FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934
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For the month(s) of November & December , 2000
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BELMONT RESOURCES INC.
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(Translation of registrant's name into English)
Suite 1180 - 666 Burrard Street, Vancouver, B.C. V6C 2X8
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(Address of principal executive offices)
[Indicate by a check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.
Form 20-F X Form 40-F
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[Indicate by a check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes X No
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[If "Yes" is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b): 82-686.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
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registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Belmont Resources Inc.
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(Registrant)
Date January 5, 2001 By /s/Gary Musil
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(Signature)
Gary Musil, Secretary/Director
<PAGE>
BELMONT RESOURCES INC.
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#600 - 625 Howe Street
Vancouver, B.C. V6C 2T6
Ph: (604) 683-6648
Fax: (604) 683-1350
E-Mail: [email protected]
Website: www.Belmont-Resources.com
December 29, 2000
B.C. Securities Commission SEDAR
#200 - 865 Hornby Street
Vancouver, B.C.
V6Z 2H4
Attn: Statutory Filings
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Dear Sir or Madam:
Re: Belmont Resources Inc. (the "Company") - File No. X005731
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The enclosed material was sent by prepaid mail to Supplemental Mail List
respondents of the above-mentioned company on December 29, 2000.
We are filing this material with you in compliance with the regulations. Please
also note the documents were filed with the Market Centres using SEDAR
Enclosed please find:
- Quarterly Report Form 61 and financial statements for the nine-month
period ended October 31, 2000
Yours truly,
/s/ GARY MUSIL
Gary Musil,
Secretary/Director
GM/rm
Enclosure
c.c. - Canadian Venture Exchange, Attn: Listings Dept.
- Alberta Securities Commission (SEDAR)
- Martin & Associates, Solicitors, Attn: Paul Fang, Solicitor
- CIBC Mellon Trust Company, Attn: Doug Allen, Account Manager
- Dale, Matheson, Carr-Hilton, CA, Auditors
- Securities & Exchange Commission, Wash. DC, USA
- Moody's Investor Services (2)
- Directors (5)
<PAGE>
Quarterly Report FORM 61
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ISSUER DETAILS
For Quarter Ended: October 31, 2000
Date of Report: December 28, 2000
Name of Issuer: BELMONT RESOURCES INC.
Issuers Address: #1180 - 666 Burrard Street
Vancouver, B.C. V6C 2X8
Issuer Fax Number: 604-683-1350
Issuer Phone Number: 604-683-6648
Contact Person: Gary Musil
Contact Position: Secretary/Director
Contact Telephone Number: 604-684-6648
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CERTIFICATE
The One/Two schedules required to complete this Quarterly Report are attached
and the disclosure contained therein has been approved by the Board of
Directors. A copy of this Quarterly Report will be provided to any shareholder
who requests it.
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Directors Name: /s/ Gary Musil Date Signed: December 28, 2000
Directors Name: /s/ Kenneth B. Liebscher Date Signed: December 28, 2000
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BELMONT RESOURCES INC.
CONSOLIDATED FINANCIAL STATEMENTS
FOR
NINE MONTHS ENDED
OCTOBER 31, 2000
(OCTOBER 31, 1999)
UNAUDITED
Prepared by Management
<PAGE>
BELMONT RESOURCES INC.
CONSOLIDATED BALANCE SHEET
AS AT OCTOBER 31, 2000
ASSETS
2000 1999
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CURRENT
Cash $ 59,028 $ 39,172
Marketable securities 107,500 3,437,100
Accounts receivable 13,947 13,682
Refundable deposit 100,000 -
Prepaid expenses 287,915 3,017
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568,390 3,492,971
MARKETABLE SECURITIES - 2,291,400
ADVANCES - 55,000
DEFERRED ACQUISITION COSTS 177,980 -
RESOURCE INTERESTS 2,892,576 5,475,268
CAPITAL ASSETS 8,584 222,382
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$ 3,647,530 $ 11,537,021
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LIABILITIES
CURRENT LIABILITIES
Accounts payable and accrued liabilities $ 28,876 $ 69,866
Future income taxes - 568,603
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28,876 638,469
NON-CONTROLLING INTEREST - 8,673
FUTURE INCOME TAXES - 539,837
SHAREHOLDERS' EQUITY
SHARE CAPITAL 13,890,065 13,605,665
DEFICIT (10,271,411) (3,255,623)
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3,618,654 10,350,042
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$ 3,647,530 $ 11,537,021
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Approved on behalf of the Board
/s/ KENNETH B. LIEBSCHER
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/s/ GARY MUSIL
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UNAUDITED
Prepared by Management
<PAGE>
BELMONT RESOURCES INC.
CONSOLIDATED STATEMENT OF OPERATIONS AND DEFICIT
FOR THE NINE MONTHS ENDED OCTOBER 31, 2000
2000 1999
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INTEREST INCOME $ (10,455) $ (1,786)
EXPENSES
Amortization 1,155 -
Audit and accounting 6,200 3,594
Consulting 2,500 2,500
Foreign exchange loss 6,404 -
Interest and bank charges 1,049 250
Legal 7,577 2,946
Management fees 40,500 40,500
Office and sundry 21,344 8,675
Property investigation 4,573 -
Regulatory and filing fees 8,480 5,448
Rent 22,054 13,500
Travel, promotion and shareholder info 39,631 29,074
Transfer agent fees 10,365 9,339
Telephone 1,808 4,514
Secretarial and administrative services 56,431 49,306
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Total administrative costs 230,071 169,646
LOSS BEFORE OTHER ITEMS 219,616 167,860
OTHER ITEMS
Loss on sale of marketable securities 567,711 -
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NET LOSS FOR THE PERIOD $ 787,327 $ 167,860
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Deficit, beginning of period $ (9,484,084) $ (3,087,763)
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Deficit, end of period $(10,271,411) $ (3,255,623)
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UNAUDITED
Prepared by Management
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BELMONT RESOURCES INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE NINE MONTHS ENDED OCTOBER 31, 2000
2000 1999
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OPERATING ACTIVITIES
Net loss for the period $ (787,327) $ (167,860)
Add non cash items:
Amortization 1,155 -
Loss on marketable securities 1,992,650 -
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1,206,478 (167,860)
Net changes in other non-cash working
capital items
Accounts receivable (2,681) 3,754
Prepaid expenses (281,786) 469
Accounts payable 105 24,122
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922,116 (139,515)
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INVESTING ACTIVITIES
Mineral property expenditures (2,420,361) (136,142)
Acquisition of capital assets (4,288) -
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(2,424,649) (136,142)
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FINANCING ACTIVITIES
Issuance of share capital 284,480 85,240
Repayment to shareholders - (220)
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284,480 85,020
INCREASE (DECREASE) IN CASH (1,218,053) (190,637)
CASH, beginning of period 1,277,081 229,809
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CASH, end of period $ 59,028 $ 39,172
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UNAUDITED
Prepared by Management
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BELMONT RESOURCES INC.
INTERIM CONSOLIDATED SCHEDULES OF RESOURCE INTERESTS
FOR THE NINE MONTHS ENDED OCTOBER 31, 2000
2000 1999
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PEZINOK II
Acquisition costs $ 500,000 $ 4,918,817
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Exploration costs
Balance, beginning of year - 420,309
Consulting - 1,500
Reports and administration 2,122 -
Exploration - 14,519
Travel and accommodation - 1,234
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2,122 437,562
502,122 5,356,379
Capital assets - 118,889
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502,122 5,475,268
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LAC ROCHER
Acquisition costs 78,000 -
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Exploration costs
Balance, beginning of year 1,157 -
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79,157 -
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UNGAVA
Acquisition costs 107,500 -
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ROZMIN
Acquisition costs 2,291,069 -
Exploration costs
Consulting 14,632 -
Reports and maps 776 -
Travel and accommodation 32,800 -
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2,339,277 -
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MASEVA
Acquisition costs - -
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Exploration costs
Licence fee 42,500 -
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42,500 -
BALANCE - END OF PERIOD $ 3,070,556 $ 5,475,268
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UNAUDITED
Prepared by Management
<PAGE>
BELMONT RESOURCES INC.
(the "Company")
SCHEDULE B:
SUPPLEMENTARY INFORMATION
1) DEFERRED EXPLORATION & DEVELOPMENT COSTS AND RELATED PARTY TRANSACTIONS
DURING THE SECOND QUARTER ENDED OCTOBER 31, 2000 AND CURRENT FISCAL YEAR-TO
-DATE:
Deferred exploration & development - See Schedule A - Exhibit 4
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Related Party Transactions
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During the quarter (year to date) transactions took place with related
parties as follows:
(i) Management fees totalling $13,500 ($40,500) were accrued/paid to an
officer/director.
(ii) The Company incurred $10,500 ($31,500) in office administrative
services with an officer/director.
(iii) Office rent totalling $3,000 ($5,000) was paid to a company managed
by a director. Effective July 1, 2000 the Company assumed the lease
on the office until December 31, 2000 and is currently reviewing
other office space.
(iv) During June, 2000 the Company issued 50,000 shares as per the
February 15, 2000 Ungava property agreement with Montoro Resources
Inc. ("Montoro"). Three of seven directors of the Company are also
directors of Montoro.
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2) a) SECURITIES ISSUED DURING THE QUARTER ENDED OCTOBER 31, 2000:
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Date of Type of Type of No. of Price Total Type of
Issue Security Issue Shares Issued Share Proceeds Consideration
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NIL
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b) SUMMARY OF OPTIONS GRANTED DURING THE QUARTER ENDED OCTOBER 31, 2000:
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Date No. of Director or Exercise Expiry
Granted Shares Employee Price Date
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August 17, 2000 500,000 Peter P.H. John $0.32 August 17, 2002
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August 17, 2000 200,000 Vojtech Agyagos $0.32 August 17, 2002
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August 17, 2000 50,000 Gary Musil $0.32 August 17, 2002
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August 17, 2000 50,000 Kenneth B. Liebscher $0.32 August 17, 2002
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August 17, 2000 50,000 Peter E. Serck $0.32 August 17, 2002
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August 17, 2000 50,000 Jake Bottay $0.32 August 17, 2002
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<PAGE>
SCHEDULE B
(continued)
3) a) AUTHORIZED AND ISSUED SHARE CAPITAL AS AT OCTOBER 31, 2000:
The Company has authorized share capital of 50,000,000 common shares with no
par value.
The Company has issued and allotted shares of its capital stock totalling
20,703,012.
b) SUMMARY OF OPTIONS, WARRANTS AND CONVERTIBLE SECURITIES OUTSTANDING AS AT
OCTOBER 31, 2000:
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Security Number Exercise Price Expiry Date
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Options 850,000 $0.32 September 17, 2001
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Options 230,000 $0.32 January 13, 2002
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Options 75,000 $0.50 February 18, 2002
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Options 900,000 $0.32 August 17, 2002
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Total 2,055,000
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c) SHARES IN ESCROW OR SUBJECT TO POOLING AS AT OCTOBER 31, 2000:
- Common shares in escrow - NIL
d) LIST OF DIRECTORS AS AT OCTOBER 31, 2000:
Vojtech Agyagos President/Director
Gary Musil Secretary/Director
Kenneth B. Liebscher Director
Peter P.H. John Director
Nicolo Bellanca Director
Peter E. Serck Director
Jake Bottay Director
<PAGE>
BELMONT RESOURCES INC.
(the "Company")
Form 61 Quarterly Report
SCHEDULE C:
MANAGEMENT DISCUSSION
REVIEW OF OPERATIONS IN THE QUARTER ENDED OCTOBER 31, 2000 AND UP TO THE DATE OF
THIS REPORT:
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Nature of Business:
At the Pezinok II mining concession the Company is inviting joint venture
partners to fund further metallurgical testing work, partners who have financial
resources and expertise, with the Company retaining an interest in the project.
With low gold prices causing major gold mine closures, management felt it wise
to pursue other exploration activity such as oil and gas. In March 1998 the
Company entered into an agreement to acquire the rights to explore for oil and
gas in a 209,950-acre concession area in eastern Slovakia, and subsequently sold
its interest to EuroGas Inc.
In March 1999 the Company acquired a mineral property in the Lac Rocher area of
Quebec and also a 50% interest in an exploration permit in the Ungava region of
Northern Quebec where Falconbridge has been producing nickle since December
1997.
In April 2000 the Company completed the acquisition of 57% of Rozmin s.r.o.
which owns the Gemerska Poloma talc deposit in Eastern Slovak Republic.
In June 2000 the Company completed a Letter of Agreement to reacquire the
interest in Maseva Gas s.r.o. which controls the gas concession in the Slovak
Republic.
Investor Relations Activities:
There were no new investor relation's activities undertaken by or on behalf of
the Company during the quarter except for the dissemination of press releases to
the media, interested shareholders, investors, and brokers. No investor
relation's arrangements or contracts were entered into during the quarter.
Significant Events & Transactions:
(a) Acquisitions & Dispositions:
See section (c) following - July 18, 2000 news releases.
(b) Material Expenditures:
The major increases were: Office & Administrative services $8,675 in 1999
($21,344 in 2000). These were mainly due to costs incurred in preparation of the
20-F filing with the U.S. Securities and Exchange Commission (the "SEC"), the
consolidated year-end audited financials and increased accounting due to
acquisitions and consolidations. Travel and Public Relations $29,074 in 1999
($39,631 in 2000) because of due diligence on the new acquisition in Slovakia.
An increase of $4,573 in property investigation costs was as a result of the
Company's review and due diligence of numerous prospects. Overall operating
costs increased 35.6% ($60,425) more than 1999, as a result of the new
acquisition in Slovakia in the first quarter.
<PAGE>
SCHEDULE C:
(continued)
(c) News Releases & Material Change Reports:
August 30, 2000 - Further to our news release of June 29, 2000 the Company is
pleased to report the following progress from its subsidiary Rozmin s.r.o.:
The mine access portal site and woodland clearing for the waste disposal area
should be completed by the State forestry department early next week. The
underbrush clearing of the power line is finished and a request to the State
electric company for reconnection has been submitted. Rozmin received seven bids
from Slovakian mining contractors for the mine decline and additional workings
at the surface. The elimination and short listing has been completed and two
contractors have been recommended. The contract bid of 71,500,000 SK ($2.4
million Cdn.) has been approved and work in expected to commence in September.
Further information on the project can be reviewed through out subsidiary
website at www.rozmin.sk
Word of the project is spreading throughout Europe and the Bureau of Mines of
Slovak Republic is the latest to give full support to the project. The most
important economic journal of Slovakia 'Hospodarske Noviny' gave the project a
front page headline and write up on August 14th. In addition a request for
project details has been received from Industrial Minerals magazine in the
United Kingdom. A Company representative has also been invited by the Canadian
Federal Minister for International Trade to join a trade mission to Hungary,
Slovak and Czech Republics in mid September. This mission will provide the
Company with the opportunity to strengthen relationships with the European
governing bodies and enhance our overall visibility in the Central European
market.
October 24, 2000 - Further to our news release of August 30, 2000 the Company is
pleased to report the following progress from its subsidiary Rozmin s.r.o.:
The mine access portal site and woodland clearing for the waste disposal area
has now been completed. The service of electrical equipment, transformers and
powerline rehabilitation to the site has also been done. Work at the site has
started with the installation of mobile buildings for equipment storage, mine
dry and offices. Foundations for workshops, compressor and electrical generator
stations are also underway. Paving of the roadway and construction area and
installing culverts for control of the stream nearby is nearly complete. The
driving of the ramp and respective decline is foreseen to begin in mid November.
Photos of progress are available on our website at www.belmont-resources.com.
Other: The Company is negotiating for a capital financing of approximately
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$1.5 million and expects to announce an agreement soon.
(d) Breaches of corporate, securities or other laws, or of an Issuer's
listing agreement with the Vancouver Stock Exchange: None
<PAGE>
SCHEDULE C:
(continued)
(e) Regulatory Approval:
August 25, 2000 - The Canadian Venture Exchange ("CDNX") accepted for
filing the options to buy 900,000 shares of the Company at $0.32 for a
period of two years. October 23, 2000 - The CDNX accepted for filing
documentation related to the Company's reacquisition of 90% of the shares
in Maseva Gas s.r.o., a private Slovak geological exploration company
which controls the Kralovsky Chlmec oil/gas exploration territory located
in the Eastern Slovak Republic.
(f) Working Capital:
Working capital is in excess of $539,500.
(g) General:
(i) On July 24, 2000 the Company held its Annual General Meeting. All
matters proposed by management were unanimously approved by
shareholders.
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