Belmont Options Up to 60% Interest in Lumby/Bufo Gold Property in Atikokan, Ontario to Eurogas

Belmont Resources Inc. (TSX VENTURE:BEA)(PINK SHEETS:BEAAF)(FRANKFURT:L3L) is
pleased to announce that they have entered into an Option Agreement (the
"Agreement") with EuroGas, Inc. ("EuroGas") (Other OTC: EUGS; Frankfurt Stock
Exchange: EUG.F; XETRA: EUG.DE; Hamburg Stock Exchange: EUG.H; and Stuttgart
Stock Exchange: EUG.SG), whereby EuroGas can earn up to 60% interest in the
Lumby/Bufo property (16 contiguous claims - 2,144 ha) 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.


To earn its initial 49% interest, EuroGas must issue one million restricted
shares of its common stock to Belmont; incur $1,500,000 in exploration
expenditures by December 31, 2011 ($500,000 of which must be incurred by
December 31, 2010; and make a cash payment to Belmont of $50,000). Belmont will
be the operator until EuroGas earns greater than 50% interest. Furthermore,
EuroGas can increase its interest to 60% by issuing an additional five million
shares of its common stock to Belmont; incurring a further $500,000 in
exploration expenditures by December 31, 2012, and paying Belmont additional
$50,000 in cash.


The Lumby/Bufo claim group has potential for the discovery of high-grade gold,
silver and base metals deposits as shown by Belmont's recent drilling in the
south Bufo Lake area, and previous exploration work carried out by Atikokan
Resources Inc. from 1994 to 2004.


South of the Lumby/Bufo property, Osisko/Brett are presently focused on
expanding gold resources at the Hammond Reef gold deposit. A preliminary
assessment ("PA") study was completed on Hammond Reef on November 12, 2009,
resulting in an inferred resource of 6.7 million ounces of gold (259.4 million
tonnes grading 0.8 g/t gold at a cut-off grade at 0.30 g/t, which relates to the
economic cut-off in the PA study). The deposit remains open along strike and
depth, and over 97% of this resource is within 300 metres of surface.


About Belmont Resources Inc.

Belmont has recently entered into an option to acquire 100% interest in 2144 ha.
(16 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.


ON BEHALF OF THE BOARD OF DIRECTORS OF

BELMONT RESOURCES INC.

Vojtech Agyagos, President & CEO

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.