6-K 1 form6k.txt 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 ------------------------------- For the month(s) of August/September , 2001 --------------------------------------- BELMONT RESOURCES INC. -------------------------------------------------------------------------------- (Translation of registrant's name into English) Suite 600 - 625 Howe Street, Vancouver, B.C. V6C 2T6 -------------------------------------------------------------------------------- (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 --------------------- --------------------- [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 --------------------- --------------------- [If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-686.] --- SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the ------------------------------- registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Belmont Resources Inc. ----------------------------------------- (Registrant) Date October 22, 2001 By /s/ Gary Musil ------------------------------ ------------------------------ (Signature) Gary Musil, Secretary/Director BELMONT RESOURCES INC. CONSOLIDATED FINANCIAL STATEMENTS FOR SIX MONTHS ENDED JULY 31, 2001 (JULY 31, 2000) UNAUDITED Prepared by Management AMENDED BELMONT RESOURCES INC. CONSOLIDATED BALANCE SHEET ASSETS JULY 31 JANUARY 31 2001 2001 ---- ---- CURRENT Cash $ 35,854 $ 89,040 Marketable securities - 48,500 Accounts receivable 50,704 40,030 Advances and deposits 371,990 371,990 Prepaid expenses 10,809 11,085 469,357 560,645 ------------ ------------ RESOURCE INTERESTS 2,864,055 2,904,189 CAPITAL ASSETS 9,290 10,299 ------------ ------------ $ 3,342,702 $ 3,475,133 ============ ============ LIABILITIES CURRENT LIABILITIES Accounts payable and accrued liabilities $ 256,452 $ 234,676 Short term loans 50,000 50,000 ------------ ------------ 306,452 284,676 NON-CONTROLLING INTEREST IN SUBSIDIARY 118,915 118,915 ------------ ------------ 425,367 403,591 SHAREHOLDERS' EQUITY SHARE CAPITAL 13,902,565 13,902,565 DEFICIT (10,985,230) (10,831,023) ------------ ------------ 2,917,335 3,071,542 ------------ ------------ $ 3,342,702 $ 3,475,133 ============ ============ Approved on behalf of the Board ______________________________________ ______________________________________ UNAUDITED Prepared by Management AMENDED BELMONT RESOURCES INC. CONSOLIDATED STATEMENT OF OPERATIONS AND DEFICIT FOR THE SIX MONTHS ENDED JULY 31, 2001

AMENDED BELMONT RESOURCES INC. CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED JULY 31, 2001

BELMONT RESOURCES INC. INTERIM CONSOLIDATED SCHEDULES OF RESOURCE INTERESTS FOR THE SIX MONTHS ENDED JULY 31, 2001 2001 2001 ------------ ------------ $ $ PEZINOK II Acquisition costs 4,918,817 4,918,817 Plant and equipment 173,268 173,268 Exploration costs Balance, beginning of year 425,354 425,354 Consulting - - Reports and administration 3,397 - Exploration - - Travel and accommodation - - Balance, end of period 5,520,836 5,517,439 ------------ ------------ Less: writedown (5,417,439) (5,017,439) ------------ ------------ 103,397 500,000 ------------ ------------ MASEVA Acquisition costs 42,500 42,500 ------------ ------------ UNGAVA Acquisition costs 67,500 57,500 Exploration costs Administration 14,568 - Assay and sampling 387 - Equipment rental 2,290 - Geographical 1,733 - Mapping and drafting 4,246 - Miscellaneous 861 - Permits 2,500 - Travel and accommodation 24,175 - ------------ ------------ 50,760 - 118,260 57,500 ------------ ------------ ROZMIN Acquisition costs 2,091,369 2,165,029 Mine development Tunnel construction and miscellaneous 90,933 - Waste disposal 79,072 - Woodland clearing 39,536 - Consulting 185,821 - ------------ ------------ 395,362 - Plant and equipment 42,849 - Deferred costs Consulting 15,271 14,631 Miscellaneous 776 776 Travel and accommodation 52,271 28,190 ------------ ------------ 68,318 43,597 2,597,898 2,208,626 ------------ ------------ LAC ROCHER Acquisition costs 115,500 78,000 Less recoveries (37,500) - ------------ ------------ 78,000 78,000 ------------ ------------ Exploration costs 1,157 1,157 Less writedown (79,157) - ------------ ------------ - 79,157 HNILEC Acquisition costs 2,000 - ------------ ------------ BALANCE - END OF PERIOD $ 2,864,055 $ 2,887,783 ============ ============ BELMONT RESOURCES INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AT JULY 31, 2001 1) NATURE OF OPERATIONS Belmont Resources Inc. (the "Company") is primarily engaged in the acquisition, exploration and development of resource properties. Funding for operations is obtained through public and private share issuances and sale of resource interests. 2) ACCOUNTING POLICIES The interim consolidated financial statements of the Company have been prepared in accordance with the same accounting policies and methods of their application as the most recent audited consolidated financial statements for the year ended January 31, 2001. It is suggested that the interim consolidated financial statements be read in the conjunction with the annual consolidated financial statements. 3) PRINCIPALS OF CONSOLIDATION These financial statements include the accounts and operations of Slovgold Slovakia s.r.o. (SSSRO) and Rozmin s.r.o. (Rozmin). Both companies are registered Slovakian companies. Further details on consolidation should be read in conjunction with the annual consolidated financial statements as at January 31, 2001. 4) SHARE CAPITAL 2002 2001 ---- ---- Number $ Amount Number $ Amount Balance, beginning of year 20,703,012 13,902,565 19,764,012 13,605,585 Issued during the year for: - Property acquisitions Nil Nil 50,000 12,500 - Cash (Stock options exercised) Nil Nil 889,000 284,480 ------------------------------------------------ Balance, end of quarter/year 20,703,012 13,902,565 20,703,012 13,902,565 ================================================

Quarterly Report - BC Form 51-901 F ================================================================================ ISSUER DETAILS For Quarter Ended: July 31, 2001 Date of Report: September 28, 2001 Name of Issuer: BELMONT RESOURCES INC. Issuers Address: #600 - 625 Howe Street Vancouver, B.C. V6C 2T6 Issuer Fax Number: 604-683-1350 Issuer Phone Number: 604-683-6648 Contact Person: Gary Musil Contact Position: Secretary /Director Contact Telephone Number: 604-683-6648 Contact E-Mail Address: belmontr@direct.ca Website Address: www.Belmont-Resources.com -------------------------------------------------------------------------------- CERTIFICATE The three schedules required to complete this Report are attached and the disclosure contained therein has been approved by the Board of Directors. A copy of this Report will be provided to any shareholder who requests it. -------------------------------------------------------------------------------- Directors Name: Vojtech Agyagos Date Signed: September 28, 2001 Directors Name: Kenneth B. Liebscher Date Signed: September 28, 2001 BELMONT RESOURCES INC. (the "Company") SCHEDULE B: SUPPLEMENTARY INFORMATION SECTION 1 - ANALYSIS OF EXPENSES AND DEFERRED COSTS As per the agreement between the Company and EuroGas, Inc. regarding the transfer of the 57% shareholding interest in Rozmin s.r.o. it was agreed that EuroGas, Inc. will be responsible for the company's share of the working capital and development budget of Rozmin. No deferred costs were incurred during the first six months ending July 31, 2001. SECTION 2 - RELATED PARTY TRANSACTIONS FOR THE CURRENT FISCAL YEAR-TO-DATE: Included in accounts receivable is rent and office service fees with corporations who have some common directors. The rent and service fees are equivalent to that which would have to be paid to an unrelated party for similar facilities. $3,000 in loans were received from and repaid to an officer/ director. The amount was non-interest bearing. SECTION 3 - SUMMARY OF SECURITIES ISSUED AND OPTIONS GRANTED a) SECURITIES ISSUED DURING THE PERIOD ENDED JULY 31, 2001:

b) SUMMARY OF OPTIONS GRANTED DURING THE PERIOD ENDED JULY 31, 2001:

SECTION 4 - SUMMARY OF SECURITIES AS AT JULY 31, 2001 a) AUTHORIZED AND ISSUED SHARE CAPITAL AS AT JULY 31, 2001: 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. SCHEDULE B (continued) b) SUMMARY OF OPTIONS, WARRANTS AND CONVERTIBLE SECURITIES OUTSTANDING AS AT JULY 31, 2001: ------------------------------------------------------------------- Security Number Exercise Price Expiry Date ------------------------------------------------------------------- Options 425,000 $0.14 September 17, 2001 ------------------------------------------------------------------- Options 230,000 $0.14 January 13, 2002 ------------------------------------------------------------------- Options 75,000 $0.14 February 18, 2002 ------------------------------------------------------------------- Options 900,000 $0.14 August 17, 2002 ------------------------------------------------------------------- Total *1,630,000 ------------------------------------------------------------------- * On June 25, 2001 the Company announced revisions to the price only of all outstanding stock options from $0.32 and $0.50 to $0.14. c) SHARES IN ESCROW OR SUBJECT TO POOLING AS AT JULY 31, 2001: Common shares in escrow - NIL SECTION 5 - LIST OF DIRECTORS/OFFICERS AS AT SEPTEMBER 28, 2001: Vojtech Agyagos President/Director Gary Musil Secretary/Director Kenneth B. Liebscher Director Peter P.H. John Director Peter E. Serck Director Jake Bottay Director BELMONT RESOURCES INC. (the "Company") SCHEDULE C: MANAGEMENT DISCUSSION AND ANALYSIS REVIEW OF OPERATIONS IN THE QUARTER ENDED JULY 31, 2001 AND UP TO THE DATE OF THIS REPORT: -------------------------------------------------------------------------------- 1. Nature of Business: See Notes to Financials - Nature of Operations. In June 2000 the Company completed a Letter of Agreement and reacquired the 90% interest in Maseva Gas s.r.o. which controls the gas concession in the Slovak Republic. The Company is reviewing proposals for exploration to commence in the next three to six months. In March 2001 the Company entered in an Agreement whereby it agreed to sell subject to regulatory and shareholder approvals, to EuroGas, Inc. ("EuroGas") its 57% equity interest in the Capital stock of Rozmin s.r.o. This received approval at the July 17/01 Annual General Meeting. At the Pezinok II mining concession the Company is preparing to liquidate the assets and wind down this project. 2. Operations Detail and Financial Condition: (a) Acquisitions & Dispositions: See the detail previously mentioned in 'Nature of Business', regarding the March 2001 Agreement. (b) Material Expenditures: As a result of the disposition of the 57% equity interest in Rozmin s.r.o. and costs related to this Slovakian subsidiary our General and Administrative expenses are expected to decrease significantly during the second half of 2001. However, in the first six months increases were in: Office, administrative services and salaries $62,102 in 2001 ($52,472 in 2000). These were mainly due to costs incurred in preparation of the annual 20-F filing with the U.S. Securities and Exchange Commission (the "SEC"), preparing the back-up and coordinating documents for the year-end audited financials and increased accounting related to our Rozmin subsidiary. Consulting fees $9,715 in 2001 ($2,500 in 2000) as the Company required an independent evaluation report on the proposed disposition of the interest in Rozmin. Legal and accounting $13,317 in 2001 ($11,020 in 2000) also a result of the preparation of agreements and filing reports for the Rozmin disposition. Significant decreases were in: Travel and Shareholder Relations $19,990 in 2001 ($23,554 in 2000). This was due to the travel and due diligence required in Slovakia last year during the acquisition of Rozmin. Overall, operating expenses decreased 8.6% ($13,555 less than the first half of 2000). SCHEDULE C: (continued) (c) News Releases & Material Change Reports: February 14, 2001 - The Company announced that it has entered into an agreement with EuroGas, Inc. ("EuroGas") whereby EuroGas offers to acquire Belmont's 57% shareholding interest in Rozmin s.r.o. ("Rozmin") the owner and operator of the Gemerska Poloma talc deposit in exchange for the following: (1) EuroGas will issue to Belmont 12 million common shares (with registration rights attached); and (2) EuroGas will pay to Belmont a royalty of 2% of the sale price on each sold ton of talc and other terms and conditions which will be described in a formal agreement. EuroGas controls the remaining interest in Rozmin through its 55% interest in Rima Muran s.r.o., which in turn owns the 43% shareholding interest in Rozmin. It is expected that the proposed sale will realize a + 300% return on our investment. In April 2000 Belmont announced completion of purchase of the 57% interest in Rozmin s.r.o. through cash payments of $2.16 million Cdn. Between August and December 2000 construction of the mine surface facilities, site preparation, powerline rehabilitation, etc. were completed and an additional investment of approximately $160,000 was made. A contract bid of 71,500,000 SK ($2.4 million Cdn) was awarded to complete the surface facilities and construct a 1300 metre long decline tunnel to the orebody. Belmont was incurring difficulty in arranging this financing and in January 2001 agreed to grant EuroGas the right to arrange the necessary financing. EuroGas has been able to secure the financing, however cannot finalize this arrangement without control of this project. Belmont will use a portion of the proceeds from this sale to begin exploration on its 849.7 Km2 (209,950 acre) oil and gas concession area in Eastern Slovak Republic, as well as review other gas proposals. April 11, 2001 - Mr. Nicolo Bellanca resigned from the Board of Directors. April 24, 2001 - Further to our news release of February 14, 2001 the Company announced that it has received final signed agreements from EuroGas. An independent Fairness Opinion was completed regarding this transaction and shareholders will be asked to approve this transaction at the upcoming General Meeting. May 16, 2001 - Further to our news release of April 24, 2001 the Company advises that the Canadian Venture Exchange ("CDNX") has conditionally accepted the sale of Belmont's 57% interest in Rozmin s.r.o. to EuroGas, Inc., a United States public company (OTC - Bulletin Board "EUGS"). Under the terms of the sale agreement Mr. Vojtech Agyagos a Managing Director of Rozmin s.r.o. and President of Belmont Resources Inc. will be joining the Board of Directors of EuroGas to oversee the transfer of ownership and liaison with the Slovakian partners. July 17, 2001 - The Annual General Meeting of Belmont was held in Vancouver, B.C. on July 16, 2001. Six directors were re-elected including Vojtech Agyagos, Gary Musil, Kenneth B. Liebscher, Peter E. Serck, Peter John and Jake Bottay. SCHEDULE C: (continued) The Special Resolution for the sale by Belmont of its 57% equity interest in Rozmin s.r.o. to EuroGas, Inc. on the terms and conditions described in the information circular was duly passed by the shareholders of the Company. All other resolutions proposed to the shareholders were also approved. July 18, 2001 - The CDNX has accepted for filing the share purchase agreement dated March 27, 2001, among the Company, Rozmin s.r.o. (57% owned by the Company) and EuroGas, Inc. whereby the Company can sell all of its 57-per-cent interest in Rozmin to EuroGas. (d) 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. (e) Breaches of corporate, securities or other laws, or of an Issuer's listing agreement with the CDNX: None (f) Regulatory Approval: May 14, 2001 - The CDNX acknowledged receipt of the supporting documentation relating to the proposed acquisition by EuroGas, Inc. of our 57% equity interest in the capital stock of Rozmin s.r.o. The proposed transaction has been conditionally accepted by CDNX. July 11, 2001 - The CDNX accepted amendments as to exercise price only to various incentive stock option agreements. July 18, 2001 - Refer to News Release as previously reported. 3. Subsequent Events N/A 4. Financings, Principal Purposes and Milestones Following completion of the proposed sale of our 57% equity interest in Rozmin, the Company will hold in excess of $3 million USD in marketable securities of EuroGas, Inc. 5. Liquidity and Solvency Working capital is in excess of $162,905 and is adequate to cover General and Administrative costs until we are able to liquidate some of the EuroGas, Inc. common shares. The Company expects to begin an exploration program on its Maseva Gas - Slovakia concession in the second half of 2001 and continue to evaluate other resource acquisitions as financings become available.

BELMONT RESOURCES INC 6-K