BELMONT CLOSES FURTHER ONE MILLION UNITS PRIVATE PLACEMENT AT $0.15 PER UNIT

Further to the Company news release dated March 9/06 and TSX Venture Exchange approval notice of April 11/06, the non-brokered private placement has now been completed for a total of 1 million units at a price of $0.15 per unit for total proceeds of $100,000. Each unit is comprised of one common share and one share purchase warrant. The warrants are exercisable at a price of $0.20 if exercised in the first year and $0.25 if exercised in the second year. Finders fees totalling $9,600 were paid on this transaction.

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 12, 2006.

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