August 28, 2008 – Belleville, ON – Baymount Incorporated (the "Company" or "Baymount") (TSX Venture: BYM) in partnership with the OLG (Ontario Lottery and Gaming Corporation) today held a groundbreaking ceremony at their Bell Boulevard location in Belleville where the new Quinte Exhibition & Raceway will be built.

"Today's groundbreaking ceremony marks an important milestone," said Graham Simmonds, President and CEO of Baymount. "It is now time to bring in the cranes, the backhoes and the construction crews on-site so that we can begin to build this fabulous new structure."

The new racetrack and slot facility, when completed, will feature a half mile racetrack planned by renowned racetrack designer Paul Kurtz, 35,000 square foot clubhouse and gaming facility, 200 slot machines, and an expandable 60,000 square foot paddock and exhibition building that will host the Belleville Agricultural Society.

Attendance at today's groundbreaking ceremony included Belleville Mayor, Neil Ellis, local MPP and Minister of Agriculture, Food and Rural Affairs, Leona Dombrowsky, Executive Director of Gaming, OLG, Jerry Rozeluk, Chair of the Ontario Racing Commission, Rod Seiling, and several area horsemen and representatives from various agricultural groups.

"We are very pleased to become a new member of the community here in Belleville," said Rozeluk. "As with our other Slots facilities, Slots at Quinte Exhibition & Raceway will generate financial benefits for the city, the horse racing industry and the people of Ontario. Our current estimate is $1.4 million dollars per year for the City of Belleville in non-tax revenue."

Construction at the new site is expected to begin in the next two to three weeks.

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.


About OLG:

OLG is a provincial agency responsible for province-wide lottery games and gaming facilities. Since 1975, OLG lotteries, Casinos, Slots, and Resort Casinos have generated more than $23 billion for the benefit of the Province of Ontario. Gaming proceeds support Ontario's hospitals, amateur sport, recreational and cultural activities, communities, provincial priority programs such as health care and education, and local and provincial charities and non-profit organizations through the Ontario Trillium Foundation.

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 Corporation. 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