Belmont Amends Financing and Mutually Terminates Fredart Property Option

VANCOUVER, BC / ACCESSWIRE / October 22, 2019 / Belmont Resources Inc. ("Belmont"), (or the "Company"), (TSXV:BEA)(FSE:L3L1)(DTC Eligible - CUSIP 080499502).

Financings - Flow-Through and NFT

Further to our news release of September 5, 2019; Belmont is amending the private placement as previously announced.

The Company intends to complete a non-brokered private placement of 3 million units at a price of six cents ($0.06) per unit to raise gross proceeds of up to $180,000. Each unit will consist of one common share of the Company and one transferable share purchase warrant (previously one-half of a transferable share purchase warrant). Each warrant will permit the holder to acquire one additional share of the Company at 8 cents (previously 10 cents) for 18 months (previously two years) after closing. The term of the warrants may be accelerated in the event that the issuer's shares trade at or above a price of 20 cents per share for a period of 10 consecutive days. In such case of accelerated warrants, the Company may give notice, in writing or by way of news release, to the subscribers that the warrants will expire 30 days from the date of providing such notice.

In addition the Company intends to complete a non-brokered private placement of 2 million units at a price of six and one-half cents ($0.065) per unit to raise gross proceeds of up to $120,000. Each unit will consist of one common share (which is a flow-through -FT share for Canadian income tax purposes) of the Company and one non flow-through (NFT) transferable share purchase warrant. Each warrant will permit the holder to acquire one additional share of the Company at 8 cents for 18 months after closing. The term of the warrants may be accelerated in the event that the issuer's shares trade at or above a price of 20 cents per share for a period of 10 consecutive days. In such case of accelerated warrants, the Company may give notice, in writing or by way of news release, to the subscribers that the warrants will expire 30 days from the date of providing such notice.

In addition to relying upon other available prospectus exemptions to effect the Financing, a portion of the private placement may be completed in accordance with the exemption set out in BC Instrument 45-536 (Exemption from prospectus requirement for certain distributions through an investment dealer), (the "Investment Dealer Exemption"). The Company also confirms there is no material fact or material change related to the Company which has not been generally disclosed.

The Company may pay commissions of 8% to eligible parties in connection with this financing, payable either in cash and/or in warrants. The Common Shares and Warrants are subject to a statutory hold period of four months and one day after closing. Completion of the financing is subject to TSX Venture Exchange ("TSXV") approval.

The Company intends to use the proceeds from the financing for working capital and exploration on properties.

Directors, officers or other insiders of the Company may participate in the foregoing offerings, and such parties may sell securities of the Company owned or controlled by them personally through the facilities of the TSX Venture Exchange to finance participation in such offerings.

Pathfinder - Contracting Review for VTEM survey

Belmont is reviewing contract proposals received to proceed with a helicopter borne EM and magnetic survey (VTEM) to better target drilling the Pathfinder property.

Fredart-Gerry Lake - Red Lake, Ontario

Further to our news release of September 4, 2019; the Company and Pistol Bay Mining Inc. have mutually agreed not to proceed with Belmont acquiring an interest in the Fredart-Gerry Lake claim group.

About Belmont Resources Inc.

Belmont is an emerging resource company engaged in the acquisition, exploration and development of mineral properties in Canada and Nevada, U.S.A.

For further information see our Website at: www.BelmontResources.com
- Facebook https://www.facebook.com/Nevadalithium/
- Twitter https://twitter.com/Belmont_Res

(i) On March 28, 2019 Belmont entered into an agreement to acquire 100% interest in 253.34 hectares of mineral claims (now increased to 295.56 ha) which are part of the former Pathfinder Property, located in the historically productive Republic-Greenwood Gold District. Copper and gold mining in this camp dates back to the turn of the century. The property is currently surrounded on 3 sides by claims held by KG Exploration (Canada) Inc. (a wholly owned subsidiary of Kinross Gold Corporation).

(ii) Belmont owns 75% of the Kibby Basin Lithium project covering 2,056 hectares (5,080 acres) in Esmeralda County, Nevada, U.S.A. The Kibby Basin property is located 65 km north of Clayton Valley, Nevada the location of the only US Lithium producer. MGX Minerals Inc. (CSE: XMG) has earned a 25% interest in the Kibby project.

(iii) In 50/50 ownership with International Montoro Resources Inc., Belmont owns and is exploring joint venture opportunities for its significant uranium properties (Crackingstone -982 ha) in the Uranium City District in Northern Saskatchewan, Canada.

ON BEHALF OF THE BOARD OF DIRECTORS
"James H. Place"
James H. Place, P.Geo.
CEO/President

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 2019, 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.

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.

SOURCE: Belmont Resources Inc.