$1.2 MILLION PRIVATE PLACEMENT PROCEEDING

Belmont Resources Inc. has arranged a non-brokered private placement to raise up to $1.2-million by the sale of four million non-flow-through units at 30 cents per unit. Each unit will consist of one common share and one full warrant entitling the holder to purchase one additional non-flow-through common share of the company at a price of 40 cents per share in the first year and 60 cents per share in the second year. Where applicable, a finder's fee in cash or units of the company may be payable in connection with this financing, in accordance with the policies of the TSX Venture Exchange. The company intends to use the proceeds of the private placement for general working capital, and continued exploration on its Saskatchewan and Labrador uranium properties.

All of the above is subject to TSX Venture Exchange acceptance.