The Board of Belmore, a minerals exploration company with a focus on projects in the Republic of
Ireland, is pleased to announce that the Company has placed 1,000,000 new Ordinary Shares of €0.01
each at a price of €0.10 per share with Lundin Mining Exploration Ltd a wholly owned subsidiary
company of Lundin Mining Corporation, a diversified base metals mining company quoted on the
TSX:LUN. Lundin will own 2.99% of the total shares in issue. The proceeds of the placement will be
used as working capital for the Company.

Following the placement, the Company has 33,390,200 ordinary shares in issue.
Starvest Plc holds 5,885,164 which now represents 17.62%. Global Finance and Petroleum Products Inc
holds 1,735,183 which now represents 5.19%.

The Directors shareholdings following the issue of shares remain at 14,897,239 which now represents
44.6% of the issued share capital of the Company.