Mr. Gary Musil reports

BELMONT CLARIFIES ACQUISITION TERMS ON THE PATHFINDER PROPERTY

Belmont Resources Inc. has clarified acquisition terms.

Belmont clarifies the March 28, 2019, news release as follows.

Pursuant to the agreement, the share and warrant issuances should read as follows:

• A total of 1.5 million common shares and 1.5 million warrants in two payments;
• Issuing to each vendor 750,000 common shares of the company and 750,000 transferable warrants exercisable at a price of 10 cents per share for a period of two years from the approval date, as set out herein;
  • 625,000 shares and 625,000 warrants to each vendor on the approval date;
  • 125,000 shares and 125,000 warrants to each vendor on the one-year anniversary of the agreement date;
• A 1.5-per-cent net smelter return royalty: 0.75 per cent to each vendor. The company may acquire one-half of the NSR for $1-million upon commencement of commercial production on the property.

The agreement is subject to TSX Venture Exchange approval.

About Belmont Resources Inc.

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

Belmont owns the Kibby basin lithium project covering 2,056 hectares (5,080 acres) in Esmeralda county, Nevada, United States. The Kibby basin property is located 65 kilometres north of Clayton Valley, Nevada, the location of the only U.S. lithium producer. MGX Minerals Inc. has currently earned a 25-per-cent interest in the Kibby project and has the right to increase this to 50 per cent by expending an additional $300,000 on exploration and become the operator.