News Release dated: March 27, 2002

JAMES BAY LOWLANDS UPDATE

Belmont Resources Inc. (the "Company") has received a preliminary report on its 64 unit (1024 ha) property located in north central Tolmie Township.

Two companies have previously worked the claims. In 1978 Hudson Bay Oil & Gas Co., Ltd. flew a combined electromagnetic (em) and magnetic survey over a large area that included the Belmont property. An anomalous area immediately to the west of the property was surveyed with follow-up ground em and magnetic methods. In 1987 Continental Precious Metals Inc. continued a ground magnetometer survey revealing a generally east/west magnetic trend within which two roughly circular anomalies, one a magnetic high approximately 200m in diameter and the other a magnetic low roughly 600m in diameter were delineated. These anomalies, which were reported to correspond in location to air photo features, were believed to represent intrusive bodies possibly kimberlities. Based on preliminary information received the Company is reviewing additional prospects surrounding our Tolmie claims for further acquisitions. The final geology report and recommended work program is expected by month end.

OTHER BUSINESS

Subject to regulatory approvals, incentive stock options have been granted as to 960,000 shares at $0.14 for a period of four years. The options granted cannot be exercised until CDNX approval has been obtained and any shares issued on the exercise must be legended with a four month Exchange hold period from the date of the stock options are granted

ON BEHALF OF THE BOARD

Gary Musil,
Secretary/Director