Update On Recently Acquired Lone Star Copper-Gold Project

VANCOUVER - Belmont Resources Inc. reported on its recently acquired Lone Star Copper-Gold project situated in Republic mining camp of Washington State. Belmont is planning a 3,000-meter drill program for the Lone Star copper-gold deposit with the objective of adding additional resources to the current historical resource, and moving a component of inferred resource to measured resource in preparation for a possible future Preliminary Assessment, Scoping or Feasibility Study.

The drill program will consist of 15 holes, with 5 holes for infill drilling, 7 holes testing outward from the southern cluster of thick high-grade zones, and 3 holes to test the expansion of an eastern thick, rich zone.

Lone Star History

The former Lone Star mine operated over two time periods; underground from 1897-1918 producing 146,540 tonnes, grading 1.25% Cu, 0.036 opt Au and 0.2 opt Ag and open-pit from 1977-1978 by Granby Mining Co. when 400,000 tonnes of ore were transported from the Lone Star open pit to its Phoenix mill in B.C, 11km to the north. Belmont personnel have recompiled and analyzed the extensive amount of Lone Star data on order to determine the best path for moving the project forward.

George Sookochoff, President & CEO, said, “We were very fortunate to acquire such as great project, which is already at an “intermediate stage of exploration” and allows us hit the ground running with a drill program to update the current historical resource to a potentially even larger current NI 43-101 resource and subsequent Preliminary Assessment.

In 2007 Merit Mining Inc., who were optioning to acquire the property at the time, produced a NI 43-101 Lone Star resource and were making plans to further advance the project by drilling. Unfortunately, the major crash of 2007-08 created financial difficulties for Merit, as well as most junior exploration companies at the time, and the property reverted back to the owner BGP Resources Inc. a Washington State corporation. The project remained dormant until recently when we became aware that this project was, surprisingly, still available for acquisition.

In this business, it is very important to not only recognize opportunities, but also to act quickly and take full advantage. We certainly were not going to pass up the opportunity that the Lone Star presents. Previously we announced the acquisition of the project and are now very excited to continue where Merit Mining left off.”