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

Belmont Resources Inc.
International Montoro Resources Inc.
TSX VENTURE : IMT
FRANKFURT : O4T
PINK SHEETS : IMTFF

International Montoro Resources Inc.

December 30, 2008 13:56 ET

Belmont Resources Inc. and International Montoro Resources Inc.: Merrex Options 50% of Crackingstone Uranium Property; Sells 25% of West Voisey's Bay Joint Venture

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 30, 2008) - Vojtech Agyagos, President of Belmont Resources Inc. ("Belmont") (TSX VENTURE:BEA)(PINK SHEETS:BEAFF)(FRANKFURT:L3L), and Gary Musil, President of International Montoro Resources Inc. ("Montoro") (TSX VENTURE:IMT)(PINK SHEETS:IMTFF)(FRANKFURT:O4T), announce that Belmont and Montoro have optioned a 50% interest in their jointly owned Crackingstone uranium property to Merrex Gold Inc. ("Merrex") (TSX VENTURE:MXI) and have acquired a 25% interest in the West Voisey's Bay Joint Venture from Merrex.

Crackingstone Property, Uranium City, Saskatchewan

Belmont and Montoro have agreed to option to Merrex a 50% interest in their jointly owned Crackingstone uranium property. Pursuant to the terms of the option agreement, Merrex will issue to Belmont and Montoro 1,200,000 common shares (600,000 shares to each of Belmont and Montoro) and will incur $1,200,000 of exploration expenditures in the first year and may incur a further $2,400,000 of exploration expenditures in the second year to earn up to 50% interest in the Crackingstone uranium property. The shares are subject to a four month hold period, and the option agreement is subject to regulatory approval.

The Crackingstone River uranium property is a 750 hectare claim block located on the north shore of Lake Athabasca, 8 km southwest of Uranium City, Saskatchewan. During 2008 Belmont and Montoro conducted a Phase 1 drill program of 20 holes which tested and confirmed the presence of uranium mineralization for a strike distance of 1800 meters along the Boom Lake Fault and intersected an east-west structure (the North Crackingstone Fault). Hole C-14-08 returned the highest assay results from the 20-hole drill program with 2.087% U3O8 (41.74 lbs./ton) which was included in a 3.0m intersection assaying 0.36% U3O8 (7.19 lbs./ton), and 1.7m intersection assaying 0.633% U3O8 (12.66 lbs./ton). The same hole also intersected a 0.5m intersection assaying 0.873% U3O8 (17.46 lbs./ton) and, a further 6.8m intersection with assays from 0.003% to 0.09% (1.80 lbs./ton).

West Voisey's Bay Joint Venture, Labrador

Belmont and Montoro have agreed to acquire one-half of Merrex's 50% interest (net 25%) interest in the West Voisey's Bay Joint Venture ("WVBJV") for $1.2 million. Merrex will retain a net 25% participating interest in the WVBJV. The sale of the WVBJV is an Exempt transaction as defined in the Listings Policies of the TSX Venture Exchange. Upon completion of this acquisition the West Voisey's Bay ("WVB") Property will be held in a joint venture between Belmont (12.5%), Montoro (12.5%), Merrex (25%) and Celtic Minerals Ltd. ("Celtic") (TSX VENTURE:CME) (50%). Celtic is the WVBJV operator.

The WVB Property is a 451 claim block comprising approximately 112.75 square km in Labrador. The WVB Property borders Inco's Voisey's Bay property which contains Inco's Ovoid deposit, a 31.7 million tonne deposit with grades of 2.83% Ni, 1.68% Cu and 0.12% Co. Production at Inco's operational Ovoid nickel-copper-cobalt mine began in November 2005. Inco's Voisey's Bay deposit is the largest and richest nickel-copper-cobalt discovery in recent history and, in addition to the Oviod deposit, contains a number of advanced exploration targets, including the Reid Brook zone which is located approximately 10 km to the northeast of the WVBJV's main exploration target area. In a press release dated June 19, 2006, Inco described its exploration results from the Reid Brook zone as being "particularly significant".

Since 2006 the WVBJV has incurred in excess of $4,000,000 of exploration including infill ground geophysical surveys (magnetotellurics "MT", UTEM, gravity and magnetics), an airborne gravity gradiometer survey in conjunction with Inco, an ASTER remote sensing and satellite lineament survey and diamond drilling. To date, four significant target areas have been identified on the WVB property. Positive indicators consisting of minor sulphides in mafic rocks, olivine bearing gabbro, and structural zones have been intersected in drilling to date. Going forward, a fresh approach in terms of general exploration including a detailed study of the geological data of Inco's Voisey's Bay Deposit area will be initiated.

About Belmont Resources Inc.

Belmont Resources Inc. is 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. Belmont has also staked (100% owned) 63,184 ha in the Wollaston/Reindeer Lake-Compulsion Bay area, southeast Athabasca Basin, Saskatchewan. The Company also holds interests (50/50 with Int. Montoro) in two claim blocks in the Central Mineral Belt in Labrador.

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.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Belmont Resources Inc./International Montoro Resources Inc.
    Gary Musil
    CFO/Director
    (604) 683-6648
    (604) 683-1350 (FAX)
    or
    Belmont Resources Inc.
    Dean Stuart
    (403) 517-2270
    Website: www.BelmontResources.com