Bellamont Exploration Ltd. Announces Closing of Financing

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A
VIOLATION OF U.S. SECURITIES LAW.


Bellamont Exploration Ltd. ("Bellamont" or the "Corporation") (TSX
VENTURE:BMX.A)(TSX VENTURE:BMX.B) is pleased to announce that it has closed its
previously announced bought deal equity offering. The Corporation issued a total
of 25,000,000 subscription receipts ("Receipts") at a price of $0.80 per Receipt
for gross proceeds of $20,000,000 (the "Offering"). The syndicate of
underwriters was led by FirstEnergy Capital Corp. and included RBC Capital
Markets, GMP Securities L.P., National Bank Financial, Haywood Securities Inc.
and Mackie Research Capital Corporation (collectively, the "Underwriters").


Each Receipt entitles the holder thereof, without payment of any additional
consideration or further action, to receive one Class A share of Bellamont upon
the satisfaction of certain conditions (the "Escrow Release Conditions"), at or
before 5:00 p.m. on April 30, 2010 (the "Termination Time"), including that all
conditions to closing the private company acquisition previously announced by
the Corporation on January 19, 2010 (the "Acquisition") have been satisfied
other than payment of the cash portion of the purchase price and the filing of
the articles of arrangement. 


The gross proceeds from the sale of the Receipts have been deposited in escrow
and will be released to Bellamont upon delivery to the escrow agent of a notice
(the "Closing Notice") by Bellamont and acknowledged by the Underwriters,
indicating that the Escrow Release Conditions have been satisfied. In the event
the Closing Notice is not provided to the escrow agent at or before the
Termination Time, the arrangement agreement in respect of the Acquisition is
terminated at any earlier time, or the Corporation has provided notice to the
Underwriters, or announces to the public that it does not intend to proceed with
the Acquisition, the proceeds from the sale of the Receipts, together with
accrued interest thereon, will be reimbursed to the holders of the Receipts.