News Release dated: March 10, 2003

The TSX Venture Exchange has accepted for filing documentation in relation to a property acquisition agreement dated Feb. 28, 2003, between Belmont Resources Inc., and Serge Lavoie, Delford Investment Inc. (Bernard Dulce) and Moshe Zefrani. The company has the right to acquire a 100-per-cent interest in the property, which comprises 17 claims (approximately 680 acres) in Beatty township, Larder Lake division, Northeastern Ontario.

In consideration, the company will issue 250,000 common shares to the vendors (83,333 to Serge Lavoie, 83,333 to Delford Investment Inc. and 83,334 to Moshe Zefrani) and pay $3,500 in cash. The property is subject to a 2-per-cent net smelter return. For further information please refer to the company's news release dated Feb. 26, 2003.