TOLMIE II EXPLORATION UPDATE

Belmont Resources Inc. (“BEO”) is pleased to announce completion of the first phase of exploration work on its second Tolmie township diamond prospect south of De Beers (Victor Pipe).

The Belmont exploration consisted of 13.1 Km of line cutting and ground geophysical magnetic surveying and 12.4 Km of V.L.F. survey. The information will now be mapped, plotted and then delivered to an independent geophysicist for interpretation.

The James Bay area is experiencing significant activity in the last few months, prompted by developments from Metalex Ventures Limited (“MTX”), a corporation under the control of Mr. Charles Fipke. Metalex, its affiliate companies and joint ventures partners Arctic Star Diamond Corp, Oasis Diamond Exploration Inc., Kel-Ex and Big Red Diamond Company, are collectively aggressively exploring some 70,000 square kilometers of properties in the Attawapiskat region. Dumont Nickel Inc.’s Attawapiskat property in also being actively explored by Kel-Ex Development Ltd. The Attawapiskat Property is located in the northwest trending structural corridor hosting the De Beers kimberlites and is within 15km of the Victor Project.

De Beers Canada has to date discovered over 16 diamondiferous kimberlite pipes in the region and is amidst a feasibility study slated for completion by end of 2003 on its Victor kimberlite pipe with the intent of moving forward toward production. De Beers also intends to complete core and bulk sampling on three other nearby kimberlites. Other discoveries made in the region include diamondiferous kimberlites discovered by Spider Resources, the AT56 pipe discovered by Canabrava Diamond Corporation and Navigator Exploration Corp, and other undifferentiated pipes discovered by others.

With De Beers’ success to date, exploration in the James Bay Lowlands is more advanced than the Otish Mountains, Quebec, or Coronation Gulf, NWT.

For more information on Belmont Resources Inc. and the Tolmie Diamond Prospect, please visit our website at www.belmont-resources.com and click on the Ontario map to view the geology and locations of kimberlite clusters and structural zones.