$352,500 FINANCING CLOSED

Belmont Resources Inc. (TSX Venture Exchange – “BEO”) announces that further to its news releases of December 18/03 and January 6/04, the Company is pleased to announce that it has closed its non-brokered private placement in respect of 2,345,000 flow-through units and 1,180,00 non flow-through units, at a price of $0.10 per unit for total gross proceeds of $352,500. Each unit consists of one share plus one share purchase warrant exercisable for two years at an exercise price of $0.105 in year one and $0.13 in the second year.

The shares and warrants issued are subject to a hold period of four months expiring May 15, 2004.

Proceeds of the private placement will be used to finance exploration on the Company’s gold prospects in Timmins/Larder Lake – Beatty Twp and Red Lake Mining Division – Ontario, and for general working capital.