News Release Archive (1999 - 1997)

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December 16, 1999

Initial Agreement with McCallan Oil & Gas

August 17, 1999

United Gunn takes no further steps for Belmont amalgamation

May 19, 1999

Amalgamation negotiations between Belmont and United Gunn

May 13, 1999

Lac Rocher Property Acquisition Completed

March 16, 1999

Lac Rocher Prospect

March 8, 1999

Lac Rocher Prospect

January 20, 1999

Belmont Closes Sale of Oil & Gas Concession

October 15, 1998

Belmont Announces Sale of Oil & Gas Concession

October 6, 1998  

Approval for OTCB-B Trading under "BEOVF"

May 20, 1998

Belmont joins with EuroGas to develop Slovakian Oil & Gas Field

April 8, 1998

Belmont completes Agreement on Slovakian Oil&Gas Concession

March 16, 1998

Belmont acquires exploration rights to large Oil & Gas concession

October 10, 1997

Pezinok Update

December 16, 1999

Initial Agreement with McCallan Oil & Gas

Belmont Resources Inc. (CDNX-BEO, OTC-BB-BEOVF) reports that it has entered into an Initial Agreement with McCallan Oil & Gas GesmbH of Austria (“McCallan”), a wholly owned subsidiary of Sierra International Group, Inc.

Sierra recently acquired 100% of McCallan, an Austrian oil and gas concern with its headquarters in London, UK.

Sierra/McCallan grants Belmont an option to acquire a 25% interest in EnviGeo Trade s.r.o. (a private Slovakian Company, owned 90% by McCallan). EnviGeo owns a 2478.9 square km oil and gas exploration license known as the Prieskumne Uzemie Medzilaborce (“PUM”) located in northeastern Slovakia. A ‘Geological Overview and Petroleum Prospect Evaluation’ of the concession area has recently been completed by Geomega Ltd. of Hungary (Dr. Ferenc Horvath, Project Coordinator and Associates). Based on the available geological data from Slovakia and some relevant information from the neighbouring Polish Carpathians, Geomega concluded that very good hydrocarbon prospects exist in the concession block.

The terms of the agreement are: (a) the payment by Belmont to EnviGeo (on behalf of Sierra/McCallan) of Cdn $100,000 which shall be a refundable deposit, and (b) the payment by Belmont to Sierra/McCallan of an additional CDN $400,000 within 90 days, subject to Belmont completing a due diligence assessment of PUM.
Further terms will be detailed in a definitive agreement and released upon completion.

Belmont is an International Resource Company that controls a gold/antimony property and has a working interest with EuroGas, Inc. on another oil/gas concession in the Slovak Republic. Belmont is also currently reviewing an oil prospect in Texas and a platinum property in British Columbia.
For a discussion of the contingencies and uncertainties to which information respecting future events is subject, see Belmont’s 1999 annual report on Form 20F and other SEC reports.

August 17, 1999

United Gunn takes no further steps for Belmont amalgamation.

Mr. S. David Anfield of United Gunn Resources reports

No further steps have been taken in regard to the preliminary discussions relating to the proposed amalgamations of Belmont Resources announced May 19, 1999. Until Wascana Energy completes its production testing on the Beaver River project in Northern B.C., United Gunn will not be in a position to evaluate its interest. Production testing commenced in April, 1999, and is expected to continue for some time.

May 19, 1999

AMALGAMATION NEGOTIATIONS BETWEEN BELMONT ("BEO") AND UNITED GUNN RESOURCES LTD. ("UGR")

The Company announces that preliminary discussions have taken place relating to the amalgamation of "BEO" and "UGR. Management of both companies have agreed to study and consider a merger of the two companies. The method of merger has yet to be determined or agreed. Any merger would be subject to Board of Directors, shareholder and regulatory approvals.

Both Companies will now proceed with preparation of updating engineering / geological reports on their material assets before drafting an amalgamation agreement and commissioning a fairness opinion. The valuation will assist in the determination of the exchange ratio between each of the Companies' current outstanding share capital and the shares to be outstanding in the merged entity.

The Companies will keep shareholders informed as negotiations proceed.

May 13, 1999

LAC ROCHER PROPERTY ACQUISITION COMPLETED

Belmont has issued the second and last tranche of 50,000 shares as consideration for the 67 contiguous mineral claims (1,072 hectares - 4.14 sq. miles) located in Lac Rocher, Quebec. The final finder's fee of 5,000 shares was also issued. This completes the cash and share consideration for this property acquisition. The shares have a hold period expiring July 5, 1999.

Belmont has received confirmation from the Quebec Mining Exploration Assistance Program that their application for financial assistance will be reviewed in May. A report has been completed on the property, which outlines an exploration program for these claims in 1999. As per an agreement with Montoro Resources Inc. ("MNQ") they have an option to earn a 50% interest in these claims by paying Belmont $30,000 and incurring $35,000 in exploration expenditures on the property by September 30, 1999.

March 16, 1999

LAC ROCHER AREA, QUEBEC - PROSPECT

The Company is pleased to announce that it has entered into an agreement with MONTORO RESOURCES INC. ("MNQ".V), whereby Montoro has an option to earn a 50 percent interest in all 67 contingous mineral claims (1072 hectares - 4.14 sq. miles) acquired by Belmont in the Lac Rocher area of northwestern Quebec. The property is located approximately 10 Km NE of the Nuinsco discovery and is adjacent to claims staked by Falconbridge. In order to earn its interest Montoro must pay $30,000 over two months, the issuance of 50,000 shares upon regulatory approval and incur a minimum $35,000 of exploration expenditures by September 30, 1999.

The Lac Rocher area is the site of the recent massive sulphide Ni - Cu - Co discovery by Nuinsco resource Ltd. As previously announced, the discovery hole intersected 61.5 metres of 1.69 percent Ni, 0.49 percent Cu with cobalt, platinum and palladium values. This intersection included a 3.2 metre massive sulphide interval with 10.8 percent nickel.

March 8, 1999

LAC ROCHER AREA, QUEBEC -PROSPECT

The Company has entered into an option agreement with Mike Lavoie to acquire a 100% interest in a Lac Rocher area prospect. The agreement provides for payments of $30,000 and $25,000 and the issuance of 100,000 shares in two tranches following regulatory approval. The prospect property is also subject to a 2% NSR. A finder's fee in cash and shares is payable subject to VSE approval.

The prospect property consists of 67 contiguous claims (1072 hectares - 4.14 sq. miles) bordering a major geological contact of gneissic rocks (south) and the volcanics (north) of the "Troilus volcano sedimentary belt". Major mining companies such as Falconbridge Limited and Noranoda Inc. have now joined the staking rush in the area. Falconbridge had completed a compilation of available geological, airborne magnetic and electro magnetic and lake sediment geochemical data approximately six months prior to the recently reported discovery by Nuinsco Resources Ltd. This allowed Falconbridge to identify and stake over 500 promising targets immediately after Nuinsco announced its discovery hole. The Belmont property is located approximately 10 Km NE of the Nuinsco discovery and is adjacent to claims staked by Falconbridge.

Nuinsco reports that the drilling in 1999 has intersected disseminated and massive sulphide, Ni-Cu-Co, mineralization at the base of an oval shaped layered gabbroic intrusion. A 19 m section of mineralization assayed 3.68% Ni, 0.93% Cu, 0.10% Co, and significant platinum group metal values. This intersection included a 3.2 metre massive sulphide interval with 10.8% nickel. The geological setting of this discovery is similar to that of world -class magmatic sulphide deposits including the Sudbury Basin in Ontario.

January 20, 1999

BELMONT CLOSES SALE OF MASEVA GAS s.r.o.

Belmont Resources Inc. (V-BEO) is pleased to announce the closing of the sale of its 90% ownership in Maseva Gas s.r.o. to EuroGas, Inc. (OTC-EUGS). Belmont has received 2.5 million shares of EuroGas, Inc. along with a 2-year warrant to purchase a further 2.5 million shares of EuroGas, Inc. at $2.50 USD per share.

Belmont commissioned an evaluation report by Geological Exploration and Environmental Research Services Ltd. ("GEOMEGA") of Budapest, Hungary coordinated by Dr. Frerenc Horvath. This report indicated a large potential reserve south of the Trebisov area where EuroGas has already successfully drilled and also west of the Ptruksa Field. GEOMEGA recommended that a 3D seismic survey be completed over 360 Km2 of the concession. This extensive report has been turned over to EuroGas..

Belmont will retain a 22.5% working interest in the 849.7 Km2 (209,950-acre) concession area of Eastern Slovakia. In addition, EuroGas will also bear the costs of drilling the first two new wells on the concession at no cost to Belmont.

October 15, 1998

BELMONT ANNOUNCES SALE OF OIL & GAS CONCESSSION.

Belmont Resources Inc. (V-BEO) is pleased to announce the signing of an amended agreement to sell its 90% ownership in Maseva Gas s.r.o. to EuroGas, Inc. (OTC-EUGS). Under the terms of the amended agreement, EuroGas will issue 2.5 million shares of its common stock along with 2 year warrants to purchase a further 2.5 million shares of EuroGas, Inc. The exercise price of these warrants were renegotiated to a price of $2.50 USD per share from the exercise price of $5.00 USD announced in Belmont's news release July 27/98.

Belmont intends to complete this transaction on a tax-deferred basis under rollover provisions allowed under Canadian Income Tax Law. In order to accomplish this, EuroGas has incorporated a wholly owned subsidiary in British Columbia. This subsidiary will issue 2.5 million preferred shares and 2.5 million warrants to Belmont in exchange for the 90% interest in Maseva Gas. Belmont will be entitled to exchange the preferred shares for common shares of EuroGas at no additional cost. At $2.50 USD per EuroGas share Belmont will recognize a gain after taxes of approximately $5.6 million Canadian not including the value of the 2.5 million warrants.

Belmont will retain a 22.5% working interest in the 849.7 Km2 (209,950-acre) concession area in Eastern Slovakia. In addition, EuroGas will also bear the costs of drilling the first two new wells on the concession at no cost to Belmont. The concession area is south and adjacent to the Trebisov area ( see map ) on which EuroGas has drilled six natural gas wells, and is constructing a production gathering system. The concession is also bordered on the east by the Ptruksa Gas Field, where production from one of the wells has been as high as 42 million cf/day.

EuroGas, Inc. is a publicly held U.S. company which is primarily engaged in the acquisition of rights to explore for and exploit natural gas, oil and coal bed methane gas in various parts of the world. EuroGas controls methane gas concessions in Poland and has oil and gas exploration and development joint ventures in Poland, the Slovak Republic, the Sakha Republic, and British Columbia.

October 6, 1998  

APPROVAL FOR OTC B-B TRADING UNDER BEOVF

The Company reports that the common shares of Belmont Resources Inc. have been approved for trading on the NASD OTC Bulletin Board under the symbol BEOVF. This listing will assist the Company in the dissemination of news to its numerous U.S. shareholders. Along with our listing in Moody’s Investor Services, it is the Company’s desire to continue to enhance our exposure in the U.S. and world financial markets.

Belmont Resources Inc. is a mineral and oil/gas exploration and development company engaged in locating, evaluating, and acquiring properties in Eastern Europe.

May 20, 1998

BELMONT JOINS WITH EUROGAS TO DEVELOP SLOVAKIAN OIL & GAS FIELD.

Belmont Resources Inc. (BEO-V) is pleased to announce that it has entered into a Letter of Intent with EuroGas, Inc. whereas EuroGas will acquire from Belmont a controlling interest in the Maseva concession in the Slovak Republic. The concession area is south of the Trebisov area on which EuroGas, Inc. has drilled six wells.

Belmont currently owns 90% of the Maseva concession and has the right to acquire the remaining 10%. Under the terms of the Letter of Intent, EuroGas will issue 2.5 million restricted shares of its common stock and warrants to purchase 2.5 million shares of EuroGas common stock at US$5 per share, in exchange for a 75% interest in the area. The Letter of Intent calls for Belmont to retain a 25% interest in the area, and that the drilling costs of the first two wells are borne entirely by EuroGas. After the first two wells are drilled, Belmont's carried interest will revert to a working interest, and will pay its proportionate share (25%) of all future drilling and development costs.

EuroGas, Inc. is a publicly held U.S. company which is primarily engaged in the acquisition of rights to explore for and exploit natural gas and oil and coal bed methane gas in various parts of the world. EuroGas controls methane gas concessions in Poland and has oil and gas exploration and development joint ventures in Poland, the Slovak Republic, the Sakha Republic, and British Columbia.

April 8, 1998

BELMONT COMPLETES AGREEMENT ON SLOVAKIAN OIL/GAS CONCESSION.

Further to our news release of March 16, 1998 the Company is pleased to announce that it has completed the purchase agreement with Maseva s.r.o. ("Maseva").

The Company and Maseva have agreed to form a new Slovakian company Maseva Gas which will hold the designated exploration territory. Ownership of Maseva Gas will be 90% Belmont and 10% Maseva. The Company has paid the initial fees for the exploration territory and an exclusive right to perform geological operations for the purpose of prospecting for crude oil and natural gas deposits in the 849.70 Km2 (209,950 acre) area located in the Districts of Trebisov and Michalovce, adjacent to the EuroGas / Nafta oil & gas concession.

Belmont has contracted with a geological firm to compile existing data from in and around the exploration territory and evaluate the potential areas with a recommended action plan.

Belmont has filed all documents with the Canadian Venture Exchange.

March 16, 1998

BELMONT RESOURCES ACQUIRES EXPLORATION RIGHTS TO LARGE OIL/GAS CONCESSION IN SLOVAKIA.

The Company is pleased to announce that it has entered into an agreement to acquire the rights to explore for oil and gas in a 209,950 acre concession area in eastern Slovakia.

The Concession, known as the Kralovsky Chlmec is located in the Trebisov area of the East Slovak Basin adjacent to the EuroGas/Nafta oil & gas concession.

In July 1996 EuroGas, with its joint venture partner Nafta Gbely a.s. (part of the recently privatized Slovakian national gas company and one of the largest public companies in Slovakia), spudded its first well (the 'Trebisov 5R') which reached total depth of 2,555 meters (8,380 feet). The EuroGas/Nafta joint venture's initial well, Trebisov 5R ( see map ), encountered a 980 metre thick gas column subdivided into an upper and lower interval. After hydraulic fracturing, the upper interval tested 1 million cubic feet of gas ("MMcf") per day, and the lower interval tested 0.4 MMcf per day. The joint venture has drilled a total of five commercially viable wells in the Trebisov area throughout 1996 and 1997 and is now preparing to connect to a nearby pipeline.

Belmont will obtain access to existing data from in and around the concession, and expects to form a strategic alliance with a Slovakian Company to explore this concession.

The terms of the acquisition are subject to regulatory approvals and completion of due diligence by the Company.

October 10, 1997

PEZINOK UPDATE

CORPORATE UPDATE

The Company reports that 710,000 director options at 98¢ were exercised netting the treasury $695,800. The Company is now applying for Advanced Senior Board listing status on the VSE.

PEZINOK ANTIMONY/GOLD MINE

The preliminary metallurgical tests received from BRGM of France on the gold and antimony ore are being reviewed to establish a pre-feasibility program and to define a complete milling flow sheet.

The Company’s Slovakian subsidiary has completed the purchase of the mill concentrator building and is now negotiating for the purchase of the remaining mill site buildings and land.