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Belmont Resources acquiring Kibby Basin lithium property in Nevada

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Belmont Resources acquiring Kibby Basin lithium property in Nevada

Belmont ResourcesInc. said March 30 that it is acquiring the Kibby Basin property inClayton Valley, Nevada.

The property is highly prospective to host lithium, and consistsof 13 place claims, totaling about 1,036 hectares in Esmeralda County.

The company anticipates conducting an exploration program ofdetailed geologic and geophysical mapping, along with surface sampling within thecurrent exploration season.

Under the deal, Belmont will pay Zimtu Capital Corp. C$25,000 and issue 1 million common sharesin stages.

The property is subject to a 1.5% net smelter returns royalty,half of which can be repurchased by the company at any time for C$1 million.

In addition, Belmont is arranging a nonbrokered private placementof up to 7,000,000 units at 5 Canadian cents each to raise gross proceeds of upto C$350,000.

Net proceeds will be used to explore the Kibby Basin propertyand for general working capital.