March 31, 2020 – Vancouver, B.C. – Belmont Resources Inc. (TSX-V: BEA), (Frankfurt: L3L2), (the “Company”). As a result of current market conditions the Company is making an application to the TSX Venture Exchange (the “Exchange”) for a waiver to a private placement price as the proposed subscription price is below the minimum allowed, pursuant to the policies.

The Company proposes to proceed with a non brokered private placement (the “Financing”) of up to $180,000 with 6.0 million units to be issued at $0.03.  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.

In addition to relying upon other available prospectus exemptions to effect the Financing, a portion of the private placement may be completed in accordance with the exemption set out in BC Instrument 45-536 (Exemption from prospectus requirement for certain distributions through an investment dealer), (the “Investment Dealer Exemption”).  The Company also confirms there is no material fact or material change related to the Company which has not been generally disclosed.

The Company may pay commissions of 8% to eligible parties in connection with this Financing, payable either in cash and/or in warrants.

The Company intends to use the net proceeds from the Financing for continued exploration on its existing properties in the Greenwood Gold Camp.   This will account for approximately $50,000.

The balance of $130,000 will maintain existing operating expenses as follows:  Regulatory Fees – $10,000; Office Rent & Communication expenses – $25,000; Transfer Agent Fees -5,000; Legal & Accounting – $15,000; Partial loan interest payments – $10,000; Investor & Shareholder Relations including travel & advertising – $10,000; Management Fees – $15,000;  Outstanding Payables  & Unallocated Working Capital -$40,000.

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

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: 604-683-6648

Email: george@belmontresources.com

Website: 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 this 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.