News Release dated: May 5, 2003

DRILLING COMMENCES - JAMES BAY LOWLANDS - DIAMOND PROSPECT

Belmont Resources Inc. ("BEO") is pleased to announce drilling has commenced on its first target situated in Tolmie Twp.

The target was recommended for drilling by consulting geophysicist John B. Boniwell, FGAC, of Excalibur International Consultants Ltd.

The geophysical exploration undertaken on Tolmie was directed to three separate grids. Central to Grid B 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.

Belmont's Tolmie 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 also been found near Wawa.

ON BEHALF OF THE BOARD

Gary Musil,
Secretary/Director