BELMONT CLOSES 6.8 MILLION UNITS PRIVATE PLACEMENT AT $0.125 PER UNIT

Further to the Company news release dated November 6, 8 and 13/06 and TSX Venture Exchange approval notice of December 18/06, the non-brokered private placement has now been completed for a total of 6.8 million units at a price of $0.125 per unit for total proceeds of $850,000. Each unit is comprised of one common share and one share purchase warrant. The warrants are exercisable at a price of $0.175 if exercised in the first year and $0.25 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, as well as finders fee share/warrants have a hold period expiring April 19, 2007.

As previously announced, the proceeds from the placement will be used for exploration on the Uranium prospects in the Athabasca Basin (Saskatchewan),Central Mineral Belt Uranium District (Labrador), further acquisitions and working capital.