VANCOUVER, BC / ACCESSWIRE / April 28, 2020 / Belmont Resources Inc. (TSXV:BEA), (Frankfurt:L3L2), (the "Company"). Further to our news release dated March 31, 2020, the Company announces that it will close the first tranche of its private placement and issue 4,455,500 units at a price of $0.03 for gross proceeds of $133,665. Each unit will comprise of one common share and one transferable share purchase warrant (a "Warrant"). Each whole warrant will permit the holder to acquire one additional common share of the Company at a price of $0.05 for two years from closing.

A finder's fee of $3,120 cash and 104,000 warrants to PI Financial have agreed to be paid/issued.

The use of proceeds will be for continued exploration on its existing properties in the Greenwood Gold Camp. This will account for approximately $30,000. The balance of $103,665 will maintain existing operating expenses as follows: Regulatory Fees - $5,000; Office Rent & Communication expenses - $15,000; Transfer Agent Fees -5,000; Legal & Accounting - $15,000; Partial loan interest payments - $6,000; Investor & Shareholder Relations including travel & advertising - $6,000; Management Fees - $10,000; Finder's fees $3,100; Outstanding Payables & Unallocated Working Capital -$38,565.

While the Company intends to spend the proceeds from the Financing as stated above, there may be circumstances where, for sound business reasons, funds may be reallocated at the discretion of the Board.

Insider's of the Company participated in this first tranche as to 900,000 units -$27,000 constituting a related party transaction pursuant to TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 - Protection of Minority Security Holdings in Special Transactions ("MI 61-101"). The Company relied on Section 5.S(a) of MI 61-101 for an exemption from the formal valuation requirement and Section 5.7 (1)(a) of MI 61-101 for an exemption from minority shareholder approval requirement as the fair market value of the transacton insofar as the transaction involved interested parties did not exceed 25% of the Company's market capitalization.

All securities issued under this private placement, and the shares that may be issuable on the exercise of the warrants, are subject to a statutory hold period expiring four months and one day from issuance. The closing of the Private Placement Financing, including the issuance of the securities and the finder's fees are subject to Exchange approval.

About Belmont Resources Inc.

Belmont Resources Inc. is a Canadian based resource company traded on the TSX-V under the symbol "BEA". The Company is systematically exploring and acquiring gold properties in Southern British Columbia and Northern Washington State.

ON BEHALF OF THE BOARD OF DIRECTORS

"George Sookochoff"

George Sookochoff, CEO/President

Ph: 604-683-6648Email: george@belmontresources.comWebsite: www.BelmontResources.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

This Press Release may contain forward-looking statements that may involve a number of risks and uncertainties, based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of exploration and other risk factors beyond its control. Forward looking statements in this news release include statements about the possible raising of capital and exploration of our properties. Actual events or results could differ materially from the Companies forward-looking statements and expectations. These risks and uncertainties include, among other things, that we may not be able to obtain regulatory approval; that we may not be able to raise funds required, that conditions to closing may not be fulfilled and we may not be able to organize and carry out an exploration program in 2020, and other risks associated with being a mineral exploration and development company. These forward-looking statements are made as of the date of thi s news release and, except as required by applicable laws, the Company assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements.

SOURCE: Belmont Resources Inc.