MCCALLAN OIL & GAS (UK) LIMITED TO ACQUIRE INTEREST IN REINDEER/WOLLASTON DOMAIN, SASK

Belmont Resources Inc. (TSX.V-BEA) is pleased to announce that they have entered into an option agreement with McCallan Oil & Gas (UK) Limited (“McCallan”) whereby McCallan can acquire a 60% interest in nine (9) contiguous claims, totalling 51,395 ha. owned 100% by Belmont, located in the Wollaston and Peter Lake Domain, Saskatchewan and more commonly known as the Compulsion Bay-Reindeer Lake claims (the “Property”) .

Belmont has received a cash deposit of $25,000 from McCallan as part of the $100,000 cash payment to secure McCallan’s right to earn an interest in the Property. McCallan’s obligation includes $2,000,000 in exploration to be spent on the property over the next three years with a minimum of $300,000 within 8 months of TSX Venture Exchange (the “Exchange”) approval.

McCallan is a private UK company with energy and environmental interests in Poland and Eastern Europe. McCallan holds a 51% interest in two joint operating agreements; one with respect to an oil and natural gas concession and the other with respect to a coalbed methane gas concession.

This agreement continues the Company’s strategy of identifying and entering into development agreements for uranium projects in key uranium districts. The Company currently has two (2) joint venture agreements with public companies; Central Mineral Belt, Labrador Uranium Joint Venture with Crosshair Exploration and Mining (CXX on TSX.V) and Orbit Lake Uranium Joint Venture with Ultra Uranium Corp. (ULU on TSX.V). The agreement with McCallan further enhances the Company’s ability to develop this uranium project through exploration without impacting Belmont’s financial position. It is anticipated that all three joint ventured uranium properties will have exploration activity through the 2007 summer work season.

COMPULSION BAY-REINDEER LAKE (the “Property”)

The Property is located 160 km east-northeast of the Key Lake Mine (the largest uranium-milling operation in the world), 110 km east of McArthur River (457 million lb. U308 deposit-the world’s largest high-grade uranium deposit), and 90 km east southeast of Cigar Lake (232 million lb. U308 deposit).

The area was staked based on strong radiometric anomalies identified in airborne surveys in a joint survey carried out by the Saskatchewan Industry & Resources/Natural Resources Canada (Geophysical Series-64-E Compulsion Bay). The Property straddles along the northeast trending contact between the Wollaston East Domain and the Peter Lake Domain. The Needle Falls Shear Zone follows a northeasterly trend along this contact and through the Property. The geology and structure is similar to that reported on JNR Resources Inc. nearby Yurchison, Way, and Pendleton Lake properties. Since the Company completed this staking in February 2007, the area has seen a significant amount of new staking surrounding and adjacent to the Property.

The Company recently commissioned Raymond A. Bernatchez, P.Eng to write a NI 43-101, Technical Report. Mr. Bernatchez visited the Property from June 7 to 9, 2007. A total of 28 samples from outcrops and float boulders were taken from 8 separate areas of high radiometric anomalies. Hematite alteration is prevalent in many samples. Arkose-sandstone was the prevailing rock type collected with other rock types consisting of felsic intrusive and pelite rocks. Fluorite, an indicator mineral for uranium in pegmatites in this area, was identified in a pegmatite on the west shores of MacKenzie Lake. Bedrock exposures are more abundant in the northern portion of the property. Meta-sediments are much more prevalent than previously mapped. A yellow powdered coating was observed at some sampled locations. It was also observed that many of the float boulders in the areas visited, were generally similar to the rock observed locally in bedrock, thus indicating very local source for the boulders. This was well illustrated on the west shores of MacKenzie Lake. Further evaluation is being conducted to identify a yellow powdered mineral coating noted at some sample sites.

This news release was reviewed and approved for technical disclosure by Raymond A. Bernatchez, P.Eng., Consulting Geologist of Atikokan, Ontario, an independent qualified person.

The Company and McCallan expect to launch its summer exploration program as soon as the technical report is completed and the recommendations are reviewed. The option agreement is subject to acceptance for filing by the TSX Venture Exchange.