Belmont Resources Inc. (TSX.V -“BEA”) and International Montoro Resources Inc. (TSX.V –“IMT”) are pleased to announce that they have entered into an Option Agreement (the “Agreement”) with Rare Earth Metals Inc. (TSX.V: “RA”) whereby RA can earn a 75% interest in the BEA/IMT Partridge River property (23 claim units) in the historical Letitia Lake-Red Wine rare earth metals camp of west-central Labrador. RA already controls a total of 851 claim units totaling 212 square kilometers in the emerging rare metal belt.
The Agreement provides RA with the option to earn a 75% interest in the Partridge River property by paying BEA/IMT $50,000, issuing 250,000 common shares of RA to BEA/IMT and incurring $250,000 in exploration expenditures over three years (including payments of $10,000 and 50,000 shares upon acceptance). RA will be the operator during the earn-in Option. Once vested after three years, the property would then be operated as a joint venture. If either party opts to reduce to a 10% interest, its interest would revert to a 2% NSR. One-half the NSR (1%) can be purchased by the remaining party for $1,000,000.
RA has established a 12-man camp nearby, with good access to Churchill Falls located 80 km by road to the southwest. BEA/IMT have previously completed an airborne magnetic and radiometric survey that identified several sampling targets for further investigation by RA.
The Letitia Lake/Red Wine district is a 60 km long arcuate belt of per-alkaline
volcanic and intrusive rocks which hosts a number of significant rare earth
element/niobium/beryllium/zirconium prospects which have seen little or no work
since the early 1960s. The geological setting is analogous to the Strange Lake
per –alkaline belt which hosts the Strange Lake rare metal deposits including
Quest Rare Minerals’ newly discovered B-Zone.
About Belmont Resources Inc.
Belmont has recently entered into an option to acquire 100% interest in 2144 ha. (16 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 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, or by phoning 604-683-6648.
ON BEHALF OF THE BOARD OF DIRECTORS OF
BELMONT RESOURCES INC.
Vojtech Agyagos, 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.
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