BELMONT ARRANGES THIRD QUARTER RESULTS

Belmont Resources Inc. (“BEO”) has released its operating results for the three months and the nine months ending October 31, 2003. The interim report describing financial results has been mailed to supplemental list security holders and filed on SEDAR.

Material Expenditures:

October 31, 2003 compared to October 31, 2002 has resulted in a decrease of 6.9% ($15,885) despite increased activity.

Decreases were in: Office expenses $5,751 in 2003 ($7,600 in 2002); Audit and accounting $6,150 in 2003 ($15,800 in 2002). Legal $2,416 in 2003 ($14,259 in 2002) as more work is being prepared/filed through in-house personnel.

Other marginal decreases included: Telephone/fax, Project investigation and Transfer agent fees.

Increases were in: Salaries and administrative services, including Management fees, increased to $119,102 compared to ($108,600 in 2002), as additional time required to report more information in such documents as quarterly reports/schedules and other regulatory filings; and Travel, Promotion and Shareholder relations $31,904 in 2003 ($29,604 in 2002) as a result of the Company increasing investor and new shareholder communication.

Exploration Activity:

During the quarter Belmont continued the first phase exploration on the Beatty Township – Larder Lake – Timmins Mining Camp gold prospect. Hussey Geophysics Inc. completed 25.8 km of line cutting combined with ground geophysical Mag survey and 23.1 km of VLF surveying. Belmont awaits the interpretation and analysis to target the best possible drilling sites.