DRILLING UPDATE – JAMES BAY LOWLANDS – DIAMOND PROSPECT

Belmont Resources Inc. (“BEO”) announces that the first target hole TOL-03-01 was drilled to a depth of 283 metres on its Tolmie prospect.

Our independent qualified person (“IQP”), James G. Burns, B.Sc., P.Eng., Consulting Geologist of Timmins, Ontario reports the following:

“Metasedimentary rocks, primarily metasandstones, are the dominant rock type cored. No kimberlitic rocks were encountered. The metasedimentary rocks have been variably granitized. Numerous pegmatite dykes were cored. Some of these are mineralized with coarse magnetite, garnet and pyrite.”

All core and samples were collected under the direct auspices of James Burns. Twenty-one core samples were cut and delivered to X-Ral Laboratories in Toronto for multi-element analysis.

Belmont remains optimistic in this preliminary drilling. In comparison – October 10/02 Spider Resources Inc, and joint venture partner KWG Resources Inc. announced the results of the 2002 exploration program on the Spider #3 – Ontario project as operated and managed by DeBeers Canada. A total of 12 targets were drill tested with no kimberlite or diamond bearing formations. However, significant sulphide mineralization was encountered in one of the 13 holes. Additional analytical analysis was undertaken. October 23/02, Spider and KWG are interpreting this discovery as a new volcanogenic massive sulphide (VMS) type base metal occurrence with reported sections as high as 7.09% Cu, 4.67% Zn, 2.68% Pb, 150.6 g/t Ag and 0.76 g/t Au.

As indicated in our April 22/03 News Release, Belmont is preparing to mobilize a geophysical exploration crew to begin the preliminary program on its nearby Tolmie II property. Belmont holds four other claim blocks in the vicinity and expect to complete preliminary investigations on these claims as per our consultants recommended priorities. Belmont’s additional properties are well located near 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.