Mr. Gary Musil reports

BELMONT CLOSES FINAL TRANCHE OF PRIVATE PLACEMENT FOR $34,050

Further to the TSX Venture Exchange notice, Belmont Resources Inc. has closed the fifth and final tranche of the Oct. 13, 2015, announced private placement.

The company has issued 1,135,000 common shares at three cents per share and 1,135,000 warrants for gross proceeds of $34,050. The warrants can be exercised at a price of six cents at any time prior to the close of business, on April 19, 2017, and at a price of 10 cents at any time after April 19, 2017, but on or before April 19, 2018. One placee participated. The shares and transferable warrants are subject to a statutory hold period expiring Aug. 20, 2016.

Queenston Investments Ltd. will receive a finder's fee of 90,800 common shares. The common shares are also subject to a similar hold period expiring Aug. 20, 2016.

Further to the company's Jan. 26, 2016, news release, the company has also been informed that the compliance and disclosure department has completed the review of the related investors (personal information form) PIF 2A, which allowed the company to proceed with this final closing.

The use of proceeds of this fifth tranche ($34,050) is as follows:

• Professional fees (legal and accounting), $3,000;
• Transfer agent fees, $1,275;
• Office rent and expenses (net of share costs), $4,525;
• Regulatory fees (current private placement fees, investor relations agreement filing fees) and property acquisition filing, $4,600;
• Property payments, $5,000;
• Management and administration fees, $5,000;
• Shareholder relations, $2,500;
• Geological consulting, $6,600 ($5,000 (U.S.) advance regarding NI 43-101);
• Unallocated working capital, $1,550.

We seek Safe Harbor.