BELMONT CLOSES 3 MILLION UNITS PRIVATE PLACEMENT AT $0.10 PER UNIT

Further to the Company news release dated February 9/06 and TSX Venture Exchange approval notices of April 4 & 7/06, the non-brokered private placement has now been completed for a total of 3 million units at a price of $0.10 per unit for total proceeds of $300,000. Each unit is comprised of one common share and one share purchase warrant. The private placement closed in two tranches - 2 million units on April 4/06 and 1 million units on April 7/06. The warrants are exercisable at a price of $0.15 if exercised in the first year and $0.20 if exercised in the second year.

All common shares issued under the private placement together with any common shares issuable on the exercise of the share purchase warrants have a hold period expiring August 5, 2006 (regarding the 2,000,000 units) and August 8, 2006 (regarding the 1,000,000 units).

As previously announced, the proceeds from the placement will be used for exploration on the gold prospects in the Red Lake Camp – Ontario, and working capital.