RED LAKE GOLD CAMP UPDATE AND FURTHER STAKING

Further to our January 13, 2004 News Release Belmont/Montoro (the “Companies”) are pleased to provide an update on the Red Lake winter exploration program.

The geophysics contractor has completed the line cutting on the southern claim block and is starting detailed magnetic and VLF-em surveying. The southern block is bordered on the west and south sides by Rubicon/Goldcorp.

A second crew has commenced similar work on the northern claim block. These claims are bordered by Rubicon along the north and west sides and by the Goldcorp/MetalCORP Black Bear property, which is currently under extensive exploration, to the northeast.

Upon review of the regional magnetic data the Companies have staked an additional 35 units (560 hectares) to cover interpreted structural features. These lands adjoin our southern block and fill in a gap with Rubicon/Goldcorp on the west and north sides. This brings the total land holdings in the Red Lake Camp to approx. 1296 hectares.

OTHER BUSINESS

The Company has negotiated a minority interest in Okanagan Bio-Fuels, a future producer of ethanol for use as a gasoline additive. The terms of the agreement, subject to regulatory approvals, are $150,000 and 250,000 shares. Further involvement as the project evolves will be considered.