GEOPHYSICAL EXPLORATION

ON THE

CLAIMS HELD IN BATEMAN TWP.,

RED LAKE, ONTARIO

2.28038

FOR

BELMONT RESOURCES

BY

RECEIVEDJUL O 2 2004

GEOSCIENCE ASSESSMENT OFFICE

J. B. BONIWELL

EXPLORATION GEOPHYSICAL CONSULTANT

MAY 4, 2004

52N04NE2032 2.28038 SHAVER 010 EXGAblBUR INTERNATIONAL CONSULTANTS LTD.

- 1-

LIST OF CONTENTS

Introduction Description of Property General Geology Details of Surveying Discussion of Results Recommendations Assessment Information Certificate

LIST OF DRAWINGS

DWG. NO. TITLE

Page l l l12356

SCALE

Fig. 1EIC-2785

-2786-2787-2788-2789

General Location MapTotal Field Magnetic PostingsTotal Field Magnetic ContoursVLF Survey, Postings fc ProfilesVLF Survey, Fraser Filter ContoursPlan of Interpretation

1:50,0001:2,5001:2,5001:2,5001:2,5001:2,500

EXGAblBUR INTERNATIONAL! CONSULTANTS bTD.

INTRODUCTION

In an exploration centred on gold, ground was sought in the Red Lake camp of northwest Ontario. However this is a tightly held camp and ground available for staking existed only on the fringes. Notwithstanding, it was decided to proceed with a holding in the southeast corner of Bateman Twp.

Here a goodly portion of the ground is covered by the waters of Walsh Lake, hence exploration had to be furthered by geophysical means, at least in its initial stages. Accordingly a winter grid was put in place in early 2004 and surveyed by VLF and magnetics.

It is the data set which ensued from this operation that is the subject of the present reporting.

DESCRIPTION OF PROPERTY

The property consists of one claim only, number 12248355, it comprising 16 units arranged in a square of 4 units by 4 units. This block abuts against the Bateman Township line on two sides, its eastern and southern.

As above noted, much of the claim is water covered, to approximately one third of the property area. The lake edges are abrupt for the most part, and the land is well forested. As far as is known, there is little or no outcrop.

GENERAL GEOLOGY

Given the lack of rock outcroppings, such geology as can be ascribed to the property comes from regional considerations and projections.

In this part of the camp, the volcanic belt is thinned by compressional folding and by granitization. Gold however is present as testified to by a number of small showings in the general area. There are no past mines in this locale albeit, and future exploration will require new discoveries or new ideas to be successful. The rocks of the belt are very much like they are elsewhere with the exception there appear no ultramafic flows nor strong iron formations in this case. However, iron-rich komatiites and tholeiites can be expected, and these are potential host rocks to gold mineralization.

DETAILS OF SURVEYING

A combined VLF and magnetic survey has been completed over the Walsh Lake winter grid. Lines are spaced 50 m apart oriented NW-SE (true) and controlled by a

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LOCATION MAP

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•'. S WALSH LAKE CLAIMS

CLAIMS HELD BY BELMONT RESOURCES INC. SCALE 1:50.000

EXGAMR1IR INTERNATIONAb GONSUbTANTS bTO.

base-line running NE-SW (true). Stations have been occupied every 12.5 m for both surveys. The BL was not run in the case of the VLF survey, but was for the magnetics.

The equipment employed for this work was an EDA Omni Plus, an instrument that can be used successively at a station for both the requisite VLF and magnetic measurements. In the VLF mode, this instrument was tuned to NPM, Hawaii, broadcasting at 21.4 kFfz. Readings were transposed into profiles without correction. Subsequently, they also were Fraser filtered to remove the extremes of response including short wave-length "chatter", this outcome then posted in plan and contoured. In the magnetic mode, readings of the total terrestrial field were collected by the same instrument but were stored for eventual correction by a base station monitor which kept track of variations of the total field at a fixed point on the grid during the currency of the survey. The edited data were likewise posted in plan and contoured.

DISCUSSION OF RESULTS

A. The magnetic survey provides for a major contrast between a relatively magnetic high east and a much lower magnetic level west. The difference between the two domains approximates 1000 nT with the interface boundary running roughly N-S. On such a heading, it is considered to represent a formational contact, suggestively between iron-rich komatiites and intermediate tholeiites.

This contact is fairly linear as it proceeds north. However by line 1200N, it starts showing signs of veering to the NE as prescribed by the regional air-data. As shown, the contact appears quite sharp, and is therefore a fair marker horizon for the area.

There appears a number of circular features in the data, three being of some size and consequence. They are all magnetic low centres, all highly localized, all isolated from each other. The most intense incidence occurs on line 700N/135W, at which location it falls in the middle of Walsh Lake 260 m from the nearest shore-line. A second centre also occurs in the lake near the southern limit of coverage; however there is a question here how truly isolated this feature might be: there are companion lows, not fully described by the data, in the west and southwest, and within 100 m. The third low centre lies fairly on land and is distinctive in that it falls within a high magnetic domain. In that sense, it is the most anomalous of the three.

From the mineral point of view, these lows are of interest in that they may represent alteration pipes or local intrusive plugs, of quartz feldspar porphyry for example, both of which instances could carry gold, besides other minerals, viz. copper, zinc, perhaps even diamonds.

The contact environment in itself could prove rewarding. Thus attention is directed to a local magnetic high closure on line 700N at 455E close to the contact which is distinguished by a precise VLF correlation. This is unusual on several counts:

EXGAblBUR INTERNATIONAL CONSULTANTS bTD.

a) no other magnetic peaking is so distinguished;b) there appears no major strike length to either expression, magnetic or VLF

anomaly here;c) there is no throughgoing structure evident in this locale.

Taken together, these aspects are taken to mean that a localized sulphide occurrence underlies the correlation. In this environment, this is worth drill-testing.

B. Because of the above correlation, a random gridding has been adopted for the VLF presentation of Fraser filter contours (Dwg. No. EIC-2788). This portrayal confirms that there are no other comparable correlations between magnetic high and VLF anomaly in the survey area: however there is a possible exception in the case of the magnetic ridge lying between lines 11 DON and 1200N, circa 1600E, and for the individualistic magnetic closure at 100W on line 1400N. Both these latter cases could become top targets for investigation should a prior testing show that there is gold in the grid environment. It should be noted that the 1400N event lies in the lake 1500 m out from the shore.

From the VLF results more generally, it is apparent that there are a number of structures, faults and shears specifically, that lace the area. Most prominent is a suite of N-S axes which thread the environment, and this group is in interaction with several lineaments bearing E-W. On the evidence, this second group is younger than the first.

RECOMMENDATIONS

There is enough indication in these new data to recommend an early phase of drilling. Certainly more needs to be ascertained about local geology and the habits of mineralization here, and given the general lack of outcrop, some drilling becomes virtually mandatory. More geophysics such as EP/resistivity can not be fairly recommended in the face of not knowing whether gold is present.

To kick-start a sampling programme of sub-surface rocks and mineralization, the following three diamond drill holes are laid out on the newly available geophysical evidence:

DDK #BWL-1: Collar at 375E/700NTo be drilled grid E at -45 for 125 m

DDH #BWL-2: Collar at 375E/1100NTo be drilled grid W at -45 for 140 m

DDH #BWL-3: Collar at l OOE/900NTo be drilled grid W at ^5 for 200 m

These holes total 465 m.

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The third hole, as it transpires, falls in the lake, and thus the collar was set back 37.5 m on the traverse line to be on land. The new co-ordinates for the hole in consequence become 137.5 E/900N, to; be drilled grid W as heretofore but the length of the hole made more discretionary ac^miing to what is found deep down-hole.

JBB:sb J. B. BoniwellMay 4, 2004-05-04 Exploration Geophysical Consultant

EXGAblBUR INTERNATIONAL CONSULTANTS LTD.

ASSESSMENT INFORMATION

A. Coverages

a) line cutting (fe chaining: I5.70kms

b) geophysical surveying: line kms. Stn. Interval (m)i) magnetics 15.70 kms 12.5mii) VLF 15.70 12.5m

B. CONTRACTORS. CONSULTANTS

a) grid preparation, field geophysics: Dan Patrie Exploration Ltd. P.O. Box 45, Massey, Ont. POP1PO ph. 705-844-2113

b) data processing, map generation: Trevor Miles, 31 High St. E., Apt. 510, Mississauga, Ont. L5G1J9 ph. 905-274-9474

c) data evaluation, map correction, interpretation John B. Boniwell 1522 Clearwater Dr. Mississauga, Ontario L5E3A3 ph. 905-278-1545

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6

CERTIFICATE

I, JOHN B. BONIWELL, of 1522 Clearwater Dr., in the City of Mississauga, County of Peel in the Province of Ontario do hereby certify:

1. That I am an exploration geophysical consultant holding office at 1522 Clearwater Dr., Mississauga, Ontario, L5E 3A3

2. That I am a graduate of the University of Tasmania holding the degree of Bachelor of Science in physics, maths and geology, and that I have been practicing my profession of exploration geophysics for the past 50 years.

3. That I am a Fellow of the Geologic Association of Canada, and a member of record of the Canadian Institute of Mining and Metallurgy, and the Society of Exploration Geophysics, and a member in good standing of the Prospectors and Developers Association, Toronto.

4. That I have no direct interest in the property discussed herein, nor do I expect to receive any such interest.

5. That this report is based on information supplied by James G. Burns, consulting geologist in Timmins, and by the duly contracted parties who acquired and processed the property geophysical data.

6. That permission is given to Belmont Resources Inc. to reproduce this report in whole or in part for use in any statement of material facts.

MISSISSAUGA, Ontario J. B. BoniwellMay 4, 2004 Exploration Geophysical Consultant

EXGAblBUR INTERNATIONAL CONSULTANTS LTD.

ONTARIO MINISTRY OF NORTHERN DEVELOPMENT AND MINES

Transaction No:

Recording Date:

Approval Date:

Client(s):

190417

Survey Type(s):

W0420.01065

2004-JUL-02

2004-JUL-09

Work Report Summary

Status: APPROVED

Work Done from: 2004-JAN-15

to: 2004-FEB-18

RUZA, JAROSUW

LC MAG VLF

Work Report Details:

Claim*

KRL 1248355

Perform

313,766

Perform Approve

513,766

Applied

S13.766

Applied Approve

S1 3,766

Assign

SO

Assign Approve

0

Reserve

SO

Reserve Approve

SO

S13.766 S13.766 313,766 S13.766 SO SO SO

Due Date

SO 2006-AUG-13

SO

External Credits:

Reserve:

SO

SO Reserve of Work Report*: W0420.01065

SO Total Remaining

Status of claim is based on information currently on record.

52N04NE2032 2.28038 SHAVER 900

2004-Jul-20 13:04 armstrong-d Page 1 of 1

Ministry ofNorthern Developmentand Mines

Date: 2004-JUL-09

Ministere du Developpement du Nord et des Mines Ontario

GEOSCIENCE ASSESSMENT OFFICE 933 RAMSEY LAKE ROAD, 6th FLOOR SUDBURY, ONTARIO P3E 6B5

JAROSLAV RUZA 1415 ST.GEORGES AVE. SUITE 1002 NORTH VANCOUVER, BRITISH COLUMBIA V7L 4R9 CANADA

Tel: (888) 415-9845 Fax:(877)670-1555

Dear Sir or Madam

Submission Number: 2.28038 Transaction Number(s): W0420.01065

Subject: Approval of Assessment Work

We have approved your Assessment Work Submission with the above noted Transaction Number(s). The attached Work Report Summary indicates the results of the approval.

At the discretion of the Ministry, the assessment work performed on the mining lands noted in this work report may be subject to inspection and/or investigation at any time.

If you have any question regarding this correspondence, please contact STEVEN BENETEAU by email at steve.beneteau@ndm.gov.on.ea or by phone at (705) 670-5855.

Yours Sincerely,

/fWl ^ CRon.C. Gashinski

Senior Manager, Mining Lands Section

Gc: Resident Geologist

Jaroslav Ruza (Claim Holder)

Assessment File Library

Jaroslav Ruza (Assessment Office)

Visit our website at http://www.gov.on.ca/MNDM/LANDS/mlsmnpge.htm Page: 1 Correspondence 10:19622

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2.28038 LC MAG VLF

52N04NE2032 2.28038 SHAVER 210

454800E 455000E 93" 38' 30' 455200E 455400E 455600E 455800E 456000E

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2.28038,

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50 100 150 200

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BELMONT RESOURCES INC.

Red Lake District Ont.

WALSH LAKE GRID

TOTAL FIELD MAGNETICSPOSTING MAP

EXCALIBUR INTERNATIONALCONSULTANTS LIMITEDTORONTO ONTARIO

Tel. 905-271-1043

PREP. BY: T.J. M.

NAD83 UTM 15

DATE: May 2004

SCALE: 1:2,500

DWG. No. E. l. C. 2785

52N04NE2032 2.28038 SHAVER 220

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455400E 455600E 455800E 456000E

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58923.2

58865.6

58819.1

58778.5

58749.4

58716.1

58685.2

58656.4

58634.6

58608.5

58583.6

58559.3

58540.6

58517.7

58494.8

58472.6

58455.2

58433.4

58411.5

58389.7

58367.8

58350.5

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58305.4

58282.5

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BELMONT RESOURCES INC.

Red L.ikr District Out.

WALSH LAKE GRID

TOTAL FIELD MAGNETICSCONTOUR MAP

EXCALIBUR INTERNATIONAL CONSULTANTS LIMITEDTORONTO ONTARIO

Tel. 905-271-1043

PREP. BY: T.J.M.

NAD83 UTM l 5

DATE: May 2004

SCALE: 1:2.500

DWG. No. E. l. C. 2786

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52N04NK2032 2.28038 SHAVER 230

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455400E l

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Scale 1:250050______100 yf 150 200

(metres)

BELMONT RESOURCES INC.

Red Lake District Ont.

WALSH LAKE GRID

VLF SURVEYPOSTINGS fc PROFILES

EXCALIBUR INTERNATIONALCONSULTANTS LIMITEDTORONTO ONTARIO

Tel. 905-271-1043

PREP. BY: T.J.M.NAD83 UTM 15DATE: May 2004SCALE: 1:2,500

DWG. No. E. l. C. 2787

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52N04NE2032 2. 2803B SHAVER 240

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13.9

12.5

11.5

10.4

9.3

8.4

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4.5

3.7

2-9

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BELMONT RESOURCES INC.

Red Lake District Ont.

WALSH LAKE GRID

VLF SURVEYFRASER FILTER CONTOURS

EXCALIBUR INTERNATIONAL CONSULTANTS LIMITEDTORONTO ONTARIO

Tel. 905-271-1043

PREP. BY: T. J. M.

NAD83 UTM15

DATE: May 2004SCALE: 1:2.500

DWG. No. E. l. C. ?788

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