Mr. George Sookochoff reports

BELMONT RESOURCES CLOSES OVERSUBSCRIBED FINANCING

Belmont Resources Inc., further to its news releases dated March 31, 2020, and April 28, 2020, has been oversubscribed on its previously announced $180,000 (six million units) non-brokered private placement and closed on $199,665 (6,655,500 units) priced at three cents per unit.

The company will close its final tranche of the private placement and issue 2.2 million units at a price of three cents for gross proceeds of $66,000. Each unit comprises 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 two years from closing.

A finder's fee of $1,680 cash and 56,000 warrants has agreed to be paid/issued to Haywood Securities Inc. on the final tranche.

The use of proceeds will be for continued exploration on its existing properties in the Greenwood gold camp. This will account for approximately $30,000. The balance of $36,000 will maintain existing operating expenses as follows:

• Regulatory fees -- $2,500;
• Office rent and communication expenses -- $7,000;
• Transfer agent fees -- $2,500;
• Legal and accounting -- $10,000;
• Management fees -- $5,000;
• Finders' fees -- $1,700;
• Outstanding payables and unallocated working capital -- $7,300.

While the company intends to spend the proceeds from the financing as stated, there may be circumstances where, for sound business reasons, finances may be reallocated at the discretion of the board.

The pricing of the private placement was made in reliance on the temporary relief measures established by the TSX Venture Exchange's bulletin dated April 7, 2014. The price per common share was set at the last trading price on the TSX-V before the issuance of the initial press release.

All securities issued under this private placement, the shares that may be issuable on the exercise of the warrants and the finders' warrants are subject to a statutory hold period expiring four months and one day from issuance. The closing of the private placement financing, including the issuance of the securities and the finders' fees, is subject to TSX-V approval.

About Belmont Resources Inc.

Belmont is a Canadian-based resource company. The company is systematically exploring and acquiring gold properties in Southern British Columbia and northern Washington State.

We seek Safe Harbor.