FURTHER ADDITIONS TO THE RED LAKE CLAIMS ACQUIRED

Belmont Resources Inc. (TSX-V: BEO) and Montoro Resources Inc. (TSX-V: MNQ) have signed further agreements to acquire 100% interest in two additional claim blocks (14 units) in the Red Lake Mining Camp. – Bateman Township adjacent to the northeast claims acquired earlier this year.

These claims comprise approx. 224 hectares and are adjacent to the 16 unit claim block which Belmont/Montoro acquired in April/03. Immediately north/west to these claim blocks are Rubicon/Anglo Gold joint venture properties and to the northeast is the Black Bear Property of MetalCORP Limited. MetalCORP recently announced the signing of a letter of intent with Goldcorp whereby Goldcorp will earn an interest in the Black Bear Property by spending in excess of $3 million in exploration (see our October 17/03 News Release for further details).

Terms of the Belmont/Montoro Option Agreements are $10,000 cash ($5,000 each from Belmont & Montoro), 50,000 treasury common shares each as well as an initial $5,000 exploration program. Should Belmont/Montoro arrange an assignment/sale of its earned interest to a major mining exploration or mineral producing company within the option term of this agreement, each of Belmont/Montoro will issue additional shares to the vendor. The property is also subject to a 2% NSR.

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 – 4 claims – gold prospects).