RED LAKE PROPERTIES UPDATE

Belmont Resources Inc. (TSXVE “BEO”) and Montoro Resources Inc. (TSXVE “MNQ”) have received a technical report on the companies Red Lake mining division properties located in Bateman & Shaver Townships.

The four claims comprising 736 hectares are adjacent to properties currently under extensive exploration by AngloGold/Rubicon to the west, and Goldcorp/MetalCORP’s Black Bear property to the north.

Mr. James G. Burns, B.Sc., P.Eng. of Timmins, Ontario, a qualified person under National Instrument 43-101 reports the following.

“The properties have the potential to host one or more gold deposits. Favorable factors include:

• Both properties display lineaments related to bedrock structures. The strongest and most prevalent lineaments parallel the direction of the Northeast Bay Deformation Zone. One past producer, the Abino, and one developed prospect, the McFinley, lie within this deformation zone.
• Both properties are underlain by rock units of the Walsh Lake pluton. Several gold occurrences are found in a magnetic band that parallels the contact of this Walsh lake. This spacial association plus the fact that at least one of the occurrences within the magnetic band has a intrusive component suggests a genetic relationship to the pluton.
• Other intrusive bodies in the Red Lake camp, such as the McKenzie stock and the Howey diorite, are host to major gold deposits.

The properties most certainly merit a thorough evaluation. Detailed magnetic and VLF-em surveys are recommended for a first pass assessment of the properties. These surveys are required to map any potential gold bearing structures that may exist on either property. The full extent of both properties are to be covered.

Prospective structures identified / interpreted from the magnetic and VLF-em data are to be covered by an IP (induced polarization) survey. All anomalous situations identified are to prioritized and tested by core drilling."

The companies expect to mobilize exploration personnel to commence the first phase programs in early January 2004. The timing of the exploration efforts coincides with a much more favourable outlook for gold and increased interest in companies with good quality exploration prospects in established greenstone belts from which a large percentage of the world’s gold production is derived.

OTHER
The Company will be granting 1,235,000 director/employee incentive stock options with an exercise price of $0.10 per share.