Belmont President & CEO Completes Greenwood Properties Visit & Contracts Geologist for Planned Summer Exploration; Amends Black Bear Property Purchase Agreement

VANCOUVER, BC / ACCESSWIRE / July 16, 2020 /Belmont Resources Inc (TSXV:BEA)(Frankfurt:L3L2) ("Belmont"), (or the "Company").

Belmont President & CEO George Sookochoff, recently completed an onsite inspection of the recently acquired Athelstan-Jackpot (A-J) and Come By Chance (CBC) properties. These strategic gold-copper properties are situated in the prolific Phoenix /Greenwood mining camp of southern British Columbia, and in which Belmont has become a serious player in this very active area.

George commented, "I would like to thank Jesse Ritco, son of former CBC owner Ron Ritco, and his son Milo for taking me up onto the CBC property and showing me numerous undocumented former workings comprised of pits, tunnels and adits. I was very excited in seeing more and more showings throughout the property, particularly along NW trending fault zones, as it appears to be evidence of a potential large system beneath. Each of these areas shows strong mineralization and with modern exploration techniques we hope to discover potential gold-copper deposits beneath." (view photo at https://bit.ly/2OtI4NY)

Jesse and Milo Ritco at the Goat Trail workings

Belmont plans to have a geologist on the property shortly to begin mapping, sampling and documenting all the workings and showings on the property. (view photo at https://bit.ly/32orMya)

Rock specimen from Goat Trail workings

While in Grand Forks, B.C. Mr. Sookochoff had the opportunity to meet with local resident and prominent geologist Ms. Linda Caron, M.Sc., P.Eng. Ms. Caron has agreed to provide her services along with her vast knowledge of the area as a consulting geologist for Belmont. Linda has over 30 years of national and international experience in the mining industry. Since 1997, she has worked as a geological consultant on multiple projects for junior mining companies, small-scale producers and majors. Most recently, Linda has acted as Project Manager for several large mineral exploration projects in southern B.C., with a primary focus on gold, including Kinross Gold Corp's Grizzly Greenwood project and Ximen Mining Corp's Brett Gold project.

She has worked extensively in the Boundary district of southern B.C. and northern Washington and is widely recognized for her knowledge of the geology and deposits in the area. Ms. Caron graduated from the University of British Columbia in 1985 with an honors degree in geological engineering and obtained a master's degree in geological sciences from the University of Calgary in 1988.

George commented, "I am thrilled to have Linda coming on, and working with our Belmont team. Linda was the consulting geologist for the former private owners of the A-J property and wrote several 43-101 reports on the property. With her firsthand knowledge of the A-J property I couldn't have found a better geologist to take on the project and unlock its tremendous potential."

Ms. Caron will be overseeing the permitting application process along with the planned IP survey to be followed by a drill program.

Property Purchase Amendment

Further to our news release of November 21, 2019 and Exchange acceptance for filing dated December 19, 2019 regarding the acquisition of the Black Bear reverted crown grant claim from George Nakade; the parties have agreed to amend the terms of cash payment of $25,000. The vendor has agreed to accept 500,000 shares at a deemed price of $0.05 in lieu of the cash payment. The amended terms and shares that may be issuable are subject to a statutory hold period expiring four months and one day from issuance, and are subject to Exchange approval.

All other terms of the Property Acquisition Agreement remain the same.

About Belmont Resources Inc.

Belmont Resources Inc. is a Canadian based resource company traded on the TSX-V under the symbol "BEA". The Company is systematically evaluating and acquiring gold properties in Southern British Columbia and Northern Washington State.

ON BEHALF OF THE BOARD OF DIRECTORS

"George Sookochoff"

George Sookochoff, CEO/President
Ph: 604-683-6648
Email: george@belmontresources.com
Website: www.BelmontResources.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

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 2020, 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.

SOURCE: Belmont Resources Inc.