BEATTY TWP. – GROUND GEOPHYSICS NEARS COMPLETION

Major progress has been made on Belmont’s Beatty Twp. gold prospect in preparation for a winter drilling program which is scheduled to begin in January 2004.

Further to our news release of October 16, 2003. Hussey Geophysics Inc. of Timmins, Ontario has completed 25.8km of line cutting combined with ground geophysical Mag survey and 23.1km of VLF surveying. Due to warmer than normal November weather a small portion of the western block will have to wait for freeze up for completion of geophysics. The results will then be sent out for interpretation and analysis to target the best possible drilling sites.

The timing of the Company’s exploration efforts coincides with a much more favourable outlook for gold and increased interest in companies with good quality exploration projects in areas known for past and present gold production.

Other exploration activity upcoming in the area has also been recently announced in an agreement between Canadian Royalties Inc. (“CZZ” – TSX Venture) and Lake Shore Gold (“LSG” – TSX Venture), whereby LSG may earn a 50% interest in the Highway prospect in Beatty Twp. by completing $1.5 million in exploration expenditures and other cash/share commitments. This project and others in the area will be monitored as they progress.

RED LAKE TWP.

The Company is expecting to receive a preliminary geological report on its Red Lake joint venture (Montoro Resources Inc.) properties by the end of this week. Work program and other recommendations will be reported at that time.