News Release dated: March 21, 2003

BELMONT COMPLETES PROPERTY ACQUISITION IN TIMMINS MINING CAMP

Belmont Resources Inc. previously reported an agreement (Feb. 26/03 News Release) whereby the Company agreed to acquire a 100% interest in 17 claims (approx. 680 acres) in Beatty Township – Larder Lake Division – Northeastern Ontario, was accepted for expedited filing by the TSX Venture Exchange on March 10/03.

The Company has now completed this transaction between the vendors (Serge Lavoie, Delford Investment Inc. and Moshe Zefrani) by paying $3,500 in cash and issuing a total 250,000 common shares. The shares are subject to a four-month hold period. The property is also subject to a 2 percent NSR.

The Company is reviewing nearby drilling activity along trend by Tom Exploration Inc. on the Lalonde gold property and by Apollo Gold Corporation on the Black Fox Project located near the site of the former Glimmer Mine on the Destor-Porcupine Fault Zone in the Abitibi Greenstone Belt, a trend that has historically produced over 70 million ounces of gold.

Management of the Company will be commissioning a geological report and expects to proceed with a preliminary exploration program as recommended.

ON BEHALF OF THE BOARD

Gary Musil,
Secretary/Director