• Lundin has a right to earn up to a 70% interest in the Prospecting Licences that Belmore currently holds in Co. Clare;
• To earn the 70% Lundin needs to spend up to €14.7 million over a number of years;
• Lundin’s agreed initial expenditure will be €700,000 by June 2009;
• An active drilling and associated exploration programme is planned for the coming months; and
• The agreement follows the successful drilling results from Prospecting Licence 3679 in April 2008 which encountered 10 metres of 19.36% combined zinc and lead plus silver.

Lundin has a right to earn up to a 70% interest in the Prospecting Licences that Belmore currently holds in Co. Clare (“Belmore’s Licences”), by spending up to €14.7 million over a number of years. The agreement provides for an initial expenditure of €700,000 by June 2009, which should ensure an active drilling and associated exploration programme over the coming months.

This agreement follows the successful drilling results achieved during the drilling of “discovery” hole 3679/04 on Prospecting Licence 3679 in April 2008 which encountered 10 metres of 19.36% combined zinc and lead plus silver. Belmore decided that the most appropriate way to evaluate the discovery and continue exploration on the other licences was to seek a partner with sufficient resources and expertise. After discussions with numerous potential partners it was decided that the agreement with Lundin would best complement Belmore.

Company Chairman, Mr. Ian Forrest said: “I am delighted to welcome Lundin as a new strategic partner. To have the support of Lundin for our exploration endeavours in Ireland will allow us to advance this project at pace. They bring considerable expertise and experience and I look forward to a fruitful relationship.”