April 12, 2007 09:02 ET

Goldbelt Receives Mining Permit for Inata

TORONTO, ONTARIO--(CCNMatthews - April 12, 2007) - Goldbelt Resources Ltd. (TSX:GLD) is pleased to report that the "Exploitation Permit" or Mining Permit for the Inata Gold Project has been granted by the government of Burkina Faso. The permit has been issued by official decree to Societe des Mines de Belahouro ("SMB") SA, a 90% owned subsidiary of Goldbelt Resources. SMB is a company established and registered in Burkina Faso for the purpose of controlling the future Inata mining operations. The government of Burkina Faso holds the remaining 10% ownership in SMB. The Inata Permit covers an area of 26km and is valid for a period of 20 years.

Collin Ellison, President & CEO said "The award of the Mining Permit is an important milestone in the development of the Inata project and allows Goldbelt to take a major step towards becoming a significant gold producer in Burkina Faso and West Africa. With the dismantling of the Brock's Creek processing plant scheduled for May 2007, we are well situated to fast-track the construction of the project. We are presently in the final stages of our feasibility and are working towards our stated target of a 2.0 million tonne per annum mine operation, and we anticipate starting our new 2007 drill program in the coming weeks."


Per: Collin Ellison, President and CEO

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Information concerning exploration results and mineral reserve and resource estimates may also be deemed to be forward-looking statements, as it constitutes a prediction of what might be found to be present when and if a project is actually developed. These forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable at the time they are made, are inherently subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, without limitation: uncertainties related to raising sufficient financing to fund the planned work in a timely manner and on acceptable terms; changes in planned work resulting from logistical, technical or other factors; the possibility that results of work will not fulfill projections/expectations and realize the perceived potential of the Company's projects; uncertainties involved in the interpretation of drilling results and other tests and the estimation of gold reserves and resources; risk of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of environmental issues at the Company's projects; the possibility of cost overruns or unanticipated expenses in work programs; the need to obtain permits and comply with environmental laws and regulations and other government requirements; fluctuations in the price of gold and other risks and uncertainties.

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