TOLMIE II – JAMES BAY LOWLANDS DIAMOND PROSPECT SHOWS DRILL TARGET

Further to our July 2/03 news release Belmont Resources Inc. (“BEO”) has received a report prepared by J. B. Boniwell, Exploration Geophysical Consultant, from Excalibur International Consultants Ltd. on the ground geophysical exploration program completed in July 2003. A grid of lines oriented due north-south and 50 meters apart was prepared by Hussey Geophysics of Timmins, Ontario. On these lines, VLF and magnetic surveys were undertaken, and the data obtained were posted in plan and profile. The magnetic data were further processed to yield a calculated vertical gradient map to supply an extra detail in crucial sections.

A ring structure of heightened magnetic activity was delineated within the area surveyed.

Mr. Boniwell reports: “What is essential to know as a first priority is the underlying cause of the magnetic ridge evident to the grids east side, and the reality of the suggested ring structure derived therefrom. To achieve this forthwith, a 145 metre depth diamond drill hole is recommenced.”

Belmont has contracted, Norex Drilling Limited of Porcupine, Ontario to drill its Tolmie II diamond prospect. Drilling is expected to commence as early as September 3, 2003.

James G. Burns, B.Sc. P.Eng. is the on-site Consulting Geologist for Belmont and Mr. Burns is the qualified person, as defined by National Policy 43-101, supervising the project and in respect to this news release.