News Release dated: May 8, 2003

BELMONT JOINT VENTURES MONTORO PROSPECT IN RED LAKE CAMP

Belmont Resources Inc. (“BEO”) previously announced the acquisition of a gold prospect in the Bateman Township, Red Lake area. Montoro Resources Inc. (“MNQ”) also announced an acquisition in the Bateman/Shaver Townships, north of Belmont’s prospect.

The companies have entered in an agreement to joint venture the exploration programs on these prospects and will therefore assign a 50% interest in each other’s option. Both properties are adjacent to Rubicon-Anglo Gold joint venture properties. Rubicon is advancing its key projects with important new discoveries and has attracted Anglo Gold, the world’s largest gold producer, as a partner in its Red Lake projects.

Belmont is a Canadian exploration company with projects in northeastern Ontario (Tolmie and adjacent Townships – James Bay Lowlands – 15 claims – diamond prospects); (Beatty Township – Larder Lake – Timmins Camp – 4 claims – gold prospects); and now in northwestern Ontario (Bateman/Shaver Townships – Red Lake Camp – gold prospect).

ON BEHALF OF THE BOARD

Gary Musil,
Secretary/Director