Belmont & Dorex Drilling at Bufo Lake Discovers New Gold Zone

Belmont Resources Inc. (TSX VENTURE:BEA)(PINK SHEETS:BEAAF)(FRANKFURT:L3L) (the
"Company") with Dorex Minerals Inc. (TSX VENTURE:DOX) or ("Dorex") is pleased to
announce that the 3-Hole drill program at the north end of Bufo Lake in the
western portion of the Lumby/Bufo Property has met expectations with the
discovery of a new east-west striking gold zone. An 800 meter long VLF EM and
Max Mix conductive zone was tested with 3 drill holes for a strike length of 250
meters with Holes BB-10-6, BB-10-07 and BB-10-8. All 3 holes tested an area
under the lake. Each of these three drill holes intersected several wide zones
of iron-carbonate, sericite, silicification and chlorite alteration containing
quartz, quartz-calcite veining mineralized with pyrite, chalcopyrite, pyrrhotite
and minor sphalerite.


Holes BB-10-6 was drilled to a depth of 269 meters, intersected several zones of
ankerite, sericite alteration mineralized with pyrite, pyrrhotite with minor
chalcopyrite and pyrite. Samples from this hole returned trace amount of gold.
However, a 28.4 meters section starting from 141.0 meters, assay 2.18 g/t
silver. Anomalous values of copper up to 293 ppm, nickel up to 153 ppm and zinc
up to 272 ppm were obtained from this hole. A total of 116 core samples were
taken from this hole.


Holes BB-10-7 was drilled to a depth of 446 meters and 100 meters east of
BB-10-6. The hole encountered numerous zones of ankerite, sericite and calcite
alteration, quartz and quartz-calcite veining mineralized with pyrite,
pyrrhotite, chalcopyrite and minor sphalerite. The collar of Holes BB- 10-7 was
located 100 meters east of BB-10-6. A total of 158 core samples were taken from
this hole. Several zones of anomalous gold values were obtained throughout this
hole. The higher values are tabulated below.




----------------------------------------------------------------------------
Sample #                  From (m)  To (m)  Interval (m)  Au - g/t  Ag - g/t
----------------------------------------------------------------------------
998807                       33.4    34.9           1.5       0.03      2.17
----------------------------------------------------------------------------
998895                      166.4   167.7           1.3       0.06      2.16
----------------------------------------------------------------------------
998938                      224.8   226.1           1.3       0.06      1.61
----------------------------------------------------------------------------
998939                      226.1   227.1           1.0       0.72      1.06
----------------------------------------------------------------------------
Cumulative Silver                                                           
Sections                                                                    
----------------------------------------------------------------------------
998902 to 998924            174.9   207.4          32.5          -       1.9
----------------------------------------------------------------------------
998934 to 998950            218.9   258.0          39.1          -      1.96
----------------------------------------------------------------------------



A third drill hole, BB-10-8 was collared 150 meters east of BB-10-7 and drilled
to a depth of 227 meters. This zone also intersected similar style alteration
and mineralization to that was intersected in holes BB-10-6 and BB-10-7. A total
of 58 samples were taken from this drill hole. The assays from this drill hole
returned higher gold values than the previous 2 drill holes. The assays are
tabulated as follows:




----------------------------------------------------------------------------
Sample #                      From      To      Interval  Au - g/t  Ag - g/t
----------------------------------------------------------------------------
92003                        125.0   126.2           1.2      0.26      1.26
----------------------------------------------------------------------------
92033                        211.7   213.1           1.4      0.12      1.43
----------------------------------------------------------------------------
92034                        213.1   214.6           1.5       0.3      1.03
----------------------------------------------------------------------------
Cumulative                                                                  
Silver Section                                                              
----------------------------------------------------------------------------
92028 to 92035               204.4   216.3          11.9         -      1.28
----------------------------------------------------------------------------



A total of 332 samples were taken from the above three drill holes totaling
497.5 meters of core sampling.


The Company is still awaiting and summarizing assays from holes BB-10-9 and
BB-10-10. Holes BB-10-9 and BB-10-10 intersected alteration with mineralized
quartz and quartz-calcite veining with similar sulphide mineralization to that
intersected in Holes BB-10-2 with two sections containing 17.9 g/t and 6.4 g/t
gold and BB-10-3 with two sections containing 1.7 g/t and 2.4 g/t gold drilled
in the spring of 2010 in the south portion of Bufo Lake.


The drill moved to the high grade silver-base metal showing located at the east
end of Lumby Lake. Two holes, BB-10-11 drilled to a depth-333 meters and
BB-10-12 drilled to a depth of 203 meters were collared 50 meters east and west
and 50 meters north of the high grade silver-base metal showing located near the
east end of Lumby Lake. These drill holes intersected 170 m+ and 150 m+ wide
respectively of sulphide bearing felsic volcaniclastic and tuffaceous rocks
consisting of sphalerite, galena, acanthite, pyrite, chalcopyrite and bornite.
Each hole contains an upper sphalerite and a lower chalcopyrite rich zone of
mineralization. Logging and core sampling from Holes BB-10-11 and BB-10-12
drilled between Lumby and Herontrack Lake is still on-going.


Narrow ultramafic dykes, 2+ metres wide were intersected and are mineralized
with disseminated and net-textured sulphides. A narrow 0.4 meter wide section of
net-textures sulphides consisting of pyrrhotite and chalcopyrite in gabbro was
intersected in Holes BB-10-11 at a depth of 287 meters. Previous work by
Atikokan Resources Inc has confirmed that these gabbro rocks contain values in
gold, silver, copper, nickel, palladium and platinum.


The amount drilled up to Holes BB-10-12 totals 2,006 meters of the 2450 meter
program.


All samples are taken to the Accurassay Labs in Thunder Bay for analysis. All
samples are being analyzed for Au via fire assay + AA finish, Ag via AA, and for
34 multi-elements.


Assay results will be released from the unreported drill holes once they are
received and compiled.


To earn an initial 49% interest in the Property, Dorex will complete $1,500,000
in exploration expenditures by December 31, 2011 of which $500,000 must be
incurred by February 28, 2011. Dorex may increase its interest to 60% by
incurring further exploration and payments to Belmont (see NR - November 15,
2010). Dorex has received conditional approval of the transaction, subject to
submitting and receipt of acceptance of certain documents.


The Lumby-Bufo Property is contiguous with and on strike to the north-northeast
with the Hammond Reef deposit, where Osisko is presently focused on expanding
their gold resources. A preliminary assessment ("PA") study was completed on
Hammond Reef on November 12, 2009, resulting in a NI 43-101 compliant Inferred
Resource estimate of 6.7 million ounces of gold (259.4 million tonnes @ 0.8 g/t
gold, using a 0.3 g/t Au cutoff).


This press release has been reviewed and approved by Raymond A. Bernatchez,
P.Eng. Consulting Geologist and a qualified person as defined in NI 43-101.


About Belmont Resources Inc.

Belmont has recently entered into an option to acquire 100% interest in 3,040
ha. (23 contiguous mineral claims), known as the Lumby/Bufo property located
approximately 35 km. northeast of the town of Atikokan and adjoining on strike
to the north-northeast with the Osisko Mining Corp. (former Brett Resources
Inc.) "Hammond Reef" deposit.


Belmont Resources Inc. has previously focused on acquiring and developing
uranium properties in developed and emerging uranium districts. Belmont (50/50)
with International Montoro Resources Inc. has acquired two significant uranium
properties (Crackingstone -982 ha & Orbit Lake -11,109 ha) in the Uranium City
District in Northern Saskatchewan. The Company also holds interests (50/50 with
Int. Montoro) in one rare earth mineral and one uranium claim block in the
Central Mineral Belt in Labrador.


Further information can be obtained from the Company website at
www.BelmontResources.com and www.sedar.com.


ON BEHALF OF THE BOARD OF DIRECTORS

Vojtech Agyagos, CEO/President/Director

The statements used in this Press Release may contain forward-looking statements
that may involve a number of risks and uncertainties. Actual events or results
could differ materially from the Companies forward-looking statements and
expectations.