PEA Completed At The Lone Star Project

VANCOUVER - Belmont Resources Ltd. reported that its JV partner Marquee Resources Ltd. for the Lone Star project situated in Washington State has completed a Lone Star NI 43-101 Preliminary Economic Assessment Technical Report (PEA). The completion of a PEA is part of Marquee’s final required work commitment in order to earn interest in the Lone Star Project.

Mineral Resource Estimate (MRE) includes Indicated 9.76 Mt at 0.60% CuEq and Inferred 3.35 Mt at 0.44% CuEq, based on a 0.10% CuEq cutoff within a conceptual pit shell. The Life of Mine (LOM) is 14 years.

George Sookochoff, CEO, said, "While the Preliminary Economic Assessment offers an early glimpse into the project economics, it is important to note that it provides a preliminary perspective. It serves as a guide for steering the project toward a positive economic trajectory and eventual production. The report highlights critical factors that could potentially shift the economics into a positive direction. Notably, there is a prospect of a gold deposit approximately 400m west of the Lone Star deposit within the property. Additionally, the Lone Star deposit's open extensions to the east and south present further opportunities. Our forthcoming discussions with Marquee will shed light on their strategies for advancing the Lone Star project. Subsequently, we will update our Belmont shareholders on the developments."