Vancouver, B.C. Canada, January 11, 2018 - Belmont Resources Inc. (TSX.V: BEA; FSE: L3L1; DTC Eligible - CUSIP 080499403); (“Belmont”, or the “Company”)
International Centre for Settlement of Investment Disputes (ICSID)
Further to our news release dated August 22, 2017. The Company has re-engaged the law firm Derains & Gharavi of Paris, France to pursue annulment proceedings relating to the arbitral tribunal ICSID decision made on August 18, 2017. Legal costs of this action are being borne by a third party as previously agreed.
Mr. Vojtech Agyagos, CEO/President comments; “If the definitive annulment decision is made in our favour, Belmont will be automatically be restored as a claimant in the Belmont-EuroGas vs. Slovak Republic arbitration, and the arbitration will proceed as if no prior verdict had been made.” The claims of Belmont and EuroGas Inc. arose out of the revocation of the claimant’s exclusive rights for mining activities at the Gemerska Poloma talc deposit allegedly without compensation, despite three decisions of Slovakia’s Supreme Court declaring such action illegal.
It is the view of the dissenting judge of the ICSID Tribunal that the actual dispute arose after the critical date of March 14, 2009 and as a result, falls squarely within the Tribunal’s jurisdiction ratione temporis provision found at Article XV(6) of the 2010 Canada-Slovakia BIT (the “BIT” or the “Treaty”). Further details of the 12 page ‘Dissenting Opinion of Professor Emmanuel Gaillard’ ICSID Case No. ARB/14/14 can be reviewed on the website http://investmentpolicyhub.unctad.org/ISDS/Details/594
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About Belmont Resources Inc.
Belmont is an emerging resource company engaged in the acquisition, exploration and development of mineral properties in Canada and Nevada, U.S.A.
On March 30, 2016; the Company acquired sixteen placer (16) mining claims, representing 1036 hectares (2,560 acres) in Esmeralda County, Nevada, U.S.A. The Kibby Basin property is located 65 km north of Clayton Valley, Nevada-U.S.A. The Company believes the property to be highly prospective to host lithium.
On July 11, 2016; the Company reported it has arranged the staking of 213 x 20 acre additional placer mineral claims totaling approx. 1724 hectares (4,260 acres), adjoining the Kibby 16, increasing the total Kibby Basin land position (the “Property”) to 2760 hectares (6,820 acres).
In 50/50 ownership with International Montoro Resources Inc., Belmont has acquired and is exploring joint venture opportunities for its two significant uranium properties (Crackingstone -982 ha & Orbit Lake - 11,109 ha) in the Uranium City District in Northern Saskatchewan, Canada.
ON BEHALF OF THE BOARD OF DIRECTORS
This Press Release may contain forward-looking statements that may involve a number of risks and uncertainties, based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of exploration and other risk factors beyond its control. Forward looking statements in this news release include statements about the possible raising of capital and exploration of our properties. Actual events or results could differ materially from the Companies forward-looking statements and expectations. These risks and uncertainties include, among other things, that we may not be able to obtain regulatory approval; that we may not be able to raise funds required, that conditions to closing may not be fulfilled and we may not be able to organize and carry out an exploration program in 2016; and other risks associated with being a mineral exploration and development company. These forward-looking statements are made as of the date of this news release and, except as required by applicable laws, the Company assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.