News Release dated: March 10, 2003

UPDATE ON JAMES BAY LOWLANDS – TOLMIE TWP. – DIAMOND PROSPECT

Further to our News Release of February 11, 2003 Belmont is pleased to report the results of the ground geophysical magnetic and MaxMin II electromagnetic (“em”)surveying interpretation. The data was collected from three localized grids in Tolmie Township, each separate from the other. The interpretation was completed by John B. Boniwell, FGAC, of Excalibur International Consultants Ltd.

Mr. Boniwell reports: “It is evident that the two vintages of ground magnetic surveys, the first run by Continental Precious Minerals Inc. in 1987, and the Belmont 2003 program exhibited very definite similarities in magnetic behavior. The 2003 presentation ostensibly offers more detail and certainly more authority. This surveying also included horizontal loop em traversing, presumably for the first time.

The geophysical exploration undertaken was directed to three separate grids (Grids A, B & C) each with it’s own target(s). Grids A & C did not offer much in the way of pipe-like features, however Grid B does.

Grid ‘B’. Central to this grid is a magnetic low which could qualify as a ring structure, and would appear to have a diameter of about 300 metres. There are at least two conducting systems in the survey area;
(1) throughgoing, (2) terminated mid-grid
It can be speculated that there is an intrusive present here with a rough circular outline. There are several small satellites to it, as might be expected with a major pipe irruption in the vicinity.

Overall this grid offers a promising structural interplay of intrusion with a formational sequence of country rocks. That the intrusion could well be pipe-like in configuration makes it a rational target for drill hole testing.”

Belmont is encouraged by these initial results and expects to mobilize a drilling contractor as soon as possible and is also awaiting further recommendations to proceed with preliminary work on its four other diamond prospect claims in the Tolmie area.

ON BEHALF OF THE BOARD

Gary Musil,
Secretary/Director