Mr. Gary Musil reports

BELMONT APPLIES FOR WAIVER TO PRIVATE PLACEMENT PRICING AT $0.045 PER UNIT & CONTINUES KIBBY DRILLING

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 $180,000 with 4.0 million units to be issued at 4.5 cents. Each unit will be composed of one common share and one transferable 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 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 Kibby basin lithium property, Nevada. Approximately $100,000 will be expended on continued drilling of hole KB-4 (that is, drilling, assaying, geological consulting and downhole geophysics); Kibby basin MT survey analysis, water permit application consulting and fees; and planning for additional infill drilling in the area. The balance of $80,000 will go toward working capital as follows:

Regulatory fees:  $5,000

Office rent and communication expenses:  $12,000

Transfer agent fees:  $3,000

Investor and shareholder relations, including travel and advertising:  $20,000

Professional fees (legal, accounting and year-end audit):  $22,000

Management fees:  $10,000

Finders' fees/commissions:  $5,000

Unallocated:  $3,000

Kibby basin drilling

Harris Drilling of San Diego, Calif., is expecting to recommence drilling KB-4 in the Kibby basin during the next week.

Soil and water samples will be taken from drill cuttings and from any significant water-bearing layers and sent to ALS Canada Ltd. as previously tested. A compilation of the results of the drilling will be announced upon completion of the hole.

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.

Belmont owns the Kibby basin lithium project, covering 2,056 hectares (5,080 acres) in Esmeralda county, Nevada, United States. MGX Minerals Inc. has currently earned a 25-per-cent interest in the Kibby project and has the right to increase this to 50 per cent by expending an additional $300,000 on exploration and become the operator.

In 50/50 ownership with International Montoro Resources Inc., Belmont has acquired and is exploring joint venture opportunities for its significant uranium properties (Crackingstone: 982 hectares) in the Uranium City district in Northern Saskatchewan, Canada.

We seek Safe Harbor.