Mr. George Sookochoff reports

BELMONT RESOURCES ARRANGES $25,000 PRIVATE PLACEMENT & AMENDS PROPERTY PURCHASE AGREEMENT

Belmont Resources Inc. has arranged a private placement and amended a property purchase agreement.

Financing

Belmont proposes to proceed with a non-brokered private placement of up to $25,000 with 500,000 units to be issued at five cents. Each unit will comprise 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 eight cents for one year from closing. The term of the warrants may be accelerated in the event that the issuer's shares trade at or above a price of 15 cents per share for a period of 10 consecutive days. In such case of accelerated warrants, the issuer may give notice, in writing or by way of news release, to the subscribers that the warrants will expire 30 days from the date of providing such notice. The proceeds of the financing will be used for general working capital.

All securities issued under this private placement and the shares that may be issuable on the exercise of the 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, is subject to TSX Venture Exchange approval.

Property purchase amendment

Further to the company's news release of Nov. 21, 2019, and the exchange acceptance for filing dated Dec. 2, 2019, regarding the acquisition of the Pride of the West claim from Laurence Sookochoff. The parties have agreed to amend the terms of the cash payment of $25,000. The vendor has agreed to accept 500,000 shares at a deemed price of five cents in lieu of the cash payment. The amended terms and shares that may be issuable are subject to a statutory hold period expiring four months and one day from issuance and are subject to exchange approval.

All other terms of the property acquisition agreement remain the same.

About Belmont Resources Inc.

Belmont is a Canadian-based resource company traded on the TSX Venture Exchange under the symbol BEA.

We seek Safe Harbor.