TIMMINS/LARDER LAKE – BEATTY TOWNSHIP UPDATE – 5 DRILL TARGETS

Further to our January 13, 2004 news release Belmont Resources Inc. (“BEO”) is pleased to the have received the ‘Evaluation of Ground Geophysical Data’ for the western claim holdings in Beatty Township, Ontario. The evaluation was completed by Mr. John B. Boniwell, Geophysical Consultant, FGAC, B.Sc. of Excalibur International Consultants Ltd. Mr. Boniwell’s evaluation followed the combined VLF, electromagnetics and magnetic survey, traverse lines running N-S and spaced 50m apart. Readings were taken at 12.5m, or 25m along these traverses. The summary conclusions are as follows:

“A. Gold

Both conductors vary along strike. Their response characteristics change as well as their amplitude and magnetic association. This is regarded a plus, not a minus but it means more than one hole will be required to test each, in the case of the northerly conductor by 3 holes minimum. The southerly conductor can be adequately tested by 2 holes on present evidence.

A five hole programme makes for an attractive first pass in this environment. Any indication of gold occurring in anomalous amounts would call for follow?up drilling following the aufierous leads that have been found.

B. Base Metals

Since they are the only geophysical feature of note that is new and untested, the two conductors of foregoing interest as a guide to sulphide and gold mineralization represent also the same bets for base metal mineralization. The planned initial drilling will therefore cater to both possibilities in metal occurrence, even though the odds of occurrence will differ.”

Belmont’s consulting geologist, James G. Burns, B.Sc., P.Eng. is working to mobilize a drilling contractor to drill the 5 holes (approx. 580m.) as soon as possible. Deep overburden is not anticipated at any of these locations. Encouragement in any one hole would likely bring further drilling to the locale, specifically to the structure and/or lithologic contact seen to host the mineralization.