BELMONT CLOSES 2.49 MILLION UNITS PRIVATE PLACEMENT AT $0.30 PER UNIT

Further to the Company news release dated March 27 & 28, 2007 and TSX Venture Exchange approval notice of April 23, 2007, the first tranche of the non-brokered private placement has now been completed for a total of 2.49 million units at a price of $0.30 per unit for total proceeds of $747,000 to 20 placees. Each unit is comprised of one common share and one share purchase warrant. The warrants are exercisable at a price of $0.40 if exercised in the first year and $0.60 if exercised in the second year, as well as an accelerated warrant exercise clause should the Company’s shares trade at or above $0.70 per share for ten consecutive trading days.

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 August 24, 2007.

As the Company is sufficiently financed to undertake its budgeted uranium exploration programs for the next couple years and expect to receive further financing through the exercise of warrants at $0.175 /$0.25 & $0.40, which would generate an additional $2.4 million, the Company is closing the March 27 & 28, 2007 financing and will not be accepting any further subscriptions in that regards.

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