Red Lake Properties

The Red Lake camp is world renowned for its high-grade gold deposits that have produced approximately 20 million ounces since 1930. Most recently, attention has been focused on Gold Corp’s phenomenally successful Red Lake Mine, where a new high-grade deposit had been recently discovered, 48 years after the mine first entered production. The Red Lake Mine is regarded as the richest gold mine in the world with a reserve grade of 2.1 ounces per ton.

Belmont Resources Inc. (TSX-V: BEA) and Montoro Resources Inc. (TSX-V: IMT) have acquired 100% interest in two claim blocks (46 units) in the Red Lake Mining Camp. - Bateman & Shaver Townships.

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Bateman/Shaver Township

This claim block, 30 units (480 ha) is contiguous to the Black Bear Property of MetalCORP Limited. MetalCORP announced the signing of a letter of intent with Goldcorp whereby Goldcorp has the right to earn up to 70% interest in the Black Bear Property by spending $3.6 million in exploration expenditures over 3 years.

The Black Bear Property covers the northeast extension of the East Bay Deformation Zone (EBDZ). The EBDZ extends for several kilometres along a favourable structural zone and consists primarily of ultramafic rocks, similar to those that host the producing Campbell Mine (Placer Dome) and Red Lake Mine (Goldcorp). All major deposits and developed prospects in the Red Lake gold camp are located within these zones of broad deformation and alteration. The EBDZ includes highly deformed and altered ultramafic rocks and hosts the past producing Cochenour Mine (1.25 million ounces Au @ 0.54 ounces/ton) presently held by Goldcorp (TSX-G). Other significant gold zones along this trend include the McMarmac (Goldcorp), Chevron (Goldcorp), Abino (Goldcorp), McFinley (Rubicon TSX-V:RMX), and Sidace (Planet). Wolfden (TSX:WLF) and Placer Dome (TSX:PDG) are also developing the East Bay Zone 3km southwest, while Planet Exploration (TSX-V:PXI) and Goldcorp are exploring a new gold occurrence 4 km north and released the following gold values from drilling: 7.59 grams per ton over 21.4 metres (Source: Planet Exploration news release dated July 22, 2003).

On April 20, 2007 the Companies entered into an option agreement with International Alliance Resources Inc. (“Alliance”) whereby Alliance can acquire a 51% interest in the claims. See news release for further details.

Bateman Township

This southern claim block, 16 units (256 ha) is adjacent to Rubicon/Goldcorp joint venture properties. Upon review of the regional magnetic data Belmont/Montoro have staked an additional 35 units (560 ha) to cover interpreted structural features. These lands adjoin our southern block and fills in a gap with Rubicon/Goldcorp on the west and north sides and brings total land holdings in the Red Lake Camp to 81 units (1296 hectares).