------------------------------------
092455 144.3 145.5 1.2 less 1.69 105 352 less 26
than than 1
5
----------------------------------------------------------------------
092456 145.5 146.9 1.4 less 2.9 440 385 less 23
than than 1
5
----------------------------------------------------------------------
092457 146.9 148.5 1.6 less 1.58 98 239 less 27
than than 1
5
----------------------------------------------------------------------
092458 148.5 150.0 1.5 less 1.46 66 812 less 31
than than 1
5
----------------------------------------------------------------------

----------------------------------------------------------------------
092477 171.7 173.2 1.5 23 3.2 597 398 less 20
than 1
----------------------------------------------------------------------
092478 173.2 174.5 1.3 23 3.85 789 1067 less 25
than 1
----------------------------------------------------------------------
092479 174.5 176.0 1.5 60 11.32 3741 498 less 32
than 1
----------------------------------------------------------------------

----------------------------------------------------------------------
092482 178.5 179.8 1.3 8 1.77 535 174 5 44
----------------------------------------------------------------------
092483 179.8 181.1 1.3 56 3.61 665 153 25 21
----------------------------------------------------------------------
092484 181.1 182.0 0.9 21 3.49 479 1771 16 29
----------------------------------------------------------------------

----------------------------------------------------------------------
092490 187.7 188.6 0.9 46 9.57 1708 234 11 25
----------------------------------------------------------------------
Nickel Copper Zone
----------------------------------------------------------------------
092519 280.6 282.1 1.5 less 1.44 46 116 6 296
than
5
----------------------------------------------------------------------
092520 282.1 283.6 1.5 8 1.21 240 102 6 310
----------------------------------------------------------------------
092521 283.6 284.8 1.2 less 1.13 83 95 8 160
than
5
----------------------------------------------------------------------
092522 284.8 286.7 1.9 less 1.38 119 99 2 23
than
5
----------------------------------------------------------------------
092523 286.7 287.5 0.8 17 2.22 817 112 9 602
----------------------------------------------------------------------


Hole BB-10-12

Hole BB-10-12 was also drilled grid south at a dip of - 45 degrees to a depth of 203 meters. It intersected similar style mineralization over a similar wide zone to that intersected in Hole BB-10-11 except for the copper-nickel mineralization.



Table - 4
-----------------------------------------------------------------------
Sample From To Interval Au Ag Copper Zinc
# m m m ppb ppm ppm ppm Lead ppm
-----------------------------------------------------------------------
092579 64.0 64.6 0.6 7 3.35 130 286 33
-----------------------------------------------------------------------
092580 64.6 66.2 1.6 6 2.72 75 4994 277
-----------------------------------------------------------------------
092581 66.2 67.3 1.1 9 2.86 19 1602 224
-----------------------------------------------------------------------
092582 67.3 69.0 1.7 6 3.29 58 1874 95
-----------------------------------------------------------------------
092583 69.0 70.9 1.9 28 17.28 61 1604 282
-----------------------------------------------------------------------
092584 70.9 72.2 1.3 122 58.92 53 3030 973
-----------------------------------------------------------------------
092585 72.2 73.3 1.1 51 16.45 66 1519 631
-----------------------------------------------------------------------
092586 73.3 74.8 1.5 28 7.33 46 1248 398
-----------------------------------------------------------------------
092587 74.8 76.2 1.4 34 8.36 39 1682 659
-----------------------------------------------------------------------
092588 76.2 77.7 1.5 25 3.79 37 2161 68
-----------------------------------------------------------------------
092589 77.7 79.0 1.3 15 1.9 32 2819 95
-----------------------------------------------------------------------
092590 79.0 80.5 1.5 less 1.66 33 814 13
than 5
-----------------------------------------------------------------------
092591 80.5 81.9 1.4 less 1.72 37 2341 19
than 5
-----------------------------------------------------------------------
092592 81.9 83.3 1.4 12 1.53 41 985 49
-----------------------------------------------------------------------
092593 83.3 84.6 1.3 31 less 120 3827 1482
than 1
-----------------------------------------------------------------------
092594 84.6 86.0 1.4 6 1.04 31 1721 389
-----------------------------------------------------------------------
092595 86.0 87.5 1.5 less 1.05 42 148 11
than 5
-----------------------------------------------------------------------
092596 90.8 92.3 1.5 less less 25 430 5
than 5 than 1
-----------------------------------------------------------------------
092597 92.3 94.9 2.6 less less 8 563 77
than 5 than 1
-----------------------------------------------------------------------
092598 94.9 95.0 0.1 less less 93 1147 10
than 5 than 1
-----------------------------------------------------------------------
092599 95.0 96.5 1.5 less less 184 1455 11
than 5 than 1
-----------------------------------------------------------------------
092600 96.5 98.2 1.7 less 1.04 60 1607 43
than 5
-----------------------------------------------------------------------
092602 98.2 99.7 1.5 5 less 100 2197 12
than 1
-----------------------------------------------------------------------
092603 99.7 101.1 1.4 7 2.49 686 4862 80
-----------------------------------------------------------------------
092604 101.1 102.6 1.5 7 less 138 930 39
than 1
-----------------------------------------------------------------------
092605 102.6 104.4 1.8 10 less 31 675 13
than 1
-----------------------------------------------------------------------
092606 104.4 106.1 1.7 less less 26 1684 3
than 5 than 1
-----------------------------------------------------------------------


Hole BB-10-13

Previous ground Gradient I.P. & Max Min, the 1980-OGS and 2009-OGS and the 1979 -Aerodat airborne electromagnetic surveys identified strong geophysical magnetic, electromagnetic and chargeability anomalies north of Herontrack Lake. The last hole, BB-10-13, was collared on L38+00E, 36+00N, drilled grid south at -45 degrees to a depth of 434.8 meters to test this geophysical trend.

Hole BB-10-13 intersected continuous disseminated, stringer, semi-massive and massive style mineralization consisting mainly of chalcopyrite, pyrrhotite, sphalerite and pyrite. This mineralization is contained within mainly altered massive and pillowed flows and interbedded mafic tuffs and is consistent with a copper-zinc VMS Type deposit with gold and silver by-products.

The dominant pyrrhotite mineralization is probably the cause of the wide dominant, east-west I.P. chargeability anomaly trend. The chargeability anomaly is traceable 500 meters west and 2 kilometers east of Hole BB-10-13 and is open further west and east beyond the surveyed area. Table - 5 below shows some of the higher grade sections of the hole.



Table - 5
------------------------------------------------------------------------
From To Interval Gold Copper Zinc Lead Nickel
Sample # m m m ppb Silver ppm ppm ppm ppm ppm
------------------------------------------------------------------------
092659 18.0 19.5 1.5 8 1603 152 14 88
------------------------------------------------------------------------

------------------------------------------------------------------------
092687 55.5 57.0 1.5 less less than 1 3739 322 32 84
than
5
------------------------------------------------------------------------

------------------------------------------------------------------------
092717 103.6 104.1 0.5 less less than 1 2465 192 17 99
than
5
------------------------------------------------------------------------

------------------------------------------------------------------------
092734 127.4 128.1 0.7 83 2.98 256 51 7 90
------------------------------------------------------------------------

------------------------------------------------------------------------
092774 183.0 184.5 1.5 5 less than 1 3573 376 35 47
------------------------------------------------------------------------

------------------------------------------------------------------------
092907 363.6 365.2 1.6 less 13.01 120 38 5 108
than
5
------------------------------------------------------------------------

------------------------------------------------------------------------
092917 377.4 378.4 1.0 less 13.07 80 56 12 170
than
5
------------------------------------------------------------------------

------------------------------------------------------------------------
092931 395.6 397.0 1.4 less 13.08 110 82 8 104
than
5
------------------------------------------------------------------------
092932 397.0 398.6 1.6 less 12.75 133 83 11 100
than
5
------------------------------------------------------------------------


Belmont's two drilling campaigns have confirmed that the VMS style silver-base metal mineralization intersected in the Lumby Lake area is very similar and probably deposited during the same period as the silver and minor base metal mineralization intersected in the drill holes at Bufo Lake. The gold mineralization in both areas appears to be a separate mineralizing event associated with the regional structural event and is similar to the gold mineralization occurring on Osisko's Hammond Reef property to the south. However, the gold mineralization on the property is contained within east-west structures contained along the east-west contact shear zone between the Lumby Greenstone volcanics and Marmion batholith intrusion. The centre of the silver-base metal venting system appears to be centrally located around Lumby, Herontrack and Spoon Lake. The rocks in this area show two (2) types of VMS style deposits.

1 - A volcaniclastic dominant system located under the above named lakes

2 - A mafic volcanic flow dominant (massive and pillowed flow) style deposit.

Super imposed over the above are gold bearing shear and vein hosted gold mineralization.

The Aerodat 1987 airborne survey covering the eastern 2/3 portion of the property has identified numerous other conductors coincident with known sulphide mineralization. A VLF- EM over Lumby, Herontrack and Spoon Lake has identified conductors under all three lakes. The conductors are probably caused by the pyrrhotite-chalcopyrite-pyrite mineralization intersected in the drilling under these lakes by Belmont Resources Inc and Atikokan Resources Inc. Aerodat's 1987 airborne survey over this area identified the same conductors in addition with others on the property. These geophysical electromagnetic anomalies leave many un-drilled targets on the property with both gold and base metal potential.

The alteration pattern in each area is consistent with VMS type deposits and with structurally emplaced gold mineralization within the same system.

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 (50/50) with International Montoro Resources Inc. has acquired and explored 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 Res.) in one rare earth mineral and one uranium claim block in the Central Mineral Belt in Labrador.

ON BEHALF OF THE BOARD OF DIRECTORS

Vojtech Agyagos, CEO/President/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.



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