December 14, 2007 16:53 ET

Wega Mining Acquires Over 91% of Goldbelt Resources

TORONTO, ONTARIO--(Marketwire - Dec. 14, 2007) -


Goldbelt Resources Ltd. (TSX:GLD) ("Goldbelt") announced that as of 8:00 p.m. (Toronto time) on December 13, 2007, approximately 67 million common shares of Goldbelt had been validly deposited (and not withdrawn) to the offer (the "Offer") by Wega Mining ASA ("Wega Mining"), through its wholly-owned subsidiary Wega Mining Inc. (the "Offeror"), to acquire all of the outstanding common shares of Goldbelt for Cdn.$1.55 in cash per share. The Offeror has taken up and accepted for payment all of such shares, which represent over 91% of the common shares of Goldbelt (excluding the 16,000,000 common shares (the "Private Placement Shares") subscribed for by the Offeror pursuant to the support agreement among Wega Mining, the Offeror and Goldbelt) and, accordingly, the Offer is now concluded. The common shares take up under the Offer are sufficient to permit the Offeror to complete a compulsory acquisition under the Business Corporations Act (British Columbia). Together with the Private Placement Shares, the Offeror now owns approximately 93% of the common shares of Goldbelt on a fully diluted basis.

It is Wega Mining's current intention that it will enter into one or more transactions to enable the Offeror or an affiliate of the Offeror to acquire all of the common shares not acquired under the Offer. The Offeror currently intends to acquire all of the outstanding Goldbelt common shares not tendered to the Offer by way of a compulsory acquisition or other subsequent acquisition transaction.

Following take up by the Offeror of the approximately 67 million common shares of Goldbelt validly deposited to the Offer, Paul Morgan, chairman of the board, as well as Collin Ellison, chief executive officer and Laurence Marsland and Brian Irwin, resigned from the board of directors of Goldbelt. The vacancies left by the departure of these incumbent directors have been filled with Wega Mining nominees Sverre Slattsveen, Hans-Arne L'orange, Michael Gareau and also the reappointment of Collin Ellison. Following the above resignations and appointments, the following are the current directors of Goldbelt, Elizabeth Martin, Richard Reavley, Collin Ellison, Sverre Slattsveen, Hans-Arne L'orange and Michael Gareau. Mr. Ellison will serve as chair of the board of directors.

Goldbelt's incumbent president and chief executive officer, Collin Ellison has resigned his position, effective as of take up. With the approval of the board, Mr. Ellison has accepted the position of acting chief executive officer during the transition period and will continue on as a director.

About Wega Mining ASA

Wega Mining ASA is an Oslo-based international mining company focused on exploring, developing and operating gold, copper and zinc deposits. Wega Mining currently holds exploration licenses in Guinea, Canada, Portugal, Ecuador, Romania and Norway, and a gold-copper development project in Canada. It trades on Oslo Axess, an exchange regulated by the Oslo Stock Exchange. Additional details about Wega Mining can be found in its most recent annual report and listing prospectus available at

About Goldbelt Resources Ltd.

Goldbelt Resources is a Canadian junior mining company focused on exploring and developing known gold prospects in Burkina Faso. The common shares of Goldbelt are traded on the TSX under the symbol GLD.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended or any state securities laws and may not be offered or sold within the United States or to U.S. Persons as such term is defined by regulations under the United States Securities Act of 1933, as amended. Certain statements contained in this press release constitute forward-looking statements which are not historical facts. When used in this release, words like "anticipate", "believe", "estimate", "expect", "will", "intend" and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are inherently subject to significant business, economic, political and competitive uncertainties and contingencies. Readers are cautioned that such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual financial results, performance, achievements or position of the parties to be materially different from the estimated or anticipated future results, performance, achievements or position expressed or implied by those forward-looking statements and the forward-looking statements are not guarantees of future results, performance, position or achievements.

The risks, uncertainties and other factors include, but are not limited to: changes in the worldwide price and/or demand for gold and certain other commodities (such as zinc, copper, silver, fuel and electricity) and fluctuations in currency rates; the risks that the businesses of Wega Mining ASA and Wega Mining Inc. will not be integrated successfully; material adverse changes in economic conditions generally or in relevant markets or industries in particular; future regulatory and legislative actions and conditions or political or economic developments affecting Wega Mining ASA's and Wega Mining Inc.'s operating areas; obtaining and retaining skilled workers and key executives; the occurrence of natural disasters, hostilities, acts of war or terrorism; the need to obtain permits and comply with laws and regulations and other regulatory requirements; the possibility that actual results of work may differ from projections/expectations or may not realize the perceived potential of the companies' projects; risks of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of cost overruns or unanticipated expenses in development programs; operating or technical difficulties in connection with mining or development activities; the speculative nature of gold exploration and development, including the risks of diminishing quantities of grades of reserves and resources; and the risks involved in the exploration, development and mining business. These risks and factors are discussed in greater detail in Goldbelt's most recent annual information form available on SEDAR at

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