Belmore Resources (Holdings) plc
LSE : BEL

February 26, 2009 02:00 ET

Agreement with Lundin Mining Exploration Ltd

                                                                                  26 February 2009
                                                 
                                 Belmore Resources (Holdings) Plc
                                                 
                                          ("the Company")
                                                 
                                                 
                           Agreement with Lundin Mining Exploration Ltd.

The  Board  of Belmore Resources (Holdings) Plc, a minerals exploration company with  a  focus  on
projects  in  the  Republic of Ireland, is pleased to announce that its wholly  owned  subsidiary,
Belmore  Resources  Limited  ("Belmore"),  has  entered  into  an  agreement  with  Lundin  Mining
Exploration  Ltd.  ("Lundin"), a wholly owned subsidiary company of Lundin Mining  Corporation,  a
diversified base metals mining company.

Highlights -

    *       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."


                                             --ENDS--
                                                 
                                                 
              The directors of the issuer accept responsibility for this announcement
                                                 
                                                 
ENQUIRIES:

Belmore Resources (Holdings) Plc
Patrick Mahony

Bishopsgate Communications Ltd                    Tel: 020 7562 3350
Nick Rome

Rivington Street Corporate Finance                Tel: 020 7562 3389
Monisha Varadan


Notes to Editors

About Belmore -

Belmore  is  a minerals exploration company with a focus on projects in the Republic  of  Ireland.
Whilst prospects for any mineral will be considered, priority will be given to the Company's  zinc
exploration properties in County Clare.

Clare  Blocks  (Republic of Ireland): Belmore now has a 100% interest in 11  prospecting  licences
covering 392.75 sq kilometres.

As  announced by the Company in April 2008 diamond drilling on Prospecting Licence 3679, in  which
Belmore  holds a 100% interest, near Quin in County Clare, intersected newly discovered  zinc  and
lead  mineralization.  The drillhole intersected 18 metres of massive sulphide at the base of  the
Waulsortian Reef.  The top part of that massive sulphide consists of virtually barren  pyrite  but
the  bottom  part contains high-grade zinc and lead sulphides as well as pyrite and  arsenopyrite.
The  interval from 448.1 to 458.1 metres gave the following composite result:  10 metres at 13.84%
Zinc, 5.52% Lead and 62.84 gm/tonne Silver.

The mineralisation is open in all directions and further diamond drilling is required to determine
the extent of the mineralisation.

Previous  exploration  identified a high-grade resource of zinc and lead  rich  massive  sulphides
(approximately 400,000 tonnes @ 12% zinc plus lead and 75g/t silver) in the area of Milltown.

Donegal  Blocks  (Republic  of  Ireland): Belmore has 100% interest in  two  prospecting  licences
covering 80.76 sq kilometres.


For further information please visit www.belmoreresources.com

About Lundin -

Lundin Mining Corporation is a diversified base metals mining company with operations in Portugal,
Spain  and  Sweden, producing copper, nickel, lead and zinc. In addition, Lundin  Mining  holds  a
development project pipeline which includes the world class Tenke Fungurume copper/cobalt  project
in  the Democratic Republic of Congo and holds an extensive exploration portfolio and interests in
international mining and exploration ventures. Lundin Mining keeps corporate offices in Canada and
the United Kingdom.

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