News Release dated: February 11, 2003

PROGRESS ON JAMES BAY LOWLANDS – DIAMOND PROSPECT

Further to our News Release of January 7, 2003 the Company is pleased to announce completion of the following work on the Tolmie Prospect. 62.3 Km of line cutting and ground geophysical magnetic surveying and 58.4 Km of MaxMin II electromagnetic surveying was completed. The information will now be mapped, plotted and then delivered to a independent geophysicist for interpretation.

The James Bay area is experiencing significant activity in the last few months. Recent discoveries were announced by Dianor Resources Inc. (“DOR”). Rock Resources Inc. (“RCK”) and Tres-OR Resources (“TRS”) have commenced drill programs in New Liskeard/Cobalt and Temagami areas south of our Tolmie prospect and in the Lake Temiskaming Structural Zone. AntOre Resources Inc. (“ORE”) and Big Red Diamond Corp. (“BRDC”) and BRDC in a joint venture with Kel-Ex Ventures Inc. (another of Charles Fipke’s enterprises) was formed to conduct diamond exploration in the Attawapiskat region in the vicinity of DeBeer’s Victor project, north of Tolmie. Kel-Ex has optioned its portion of the JV to Metalex Ventures Ltd. (“MTX”) and Artic Star Diamonds – companies directed by Charles Fipke. Mr Fipke is the geologist responsible for large diamond discoveries in Canada’s Northwest Territories, namely the Ekati diamond mine. Brigadier Gold Ltd. (“YRG”) has made a major expansion of it’s mining claim holdings in the Kirkland Lake – Larder Lake area which also lies within the northwest – trending regional Lake Temiskaming structural zone in which the kimberlite pipes of the Attawapiskat, Kirkland Lake and New Liskeard areas are located. Other Companies still holding interests in the James Bay Lowlands include Canabrava Diamond Corp. (“CNB”), Navigator Exploration Corp. (“NVR”), Dumont Nickel Inc. (“DNI”), and Spider Resources Ltd. It is expected that with the recent announcements of millions of dollars in exploration underway in the Attawapiskat play and to the south – southeast of the Victor Mine, that a sustained interest will continue. As well, if the Victor Mine proves economic, DeBeers could soon be interested in other finds in the area.

For more information on Belmont Resources Inc. and the Tolmie Diamond Prospect, please visit our website at www.belmont-resources.com and click on the Ontario map to view the geology and locations of kimberlite clusters and structural zones.

ON BEHALF OF THE BOARD

Gary Musil,
Secretary/Director