BELMONT ENTERS INTO SETTLEMENT AGREEMENT PURSUANT TO VOJTECH AGYAGOS’ RETIREMENT
Vancouver, B.C. Canada, February 12, 2018 - Belmont Resources Inc. (TSX.V: BEA; FSE: L3L1; DTC Eligible - CUSIP 080499403); (“Belmont”, or the “Company”).
Further to the Company’s press release dated January 29, 2018 wherein it was announced that Vojtech Agyagos retired and tendered his resignation as the President and CEO of the Company; the board announces that it has entered into a Settlement Agreement pursuant to Mr. Agyagos’ Management Services Contract (”MSC”) whereby the contract will terminate in consideration for a onetime severance payment of $60,000, being equal to 12 months payment under the MSC along with his outstanding earnings from January 2017 to date. The Company will continue to offer, at no extra charge; Dental and Extended Health benefits as long as Mr. Agyagos retains his position as a Director and/or Chairman of the Board. In addition, the Company has agreed to pay a ‘bonus’ to Mr. Agyagos if the Company is awarded any compensation, in any amount, within the next five years, pursuant to the legal action and claim for damages that has been made against the Slovak Republic through the International Centre for Settlement of Investment Disputes (ICSID), which outcome is currently unknown.
About Belmont Resources Inc.
On March 30, 2016; the Company acquired sixteen placer (16) mining claims, representing 1036 hectares (2,560 acres) in Esmeralda County, Nevada, U.S.A. The Kibby Basin property is located 65 km north of Clayton Valley, Nevada-U.S.A. The Company believes the property to be highly prospective to host lithium.
On July 11, 2016; the Company reported it has arranged the staking of 213 x 20 acre additional placer mineral claims totaling approx. 1724 hectares (4,260 acres), adjoining the Kibby 16, increasing the total Kibby Basin land position (the “Property”) to 2760 hectares (6,820 acres).
In 50/50 ownership with International Montoro Resources Inc., Belmont has acquired and is exploring joint venture opportunities for its two significant uranium properties (Crackingstone -982 ha & Orbit Lake - 11,109 ha) in the Uranium City District in Northern Saskatchewan, Canada.
ON BEHALF OF THE BOARD OF DIRECTORS
This Press Release may contain forward-looking statements that may involve a number of risks and uncertainties, based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of exploration and other risk factors beyond its control. Forward looking statements in this news release include statements about the possible raising of capital and exploration of our properties. Actual events or results could differ materially from the Companies forward-looking statements and expectations. These risks and uncertainties include, among other things, that we may not be able to obtain regulatory approval; that we may not be able to raise funds required, that conditions to closing may not be fulfilled and we may not be able to organize and carry out an exploration program in 2016; and other risks associated with being a mineral exploration and development company. These forward-looking statements are made as of the date of this news release and, except as required by applicable laws, the Company assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements.
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