Belmont Announces Annual Filings Update

VANCOUVER, BC / ACCESSWIRE / May 22, 2020 / Belmont Resources Inc (TSXV:BEA)(Frankfurt:L3L2) ("Belmont"), (or the "Company") is providing an update on the status of the filing of its annual financial statements, including the accompanying management's discussion and analysis, and related CEO and CFO certifications for its financial year ended January 31, 2020.

On March 18, 2020, the Canadian Securities Administrators ("CSA") issued a notice stating that securities regulators will be providing coordinated relief consisting of a 45-day extension for certain periodic filings required to be made on or prior to June 1, 2020 as a result of the COVID-19 pandemic. Accordingly, the British Columbia Securities Commission ("BCSC") has enacted BC Instrument 51-515, Temporary Exemption from Certain Corporate Finance Requirements ("BCI 51-515").

The Company will be relying on this extension period due to delays experienced as a result of the COVID-19 pandemic. Belmont will be relying on the temporary exemption pursuant to BCI 51-515 with respect to the following provisions:

• the requirement to file audited financial statements for the year ended January 31, 2020 (the "Financial Statements") within 120 days of the Company's financial year end as required by section 4.2(b) of NI 51-102;
• the requirement to file management discussion and analysis (the "MD&A") for the period covered by the Financial Statements within 120 days of the Company's financial year end as required by section 5.1(2) of NI 51-102; and
• the requirement to file certifications of the Financial Statements (the "Certificates" and together with the Financial Statements, the "Annual Filings") pursuant to section 4.1 of National Instrument 52-109.Section 4.2(b) [filing deadline for annual financial statements] National Instrument 51-102.

The Company continues to work diligently and expeditiously with its auditors to file the Annual Filings on or before July 14, 2020 (+45 days from May 30, 2020). In the interim, members of the Company's management and other insiders are subject to a trading black-out policy that reflects the principles in section 9 of National Policy 11-207.

The Company confirms that since the filing of its interim consolidated financial statements for the period ended October 31, 2019, there have been no material business developments other than those disclosed through news releases and filed under the Company's SEDAR profile at www.sedar.com

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 exploring 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.