25 January 2010
Belmore Resources (Holdings) Plc
("the Company")
Kilbricken Drilling Results
Belmore Resources, a minerals exploration company, is pleased to announce further results from the
continuing appraisal drilling of its Kilbricken Zinc- Lead- Silver discovery. The project is a joint
venture with Lundin Mining Exploration Ltd., a wholly owned subsidiary company of Lundin Mining
Corporation (TSX:LUN, OMX:LUMI), which is currently the operator of the drilling programme.
The drilling has continued to locate mineralisation in the Kilbricken area. Drillhole 09-3679-19,
which intersected 3.85m at 10.23% Zn (Zinc), 5.99% Pb (Lead) and 76.2g/tonne Ag (Silver), was
particularly encouraging. Mineralisation in drillholes 09-3679-14 and 18 indicates an extension of the
mineralising system to the west-northwest and the massive pyrite in 09-3679-20 also indicates
potential targets to the east and southeast.
Diamond drilling is continuing along a prospective zone running through licence 3679 and probably
extending eastwards into licence 3643 and westwards into licence 3787.
Geophysical surveying methods, in particular gravity, as well as geochemistry, will be used to develop
additional targets within the prospective Waulsortian Reef horizon.
Following a recent review of the Clare results Lundin remains committed to and optimistic regarding
the East Clare exploration programme.
Company Chairman, Mr. Ian Forrest, commented: "I am encouraged by the results of drilling in 2009,
and appreciate the professionalism of Lundin Mining in their pursuit of this exploration programme. We
look forward both to progressing these targets with Lundin Mining and to a continued high level of
activity in 2010."
DETAILED RESULTS
DRILLHOLE 09-3679-14
This drillhole constituted a major step out to the northwest and tested the target horizon 275 metres
from high grade drillhole 09-3679-06.
Two mineralized intervals were encountered:
403 - 406m 3m at 3.3% Zn, 1.085% Pb and 33g/tonne Ag
and 423.5 - 424.8m 1.3m at 6.83% Zn, 3.87% Pb and 48g/tonne Ag
The presence of resource grade mineralisation in such a large step out is very encouraging. A second
drillhole (09-3679-18) was collared to test the target horizon 110m west of drillhole 09-3679-14.
DRILLHOLE 09-3679-18
This drillhole also encountered a thick zone of mineralisation, again with two main mineralised
horizons:
437.2 - 449.2m 12m at 0.43% Zn and 0.10% Pb
and 462.15 - 470.7m 8.55m at 1.675% Zn and 0.885% Pb
There is high likelihood that these two holes are peripheral to high grade mineralisation and further
drilling is in progress in the area.
DRILLHOLE 09-3679-15
This drillhole was collared 70m south of drillhole 09-3679-6 and intersected trace mineralisation
only.
DRILLHOLE 09-3679-16
This drillhole was collared west of barren drillholes 3679-10 and 12. It intersected 15.55m of
mineralized (0.6% combined Zn/Pb) strata. The presence of such a thick mineralised zone gives grounds
for optimism in this area.
DRILLHOLE 09-3679-17
This hole intersected the target horizon about 110m north-northeast of drillhole 09-3679-6. A 1.25m
interval from 446.25 - 447.5m assayed 1.26% Zn, 5.4% Pb and 14.2g/tonne Ag.
DRILLHOLE 09-3679-19
This hole intersected the target horizon 70 metres north of drillhole 09-3679-06. The hole was well
mineralised with the following result:
431 - 434.85m 3.85m at 10.23% Zn, 5.99% Pb and 76.2g/tonne Ag
This drillhole provides further evidence that the Kilbricken discovery is not an isolated pod but is
part of a larger mineralising system.
DRILLHOLE 09-3679-20
This hole is located 220m east-southeast of drillhole 09-3679-06. It intersected 4.95m of massive
pyrite (Iron Sulphide). The pyrite contained minor lead and trace zinc but experience from Irish ore
bodies indicates that massive pyrite often passes laterally into high grade zinc and lead
mineralisation.
DRILLHOLE 09-3679-21
This drillhole is 60m north of drillhole 09-3679-17. It intersected 2.8m at 2.08% Zn and 0.4% Pb but
more significantly it also intersected a major Fault Zone which cuts out approximately 150m of
stratigraphy. The fault is thought to trend in an east - west direction but more drilling is needed to
better define it. Faults of this type are believed to have an important role in the emplacement of
Irish ore bodies.
--ENDS--
The directors of the issuer accept responsibility for this announcement
ENQUIRIES:
Belmore Resources (Holdings) Plc Tel: 0035 387 681 2883
Patrick Mahony
Bishopsgate Communications Ltd Tel: 020 7562 3350
Nick Rome/Michael Kinirons/Giang Nguyen
Rivington Street Corporate Finance Tel: 020 7562 3389
Eran Zucker
Notes to Editors
About Belmore
Belmore is a minerals exploration company with a focus on projects in the Republic of Ireland. Whilst
prospects for any mineral will be considered, priority will be given to the Company's zinc exploration
properties in County Clare.
Clare Blocks (Republic of Ireland): Belmore now has a 100% interest in 11 prospecting licences
covering 392.75 sq kilometres.
As announced by the Company in April 2008 diamond drilling on Prospecting Licence 3679, in which
Belmore holds a 100% interest, near Quin in County Clare, intersected newly discovered zinc and lead
mineralisation. The drillhole intersected 18 metres of massive sulphide at the base of the
Waulsortian Reef. The top part of that massive sulphide consists of virtually barren pyrite but the
bottom part contains high-grade zinc and lead sulphides as well as pyrite and arsenopyrite. The
interval from 448.1 to 458.1 metres gave the following composite result: 10 metres at 13.84% Zinc,
5.52% Lead and 62.84 gm/tonne Silver.
As announced on the 26th February 2009, Belmore has entered into an agreement with Lundin Mining
Exploration Ltd, in respect of Prospecting Licences that the Company currently holds in Co. Clare.
Lundin has a right to earn up to a 70% interest in the Prospecting Licences that Belmore currently
holds in Co. Clare by spending up to €14.7 million over a number of years. In June 2009 Lundin
exceeded the agreed initial expenditure of €700,000 and has since that time accelerated its earn-in
spending.
Previous exploration identified a high-grade resource of zinc and lead rich massive sulphides
(approximately 400,000 tonnes @ 12% zinc plus lead and 75g/t silver) in the area of Milltown.
For further information please visit www.belmoreresources.com
About Lundin
Lundin Mining Corporation is a diversified base metals mining company with operations in Portugal,
Spain and Sweden, producing copper, nickel, lead and zinc. In addition, Lundin Mining holds a
development project pipeline which includes the world class Tenke Fungurume copper/cobalt project in
the Democratic Republic of Congo and holds an extensive exploration portfolio and interests in
international mining and exploration ventures. Lundin Mining keeps corporate offices in Canada and the
United Kingdom.
Belmore Resources (Holdings) plc