17 February 2010
Belmore Resources (Holdings) Plc
("the Company")
Placing Update
Belmore Resources, a minerals exploration company, today provides an update to the market regarding
the placing announced on 27 October 2009
In October Belmore stated that it had raised Euro330,000 by private placement, the proceeds being
earmarked for strategic investment purposes. Subsequent to the announcement, the Company entered into
detailed and advanced negotiations in respect of a particular project. Regrettably this project has
now been delayed by a disagreement between two authorities involved in the award of permits.
Belmore`s prospective partner remains in discussion with authorities to resolve the disagreement,
however it is not yet possible to ascertain how long this may take.
The funds raised remain designated specifically for project investment and will not be used for
general corporate purposes.
Meanwhile Lundin Mining, Belmore`s joint venture partner in Ireland, continues to pursue an active
drilling programme in County Clare - where results have been encouraging following the initial
discovery in 2008.
Company Chairman, Mr. Ian Forrest, commented: "Whilst these delays are frustrating, management
remains committed to advancing shareholder value in the Company. We will continue to review investment
opportunities and are pleased to have these funds set aside so that we can immediately take advantage
of any suitable opportunities that arise.
"Our activities in Ireland continue to develop at pace and Lundin is drilling at the moment. We look
forward to updating shareholders on progress at the Clare Licences in due course."
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ENQUIRIES:
Belmore Resources (Holdings) Plc Tel: +4179 202 6927
Ian Forrest
Bishopsgate Communications Ltd Tel: 020 7562 3350
Nick Rome/Michael Kinirons
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
Belmore Resources (Holdings) plc