Mr. George Sookochoff reports

BELMONT PREPARES 2020 EXPLORATION PROGRAM ON COME BY CHANCE PROPERTY

Belmont Resources Inc. has started its 2020 exploration program on its recently acquired Come By Chance (CBC) property located in the Phoenix mining camp of Southern British Columbia.

About the Come By Chance (CBC) property

Belmont acquired the CBC property in May, 2020. The acquisition is part of the company's continued focus to acquire and develop strategic gold properties in the prolific Phoenix mining camp of Southern British Columbia.

The CBC property comprises 21 mineral claims as well as 15 reverted Crown-granted mineral claims covering an area of approximately 527 hectares. The property lies directly southeast of the Athelstan-Jackpot (A-J) property, which was acquired by Belmont in May, 2020 (see news release dated May 23, 2020).

The properties lay on either side of Highway No. 3 with a powerline running through both properties.

Both the A-J and CBC properties are situated on a southeast mineralized trend extending from the past-producing Phoenix mine three kilometres to the northwest. Belmont's Black Bear and Pride of the West claims (acquired in November, 2019) lie on this mineralized trend as well.

CBC conceptual model

The CBC property has many surficial geological features that are indicative of a copper-gold porphyry system originating from a potential concealed intrusive.

These features, primarily associated with two major breccia-bearing fault systems, the Lind Creek fault and the Eagle Creek fault, include reported copper/silver/gold bearing skarn zones, gold bearing massive sulphide veins and gold bearing epithermal quartz veining, all of which are associated with a porphyritic intrusive in a conceptual model of mineral zones in a volcanic environment. The reported presence of a well-mineralized copper bearing monzonite may substantiate the basis for these mineral zones of the copper/gold porphyry system.

Exploration program 2020

Airborne imagery survey

A property-wide low-level, high-resolution imagery airborne survey is being planned for July. The survey will provide very-fine-resolution geo-referenced elevation and photographic data that will be very useful for accurately locating and detail mapping old shafts, mine dumps, showings and rock exposures over the entire property. The elevation data will be used to create an accurate 3-D digital terrane model (3D-DTM) of the entire property. The high-resolution image mapping will be overlaid onto the 3D-DTM and will provide an important base map for all future exploration data.

Induced polarization survey

The company is making preparations for a deep-penetration IP survey consisting of two 400 m spaced IP lines crossing the entire property. The IP lines will cover the two major breccia-bearing fault systems, the Lind Creek fault and the Eagle Creek fault, and the well-mineralized copper bearing monzonite. The deep penetration IP survey will help substantiate the possible presence of a porphyry system originating from a potential concealed intrusive model.

Field program

The CBC property has not been systematically explored. The majority of the early work was at the Betts showing (Minfile 082ESE261), in the southern part of the CBC property. The minister of mines annual report for 1904 and 1905 documents approximately 208 feet of open cuts and shallow shafts at the Betts, as well as a 75-foot-long (upper) tunnel with a 40-foot winze and an 825-foot (lower) tunnel. This lower tunnel was driven to cut the mineralized zone 375 feet below surface. A chute of massive pyrrhotite ore was reportedly intersected at a distance of 575 feet in the lower tunnel.

With numerous historical workings consisting of pits and adits throughout the property, the company is preparing a field program to sample material from these locations to determine whether they are skarn, massive sulphide veins or epithermal quartz veining in nature. This geological categorization will help in determining the nature and scope of the potential porphyry system lying beneath.

George Sookochoff, president and chief executive officer, commented: "Early indications are that the Come By Chance property provides a huge potential for a large mineralized porphyry system containing a broad spectrum of mineralization types including copper/silver/gold bearing skarn zones, gold bearing massive sulphide veins and gold bearing epithermal quartz veining. Our 2020 exploration program is designed to acquire further evidence to substantiate the presence of this system."

Qualified person

The scientific and technical information that forms the basis for parts of this press release were prepared and/or reviewed by Laurence Sookochoff, PEng, who is a qualified person as defined by National Instrument 43-101.

The qualified person has not verified the data disclosed, through sampling, analytical or test data. The information was obtained from assessment reports submitted to the B.C. government and publicly available company reports.

The qualified person has not completed sufficient work to verify the historic information on the property.

About Belmont Resources Inc.

Belmont is a Canadian-based resource company. The company is systematically evaluating and acquiring gold properties in Southern B.C. and northern Washington State.

We seek Safe Harbor.