News Release Archive (2001 - 2000)

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July 18, 2001

Canadian Venture Exchange accepted for filing...

July 17, 2001

Shareholders Approved Sale of Rozmin

May 16, 2001

Belmont Sale of 57% Interest in Rozmin s.r.o. - Update

April 24, 2001

Belmont finalizes agreements on Sale of 57% Interest in Rozmin s.r.o. - Talc Deposit

February 14, 2001

EuroGas to acquire 57% interest in Gemerska Poloma Talc Deposit

January 10, 2001

Belmont grants EuroGas, Inc. right to finance Talc Project

November 22, 2000

Ungava summer program completed
Montoro news release regarding Belmont

October 24, 2000

Talc Project Update - Slovak Republic

September 25, 2000

Field work commenced on Ungava
Montoro news release regarding Belmont

August 30, 2000

Talc Project Update - Slovak Republic

July 18, 2000

Repurchase of Kralovsky Chlmec

June 29, 2000

Slovak Republic Talc Project Update

June 28, 2000

Ungava Property Agreement Completed

April 24, 2000

Belmont completes acquisition of major talc mineral deposit

March 1, 2000

Belmont acquires interest in Rozmin s.r.o.

February 24, 2000

Belmont and Montoro to commence Ruza Exploration

February 8, 2000

Letter of Intent

January 31, 2000

Private Placement

January 6, 2000

Belmont acquires 50% interest in Ungava

July 18, 2001

Belmont to sell its Rozmin interest to EuroGas

The Canadian Venture Exchange has accepted for filing a share purchase agreement dated March 27, 2001, among Belmont Resources Inc. (the "Company") Rozmin s.r.o. ("Rozmin") and EuroGas, Inc. (OTC Bulletin Board; EUGS) whereby the Company can sell all of its 57-per-cent interest in Rozmin to EuroGas. Rozmin is the owner and operator of the Gemerska Poloma talc deposit located in Slovakia. Consideration consists of 12 million shares of EuroGas and payment of a $100,000 (U.S.) non-refundable deposit which is an advance on royalties (payable to the Company) pursuant to Rozmin's payment of a continuing royalty of 2 per cent of the gross sale price of each ton of talc sold.

EuroGas has the right to buy back any unsold consideration shares to a maximum of six million shares at $2 (U.S.) per share within one year of the execution date of the agreement.

The value represented by the consideration shares of EuroGas shall be guaranteed by EuroGas such that:
if the weighed average trading price of the shares is less than 30 U.S. cents for any 10 trading day period within one year of the agreement, then EuroGas will issue additional shares to the Company equal to one million multiplied by (30 U.S. cents -- (10-day average trading price)); and in the event the Company is unable to recover 125 per cent of its initial investment in Rozmin from the sale of the consideration shares (equal to $3-million) within one year of the execution date of the agreement then EuroGas shall, within 10 business days of a written request by the Company, issue additional shares to compensate for any shortfall.

EuroGas agrees to arrange the necessary financing to place the Gemerska Poloma talc deposit into commercial production within one year from the date of the agreement, otherwise EuroGas will pay the Company an advance royalty of $10,000 (U.S.) per month for each month of delay in achieving commercial production.

The disposition is the subject of a fairness opinion dated April 20, 2001, prepared by B.J. Price Geological Consultants Inc. and Ross Glanville and Associates Ltd.

Shareholders of the Company approved the disposition by way of special resolution at the annual general meeting held on July 16, 2001.

July 17, 2001

Belmont holds AGM - Approval of Rozmin s.r.o. Slovakia

The Annual General Meeting of Belmont was held in Vancouver, B.C. on July 16, 2001. Six directors were re-elected including Vojtech Agyagos, Gary Musil, Kenneth B. Liebscher, Peter E. Serck, Peter John and Jake Bottay.

The Special Resolution for the sale by Belmont of its 57% equity interest in Rozmin s.r.o. to EuroGas, Inc. on the terms and conditions described in the information circular was duly passed by the shareholders of the Company.

All other resolutions proposed to the shareholders were also approved

May 16, 2001

Belmont Sale of 57% Interest in Rozmin s.r.o. - Update

Further to our news release of April 24, 2001 Belmont Resources Inc. ("Belmont") wishes to advise that the Canadian Venture Exchange ("CDNX") has conditionally accepted the sale of Belmont's 57% interest in Rozmin s.r.o. to EuroGas, Inc., a United States public company (OTC - Bulletin Board "EUGS"). Rozmin s.r.o. is the owner of the talc deposit located at Gemerska Poloma in the Slovak Republic.

Under the terms of the sale agreement Mr. Vojtech Agyagos a Managing Director of Rozmin s.r.o. and President of Belmont Resources Inc. will be joining the Board of Directors of EuroGas, Inc. to oversee the transfer of ownership and liaison with the Slovakian partners.

April 24, 2001

Belmont finalizes agreements on Sale of 57% Interest in Rozmin s.r.o. - Talc Deposit

Further to our news release of February 14, 2001 Belmont Resources Inc. ("Belmont") announces that it has received final signed agreements with EuroGas, Inc. ("EuroGas").

EuroGas agrees to acquire Belmont's 57% shareholding interest in Rozmin s.r.o. ("Rozmin") the owner and operator of the Gemerska Poloma talc deposit in exchange for the following: (1) EuroGas will issue to Belmont 12 million common shares (with U.S.A. registration rights attached); and (2) EuroGas will pay to Belmont a US $100,000 non-refundable advance royalty; and (3) EuroGas/Rozmin will pay to Belmont a royalty of 2% of the sale price on each sold ton of talc and other terms and conditions more specifically described in the agreement.

An independent Fairness Opinion is being completed regarding this transaction and shareholders will be asked to approve this transaction at the upcoming General Meeting. Notice and dates of the General Meeting will be announced soon.

The agreement is also subject to regulatory approval.

February 14, 2001

EuroGas to acquire 57% interest in Gemerska Poloma Talc Deposit

Belmont Resources Inc. ("Belmont") announces that it has entered into an agreement with EuroGas, Inc. ("EuroGas") whereby EuroGas offers to acquire Belmont's 57% shareholding interest in Rozmin s.r.o. ("Rozmin") the owner and operator of the Gemerska Poloma talc deposit in exchange for the following: (1) EuroGas will issue to Belmont 12 million common shares (with registration rights attached); and (2) EuroGas will pay to Belmont a royalty of 2% of the sale price on each sold ton of talc and other terms and conditions which will be described in a formal agreement.

EuroGas controls the remaining interest in Rozmin through its 55% interest in Rima Muran s.r.o., which in turn owns the 43% shareholding interest in Rozmin.

It is expected that the proposed sale will realize a + 300% return on our investment. In April 2000 Belmont announced completion of purchase of the 57% interest in Rozmin s.r.o. through cash payments of $2.16 million Cdn. Between August and December 2000 construction of the mine surface facilities, site preparation, powerline rehabilitation, etc. were completed and an additional investment of approximately $160,000 was made. A contract bid of 71,500,000 SK ($2.4 million Cdn) was awarded to complete the surface facilities and construct a 1300 metre long decline tunnel to the orebody. Belmont was incurring difficulty in arranging this financing and in January 2001 agreed to grant EuroGas the right to arrange the necessary financing. EuroGas has been able to secure the financing, however cannot finalize this arrangement without control of this project.

Belmont will use a portion of the proceeds from this sale to begin exploration on its 849.7 Km2 (209,950 acre) oil and gas concession area in Eastern Slovak Republic, as well as review other gas proposals.

The EuroGas agreement is subject to regulatory and shareholder approval.

January 10, 2001

Belmont Resources Inc. announces that it has entered into an agreement with EuroGas, Inc. that gives EuroGas the right of first refusal to arrange the financing necessary to accelerate placing the Gemerska talc deposit into production. Construction of mine facilities began in August 2000. Details of the project can be found at www.rozmin.sk.

Under the terms of the agreement, Belmont grants EuroGas the exclusive right of first refusal, until April 30, 2001, to obtain production financing on suitable terms or to match any offer that Belmont may receive for its interest in the deposit. In consideration of this grant of right of first refusal, EuroGas has agreed, subject to regulatory approval, to lower the price on the 2.5 million outstanding EuroGas warrants held by Belmont from the current price of $0.82 to $0.40.

Talc can be classified as one of the more valuable industrial minerals. Its use as an industrial material is on the rise: as a filler in plastics for the automobile industry, in paper production and in the production of paints and lacquers. Its consumption within the European Union currently lies at approximately 1.2 million tons annually.

As consumption increases, so do the prices. The world's leading talc producer, Luzenac Group, has announced price increases of 5 - 8% as of January 2001 in Europe and North American. Reports from Japan consumers also indicate that Chinese talc producers in Guangxi Province are boosting prices by $2.00/tonne in light of strong demand and falling output. This is on top of a $4.00/tonne increase implemented in the summer. Falling reserves at several deposits in Guangxi, coupled with strong demand from the plastics industry, are combining to push prices upwards.

The Gemerska Poloma Talc Deposit is considered to be one of the richest talc deposits in the world. The deposit, according to the Ministry of Environment of the Slovak Republic, contains 146.6 million tons of high purity talc reserves. A comprehensive feasibility study of the Gemerska Talc Deposit project has been completed.

November 22, 2000

Montoro has completed the initial summer field program on its Nunavik (Ungava), Northern Quebec property.

The program was carried out on an exploration cost-sharing basis with Belmont Resources Inc. ("BEO"). The initial program consisted of helicopter-supported reconnaissance geological mapping, Beep-Mat geophysical prospecting, airborne magnetometer interpretation and sampling to follow up on targets identified from air photo's, enhanced images and regional airborne surveys. A total of 47 samples were collected and analyzed for gold, platinum, palladium, nickel & copper content. Anomalous values were not returned from the prospecting samples. The exploration located the pyroxenite sill that was targeted and a few others as well that were not known from earlier mapping. The Company is awaiting the final results of a remote sensing-satellite interpretation to help determine exploration priorities for the 2001 season on this property.

The Company is currently reviewing for option other prospects in the immediate area. One prospect under review is adjacent to the boundaries of Falconbridge's "Raglan" producing nickel, copper, and PGE properties.

October 24, 2000

Talc Project Update - Slovak Republic

Further to our news release of August 30, 2000 the Company is pleased to report the following progress from its subsidiary Rozmin s.r.o.:

The mine access portal site and woodland clearing for the waste disposal area has now been completed. The service of electrical equipment, transformers and powerline rehabilitation to the site has also been done. Work at the site has started with the installation of mobile buildings for equipment storage, mine dry and offices. Foundations for workshops, compressor and electrical generator stations are also underway. Paving of the roadway and construction area and installing culverts for control of the stream nearby is nearly complete. The driving of the ramp and respective decline is foreseen to begin in mid November.

Other: The Company is negotiating for a capital financing of approximately $1.5 million and expects to announce an agreement soon.

September 25, 2000 

Montoro Resources Inc. and its 50% partner Belmont Resources Inc. (“BEO”) is pleased to announce that field work has commenced on their Nunavik (Ungava), Quebec Project. A crew of 5 is now in place staging out of Kangirsujuaq (Wakeham Bay), Quebec. The property is located approximately 5-km south of a series of Ni-Cu-PGM deposits collectively referred to as the “Raglan Camp”.

The Company will be conducting a program consisting of helicopter-supported reconnaissance geological mapping, prospecting, and sampling to follow up on targets identified from air photo’s, enhanced images, and regional airborne surveys. Historical work (1957: Bagnal, F. - GM #10204; 1962: Gold, D.P. - R.P. #470) indicated that ultramafic sills occur within the property and host a Ni-Cu occurrence in the south central part of the permit.

The presence of Ni-bearing mineralization, potentially consistent with remobilization from primary magmatic sources, together with the kilometric scale of the ultramafic bodies are considered favourable geological conditions. The current program will examine selected structural targets, lineaments, ridges, and outcrop areas identified in the image analysis in addition to the historical mineral showing. Samples will be analyzed for PGM’s as well as nickel and copper.

The Company is also pleased to announce it has been awarded a Mineral Exploration Assistance Grant from the Quebec Ministere des Ressources Naturelles in the amount of $73,250. This amount is approximately 50% of the total cost of the current program.

August 30, 2000

Talc Project Update - Slovak Republic

Further to our news release of June 29, 2000 the Company is pleased to report the following progress from its subsidiary Rozmin s.r.o.:

The mine access portal site and woodland clearing for the waste disposal area should be completed by the State forestry department early next week. The underbrush clearing of the power line is finished and a request to the State electric company for reconnection has been submitted. Rozmin received seven bids from Slovakian mining contractors for the mine decline and additional workings at the surface. The elimination and short listing has been completed and two contractors have been recommended. The contract bid of 71,500,000 SK ($2.4 million Cdn.) has been approved and work in expected to commence in September. Further information on the project can be reviewed through out subsidiary website at www.rozmin.sk

Word of the project is spreading throughout Europe and the Bureau of Mines of Slovak Republic is the latest to give full support to the project. The most important economic journal of Slovakia ‘Hospodarske Noviny’ gave the project a front page headline and write up on August 14th. In addition a request for project details has been received from Industrial Minerals magazine in the United Kingdom. A Company representative has also been invited by the Canadian Federal Minister for International Trade to join a trade mission to Hungary, Slovak and Czech Republics in mid September. This mission will provide the Company with the opportunity to strengthen relationships with the European governing bodies and enhance our overall visibility in the Central European market.

July 18, 2000

Belmont announces that is has entered into an agreement with EuroGas, Inc. (OTC-BB-EUGS) to repurchase the 90% interest in Maseva Gas s.r.o. (“Maseva”). Maseva controls the 209,950-acre Kralovsky Chlmec oil and gas concession area in eastern Slovakia. The concession is adjacent to the Trebisov area where five commercially viable wells were drilled in 1996/97. Belmont is now inviting joint venture partners to participate in the exploration/development of this concession. In exchange for the 90% interest, Belmont agrees to advance EuroGas’ portion of the cost of placing the Gemerska Poloma talc deposit into production. Belmont owns a 57% interest and EuroGas controls the balance in the operating company which owns the deposit.

As further consideration EuroGas, Inc. also agrees to re-price and amend the terms of the warrant granted by EuroGas to Belmont. The 2.5 million warrants shall be amended such that the warrant shall have an expiry date of June 14, 2002 and the exercise price reduced from $2.50 to $0.82 USD per share.

June 29, 2000

Slovak Republic Talc Project Update

Gary Musil reports that an onsite visit by Mr. James J. McDougall, P.Eng of Vancouver, B.C. to the Gemerska Poloma talc deposit in Slovakia produced the following report:

‘The deposit through which a number of large diameter drill holes have been completed since the early 1990’s has been very well documented with quality engineering and geology. The studies appear to be of very high quality particularly with respect to both the use of ‘3D’ computerized geometry and extensive sampling/metallurgical testing of very large core samples of material (talc, and the bounding magnesite).

The unusually high grade and size of the deposit will allow selective mining based on current prices of the product. I consider the overall project a very worthwhile endeavour and Belmont should proceed with advancing the mine plan as soon as possible to get this property into production.’

Tender documents are being prepared for the main decline work to the western part of the orebody. The 4.5 x 4 metre size decline at 12% grade will total approx. 1400 metres in length and is expected to begin within two months. Other work to begin immediately will be the portal site clearance and clearing of underbrush along the existing powerline. The Company is very fortunate to have a 20,000 volt powerline in place right up to the portal site. The powerline was built by the state mining company who were originally exploring (using electric drills) the talc deposit in the early 1990’s.

Other:

The Company is also very pleased to announce that they have signed a Letter of Intent with Gebruder Dorfner GmbH & Co. regarding the future sale and marketing of the talc industrial mineral. This is a significant step in this very lucrative market. The Dorfner Group has developed over the past one hundred years, production of talc, kaolin, quartz and feldspar. They now process and market over 240 industrial minerals and other products throughout 38 countries.

A Dorfner subsidiary, Kaolin-und Quartzsand-Werke KG has been actively providing, processing and marketing talc for the paper, paint and lacquer industries, and for its use in special applications; hence the company possesses valuable know-how and international business connections in this field. The distribution company confers the exclusive distribution rights for the paper - and rotogravure industry and for the sector paints and lacquers to Gebruder Dorfner for Germany, Austria, Switzerland and the Benelux Countries.

June 28, 2000

UNGAVA PROPERTY AGREEMENT COMPLETED

Further to the News Release dated February 16, 2000 announcing the acceptance for filing an option assignment agreement dated January 4, 2000 between the Company and Montoro Resources Inc. (“MNQ”) the Company has issued the 50,000 shares to MNQ as required in the agreement. This completes the cash and share consideration for the property acquisition. The shares did not have a hold period as they were issued four months after CDNX approval and the Company is a qualified issuer in accordance with BOR #98/7.

April 24, 2000

BELMONT COMPLETES ACQUISITION OF MAJOR TALC MINERAL DEPOSIT

Further to our News Release of March 1, 2000 we are pleased to announce that we have completed the purchase of a major industrial mineral deposit in the Slovak Republic by way of cash payments of 2.85 million DEM (German marks), approximately $2.06 million Cdn. for a 57% interest of Rozmin s.r.o. with EuroGas, Inc. of New York, NY controlling the balance. Rozmin s.r.o. is a private Slovak mining company which controls the massive Gemerska Poloma talc deposit with an estimated 150 million ton carbonate reserve in eastern Slovakia. The talc deposit Gemerska Poloma, named after the village where it was discovered in Eastern Slovakia, is one of the largest talc deposits worldwide. The carbonate type deposit and resulting purity of the valuable mineral enhances the efficiency of the benefication process and allows a higher purity to be attained in the final project.

The proven configuration of the mineralized ore body extends in an East-West direction over 1,000 metres and North-South about 800 metres, with a thickness of approx. 400 metres. The deposit averages around 200 metres in depth. In consideration of the spatial dimensions and the average carbonate/talc ratio of 4:1 this deposit can be classified as massive.

Talc is one of the most valuable industrial minerals. It is widely used in industry as a filler in plastics for the automobile industry, in paper production and in the production of paints and lacquers as well as in the cosmetic and pharmaceutical industry.

This project is positively received and supported by the regional government agencies and political representatives alike, with the project boosting the local economy and providing employment for local residents. The Company will now begin review of the development plans in place and proceed with the first stage of mine development in the western part of the orebody within the next 6 weeks.

Further to our News Release of January 31, 2000 the Company has decided not to proceed with the 3,000,000 unit at $0.32 private placement at this time since the Company was able to complete the purchase interest in Rozmin from internal sources.

March 1, 2000

Belmont acquires interest in Rozmin s.r.o.

Pursuant to our February 8th news release announcing a Letter of Intent, the Company wishes to announce that it has now signed an agreement with Dorfner Firmengruppe (32.5%) and OSTU Industriemineral a division of Thyssen Schachtbau GMBH (24.5%) of Germany to acquire 57% of Rozmin s.r.o. of the Slovak Republic. The balance of 43% ownership in Rozmin is held by Rima Muran s.r.o., a subsidiary of EuroGas Inc. Rozmin s.r.o. a private Slovak mining company controls the massive Gemerska Poloma talc deposit with an estimated 150 million ton talc carbonate reserve in Eastern Slovak Republic. This talc deposit ranks as one of the largest in the world. The acquisition price will be 2.85 million DEM (German marks), approximately $2.14 million Cdn.

An evaluation and analysis of the feasibility study completed by Hansa GeoMin Consult of Germany indicated that the European market requires over 1.2 million tons of talc per year to supply the paper, plastics and paint industries. With the estimated 30 million tons of contained talc at an average selling price of 500 DEM/ton ($375 Cdn. per ton) the value is significant. The Company intends to proceed with the first stage of mine development in the western part of the orebody with 5.9 million tons of mineralized talc rock containing 1.6 million tons of talc. Based on the high-grade reserves at a cut-off grade of 40%, the mine layout is designed for a yearly capacity of 130,000 tpy.

Upon completion of CDNX regulatory approval the Company intends to proceed immediately with the first stage of mine development.

February 24, 2000

Belmont and Montoro to commence Ruza Exploration

Belmont Resources Inc. (CDNX-BEO) and Montoro Resources Inc. ("CDNX-MNQ") announce that they are about to begin the airborne geophysics in Quebec on the Ruza property, located within 5 Km of Falconbridge's Raglan Mine. In December 1997, Falconbridge commenced commercial production at the Raglan Mine at capital cost of CDN $580 million. The Raglan Camp is one of the top-ten nickel sulphide camps worldwide.

The first phase of exploration will consist of approximately 300 Km of helicopter-borne electromagnetic and magnetic surveying. Survey time should take less than one week, and preliminary maps are expected soon after. This will help outline the ultramafic bodies, trace both regional and local structures and identify areas for more detailed ground-base work.

The property is adjacent to a series of well known Cu-Ni-Platinum Group Elements ("PGE") deposits of the "Raglan Camp", host to Falconbridge's Donaldson (3,510,000 tons @ 3.75% Ni, 0.83% Cu, 6.6 g/t PGE), Katinik (8,970,000 tons @ 3.06% Ni, 0.89% Cu), Zone 2 (2,650,000 tons @ 2.62% Ni, 0.84% Cu) and Cross Lake Deposit (2,000,000 tons @ 2.06% Ni, 1.05% Cu, 5.95 g/t PGE) (Falconbridge, PDA, March 1998) as well as Novawest's new discovery (values up to 3.83% Cu, 9.3 g/t Pt, 7.46 g/t Pd, 3.39 g/t Au, 10.6 g/t Ag). The Katinik Deposit is located 3km northwest of Montoro's Permit. The Raglan Camp is one of the top ten nickel sulphide camps worldwide. Production began in December 1997 at a capital cost exceeding $550 million CDN.

In the summer of 1999 another significant company has also joined in the continued exploration in the Raglan area. The Hunter Dickinson Group has agreed to fund over 3 years up to $7.5 million of exploration activity on Dumont's (CDNX - DNI) 100% - owned 178 square Km. Raglan properties which are located immediately east and west of the high-grade Donaldson deposit.

February 8, 2000

Letter of Intent

The Company is pleased to announce that it has entered into a Letter of Intent to acquire 57% of the shares of a private Slovak Republic company whose principal asset is a world-class industrial mineral deposit.

Further details on the size and grade of the deposit are forthcoming and terms of the acquisition will be released upon execution and delivery of the purchase Agreement, subject to regulatory approvals.

January 31, 2000

Private Placement

The Company is pleased to announce it has arranged a non-brokered private placement of 3,000,000 units at $0.32 for $960,000. One unit will consist of one share and one warrant to purchase an additional share at $0.32 in the first year and $0.37 in the second year.

The funds will be used for further resource acquisitions currently being reviewed.

Other:
Further to the news release of December 16, 1999 whereby the Company announced it has entered into as Initial Agreement with McCallan, a wholly owned subsidiary of Sierra International Group, Inc. the Company announces that the parties have agreed to extend the time for completion of a Farmout Agreement from January 31 to March 15, 2000.

January 6, 2000

Belmont acquires 50% interest in Ungava

Belmont Resources Inc. is pleased to announce that it has entered into an agreement with Montoro Resources Inc. (CDNX-MNQ), whereby Belmont will acquire a 50 percent interest in a property located in the Ungava Area, Quebec. Montoro holds an exploration permit in the Ungava region of Quebec recorded at the Ministère de l'Energie et des ressources du Québec as P.E.M. 1388.

Terms of the agreement with Montoro include cash payments of $55,000 and 50,000 shares of Belmont stock subject to regulatory approval. In addition, Montoro and Belmont plan a preliminary program for the 2000 field season. The proposed work includes a detailed assessment of the ultramafic rocks in the southern part of the Permit and regional mapping of the remainder of the property, particularly near the old showings and the possible extension of Novawest's shear zone.

The Montoro property is adjacent to a series of well known Cu-Ni-Platinum Group Elements ("PGE") deposits of the "Raglan Camp", host to Falconbridge's Donaldson (3,510,000 tons @ 3.75% Ni, 0.83% Cu, 6.6 g/t PGE), Katinik (8,970,000 tons @ 3.06% Ni, 0.89% Cu), Zone 2 (2,650,000 tons @ 2.62% Ni, 0.84% Cu) and Cross Lake Deposit (2,000,000 tons @ 2.06% Ni, 1.05% Cu, 5.95 g/t PGE) (Falconbridge, PDA, March 1998) as well as Novawest's new discovery (values up to 3.83% Cu, 9.3 g/t Pt, 7.46 g/t Pd, 3.39 g/t Au, 10.6 g/t Ag). The Katinik Deposit is located 3km northwest of Montoro's Permit. The Raglan Camp is one of the top ten nickel sulphide camps worldwide. Production began in December 1997 at a capital cost exceeding $550 million CDN.

The Montoro Property is located within the Ungava Trough consisting of a series of folded volcano sedimentary and plutonic rocks divided into two lithostratigraphic domains. The Permit is immediately east of Novawest’s Scoop Property, which has been mapped in 1997 and 1998. Novawest uncovered a strongly altered (chlorite-ankerite) shear zone near the northeastern part of their property.

In the summer of 1999 another significant company has also joined in the continued exploration in the Raglan area. The Hunter Dickinson Group has agreed to fund over 3 years up to $7.5 million of exploration activity on Dumont’s (CDNX – DNI) 100% - owned 178 square Km. Raglan properties which are located immediately east and west of the high-grade Donaldson deposit.

Belmont is an International Resource Company that controls a gold/antimony property and has a working interest with EuroGas, Inc. on an oil/gas concession in the Slovak Republic. Belmont also has a 1,072-hectare – 4.14 sq. mile nickel/cobalt property in the Lac Rocher, Quebec area. Belmont is currently reviewing an oil prospect in Texas and a platinum property in British Columbia.

For a discussion of the contingencies and uncertainties to which information respecting future events is subject, see Belmont’s 1999 annual report on Form 20F and other SEC reports.