Mr. George Sookochoff reports

BELMONT RESOURCES $368,000 FINANCING

Belmont Resources Ltd. will apply to the TSX Venture Exchange to close a financing for aggregate gross proceeds of $368,000. The company will issue 9.2 million common shares at four cents. Warrants are not attached.

The common shares to be issued will be subject to a hold period expiring four months and one day from issuance.

The investor is non-arm's-length to the company as Patrick Brandl, a director of the company, also sits on the supervisory board of the investor. As such, this transaction constitutes a related party transaction as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions. Such participation is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the financing by the insider exceed 25 per cent of the company's market capitalization.

The use of proceeds will be allocated as: $210,000 exploration and incurred exploration expenditures; $60,000 office and administration (salaries, management, audit and legal); $98,000 unallocated working capital. No proceeds will be used for investor relations. While the company intends to spend the net proceeds as stated above, there may be circumstances where, for sound business reasons, funds may be reallocated at the discretion of the board.

Stock options

The company also announces that it has granted 1.1 million stock options to certain directors, officers and consultants of the company in accordance with the company's current stock option plan. Each option is exercisable into one common share of the company at a price of five cents per share for a period of five years from the date of grant. The options to be granted will be subject to a hold period expiring four months and one day from issuance.

About Belmont Resources Ltd.

Belmont Resources has assembled a portfolio of highly prospective copper, gold, lithium, uranium and rare earths projects located in British Columbia, Saskatchewan, Washington and Nevada.

We seek Safe Harbor.