ONTARIO GOLD PROSPECTS RESUME EXPLORATION

Beatty Twp. – Update

Further to our news release of November 26, 2003 Belmont has resumed ground geophysics – line cutting combined with Mag and VLF surveying on its western block of the Beatty Twp. gold prospects. The results will be sent out for interpretation and analysis by next week and Belmont expects to have drill targets for February 2004 drilling.

Red Lake Mining Camp – update

Further to our news release of December 4, 2003 Belmont/Montoro has given the go ahead to its consulting geologist James G. Burns, B.Sc., P.Eng. to mobilize a geophysics contractor to commence exploration on its four claim blocks comprising 236 hectares located in Bateman and Shaver Townships. The properties are adjacent to properties currently under extensive exploration by AngloGold/Rubicon to the west, and Goldcorp/MetalCORP’s Black Bear property to the north. Detailed magnetic and VLF-em surveys are recommended for a first assessment of the properties, to map potential gold bearing structures that may exist on either property.

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.