News Release dated: June 26, 2002

JAMES BAY LOWLANDS, ONTARIO UPDATE

Further to our News Release of March 27, 2002, Belmont Resources Inc. has received a final geological report on its 64 unit (1024 hectare) property located in north central Tolmie Township, James Bay Lowlands, a region that has uncovered thousands of kimberlite indicator minerals.

Belmont's Tolmie Township property is well located at the intersection of the northwest trending Lake Timiskaming ("Lake Tim") Structural Zone with the north to northeasterly striking Kapuskasing Structural Zone ("Kapus"). Four known clusters of kimberlite pipes are associated with the Lake Tim zone. Similarly diamond bearing lamprophyre dykes located in close proximity to and thus probably associated with Kapus have been found near Wawa. Under 'Operation Treasure Hunt', the Ontario Geological Survey (the "OGS") is overseeing kimberlite indicator mineral studies for the zone stretching from Wawa to southwest of Moosonee and in portions of the James Bay Lowland.

Belmont's Tolmie property is considered to be highly perspective to host one or more potentially diamond bearing kimberlite pipes. With respect to the geological setting and structural controls for diamond bearing kimberlite intrusions, the property is exceptionally well located. Untested magnetic features that may have a kimberlite source exist within the property boundaries. The first phase program will be a fixed wing areomagnetic and electromagnetic survey and will commence as soon as financing is available.

Upon the recommendation of our Consulting Geologist , Belmont has staked 4 additional claim blocks in the James Bay Lowlands, and expects to joint venture the exploration on these projects. The most advanced diamond exploration project in the province of Ontario is DeBeers Canada Exploration Inc.'s 100% owned Victor project, also located in the James Bay Lowlands.

ON BEHALF OF THE BOARD

Gary Musil,
Secretary/Director