Business
Belmont Signs Binding Term Sheet for its Crackingstone Uranium Property
(TheNewswire) XS Resources Pty Ltd.To Acquire Up To 80% Interest in Crackings...
About this update from Belmont Resources Inc.
[{"type":"text","content":"Belmont Signs Binding Term Sheet for its Crackingstone Uranium Property\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n XS Resources Pty Ltd.To Acquire Up\nTo 80% Interest in Crackingstone\n \n \n \n \n Vancouver, B.C. Canada -\n \n \n TheNewswire -\n \n \n November 2\n \n \n 5\n \n \n , 2021 - Belmont Resources Inc.\n(“Belmont”), (or the “Company”), (TSXV:BEA\n \n \n ) (\n \n \n FSE:L3L2) is pleased to announce\nthat it has entered into a binding term sheet agreement (the\n“Agreement”) with respect to its Crackingstone Uranium Project\n(“Crackingstone”) in the Athabasca Basin of Northern Saskatchewan,\nCanada with XS Resources Pty Ltd. (“XSR”).\n \n \n \n \n XS Resources is an Australian private resource\nexploration company currently applying for listing on the Australian\nSecurities Exchange (“ASX”)\n \n \n \n \n Under the terms of the agreement, XSR will make cash\npayments totaling $100,000 to Belmont\n \n \n upon the\nreceipt of ASX approval under the Listing Rules, spend $2,500,000 in\nexploration expenditures over a two-year earn-in period and issue to\nBelmont, shares equivalent to a value of $250,000\n \n (\n \n based on the issue price of ListCo Shares pursuant to\nListCo’s IPO prospectus) to earn up to an 80% interest in the\nCrackingstone property.\n \n \n \n \n Belmont’s President and CEO,\nGeorge Sookochoff commented: “As with the recent optioning of our\nLone Star copper-gold and Kibby lithium properties to Australian\nMarquee Resources, we are once again excited to partner with yet\nanother Australian resource exploration company, XS Resources, in the\ndevelopment of our Crackingstone Uranium project.\n \n \n \n \n Within the next two years our\noption/jv partners are committed to spending over $7,500,000 in\nexploration on our three projects. This allows Belmont to focus its\ncapital and expertise on its two flagship projects, the Come By Chance\n(CBC) copper-gold porphyry target and the Athelstan-Jackpot (A-J) gold\nproject.\n \n \n \n \n In addition, Belmont will continue\nto evaluate and acquire further projects in the mineral rich areas of\nsouthern British Columbia and northern Washington State.\n \n \n \n \n 2022 is looking to be a very active\nand exciting year for Belmont and its shareholder\n \n \n ...