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News Release dated: February 8, 2002 |
BELMONT JOINS THE HUNT FOR DIAMONDSThe Company has entered into a Letter of Intent with Serge LaVoie to acquire 100% interest in the Tolmie Claim Block, James Bay Lowlands Region, Northeastern Ontario. Terms of the Letter of Intent provides for staged payments totalling $12,500 and the issuance of 250,000 shares in two tranches following regulatory approval. The diamond prospect property is also subject to a 2% NSR. A finder's fee in shares is also payable subject to CDNX approval. Further details on the property of merit and its significant geological features will be released upon signing a formal property acquisition agreement and receipt of an updated Geological report. FINANCINGThe Company has arranged a non-brokered private placement of 500,000 units at a price of $0.10 each. Each unit consists of one common share plus one share purchase warrant to purchase an additional share at $0.10 in the first year and $0.125 in the second year. The funds will be used for working capital purposes and the private placement is subject to regulatory approvals. |
| ON BEHALF OF THE BOARD Gary Musil, |
| THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE. |