Mr. Gary Musil reports

BELMONT APPLIES FOR WAIVER TO PRIVATE PLACEMENT PRICING

As a result of current market conditions, Belmont Resources Inc. will make an application to the TSX Venture Exchange for a waiver to the private placement price as the proposed subscription price is below the minimum allowed pursuant to the policies.

The company proposes to proceed with a financing of up to $300,000 with 10 million units to be issued at three cents. Each unit will comprise one common share and one share purchase warrant. Each whole warrant will permit the holder to acquire one additional common share of the company at a price of five cents for a period of one year from closing.

In addition to relying upon other available prospectus exemptions to effect the private placement, a portion of the private placement is being completed in accordance with the exemption set out in B.C. Instrument 45-536 (exemption from prospectus requirement for certain distributions through an investment dealer). The company also confirms there is no material fact or material change related to the company which has not been generally disclosed.

The company may pay commissions of 8 per cent to eligible parties in connection with this financing, payable either in cash and/or in warrants. The common shares and warrants are subject to a statutory hold period, and the financing is subject to exchange acceptance.

The company intends to use the net proceeds from the private placement for continued exploration on its 100-per-cent-owned Kibby basin lithium property in Nevada. Approximately $100,000 will be expended on a planned electromagnetic resistivity (EM), vertical electrical sounding (VES) and/or geothermal probe survey with a view to pinpoint the higher-aquifer probability targets for the next phase of drilling. A total of $35,000 will be allocated to repayment of a loan, including interest, and a total of $75,000 allocated to paying trade payables and accrued liabilities. The balance of $100,000 in working capital will be required as follows.

Professional fees (legal and accounting):  $15,000

Regulatory fees:  $5,000

Office rent and communication expenses:  $15,000

Transfer agent fees:  $5,000

Investor and shareholder relations, including travel and advertising:  $25,000

Management and administrative fees:  $30,000

Miscellaneous:  $5,000

About Belmont Resources Inc.

Belmont is an emerging resource company engaged in the acquisition, exploration and development of mineral properties in Canada and Nevada, United States.

We seek Safe Harbor.