Belmore Resources, a minerals exploration company, today provides an update to the market regarding the placing announced on 27 October 2009.

In October Belmore stated that it had raised Euro330,000 by private placement, the proceeds being earmarked for strategic investment purposes. Subsequent to the announcement, the Company entered into detailed and advanced negotiations in respect of a particular project. Regrettably this project has now been delayed by a disagreement between two authorities involved in the award of permits.

Belmore`s prospective partner remains in discussion with authorities to resolve the disagreement, however it is not yet possible to ascertain how long this may take.

The funds raised remain designated specifically for project investment and will not be used for general corporate purposes.

Meanwhile Lundin Mining, Belmore`s joint venture partner in Ireland, continues to pursue an active drilling programme in County Clare - where results have been encouraging following the initial discovery in 2008.

Company Chairman, Mr. Ian Forrest, commented: "Whilst these delays are frustrating, management remains committed to advancing shareholder value in the Company. We will continue to review investment opportunities and are pleased to have these funds set aside so that we can immediately take advantage of any suitable opportunities that arise. Our activities in Ireland continue to develop at pace and Lundin is drilling at the moment. We look forward to updating shareholders on progress at the Clare Licences in due course."

ENQUIRIES:
Belmore Resources (Holdings) Plc Tel: +4179 202 6927
Ian Forrest

Bishopsgate Communications Ltd Tel: 020 7562 3350
Nick Rome/Michael Kinirons

Rivington Street Corporate Finance Tel: 020 7562 3389
Eran Zucker