Toronto, Ontario – Baymount Incorporated (the “Company” or “Baymount”) (TSX Venture: BYM) is pleased to announce that its wholly-owned subsidiary Belleville Racetrack Development Corporation (“BRDC”) has closed its construction financing to build the new Quinte Exhibition and Raceway (“QER”). The Construction Loan is for $14.2 million plus capitalized interest during the construction period and it bears interest at prime with a term of 15 years. The Loan will be secured as a first mortgage on the project lands and it does not include Baymount’s excess lands located adjacent to the new QER location.

“We have been waiting for this day for some time,” said Graham Simmonds, President and CEO of Baymount. “Now that our financing is completed we are now able to turn the page and work with our construction team to establish a starting date.”

The new QER is the eighteenth Ontario racetrack to receive a slot machine allocation under OLG’s Slots-at-Racetracks program. The new facility will be constructed on BRDC’s Belleville property which is located on Bell Boulevard near the Wallbridge-Loyalist Road and Highway 401 interchange. The planned 75 acre development will feature the new Racino and includes 25 acres for the future location of the new Quinte Exhibition.

“It has been a team effort that has got us to where we are today,” explained Simmonds. “A venture like this always encounters challenges however we have remained focused and stay committed to build a new facility that we all can be very proud of for many years to come. Baymount will continue to work closely with the OLG and the City of Belleville to ensure that the new QER is a centre for growth and expansion of the local economy.”

About Baymount

Baymount seeks out and develops opportunities within the horseracing industry. It is the Baymount philosophy to create entertainment destinations for consumers while providing our investors with a vehicle that allows them to participate in the growth of Canadian gaming at racetracks.

Baymount Incorporated's wholly-owned subsidiary Belleville Racetrack Development Corporation ("BRDC") has an agreement with the Belleville Agricultural Society to build a facility to relocate the Quinte Exhibition and Raceway in Belleville, Ontario. QER is one of the 18 racetrack licenses in Ontario eligible to participate in Ontario's Slots-at-Racetracks program. In 2006, the Alcohol and Gaming Commission of Ontario found BRDC suitable to act as Landlord for the proposed OLG gaming premises to be located at the new QER. The Company has also received Preliminary Approval for a License to Operate a Racetrack from the Ontario Racing Commission.

ON BEHALF OF BAYMOUNT INCORPORATED

Graham Simmonds, President & Chief Executive Officer

For additional information please visit the company's website at www.bym.ca.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Forward-looking Statements

This press release contains certain forward-looking statements with respect to the Company. These forward-looking statements, by their nature, involve risks and uncertainties that could cause actual results to differ materially from those contemplated. We consider the assumptions on which these forward-looking statements are based to be reasonable, but caution the reader that these assumptions regarding future events, many of which are beyond our control, may ultimately prove to be incorrect.

For further information please contact:

Baymount Incorporated:

Mr. Graham Simmonds
President and Chief Executive Officer
416-979-2881 Ext.223
graham@bym.ca