TORONTO, ONTARIO -- (MARKET WIRE) -- 07/04/2006 -- Baymount Incorporated ("Baymount") (TSX VENTURE: BYM) is pleased to announce that Baymount and its wholly-owned subsidiary Belleville Racetrack Development Corporation ("BRDC") have received Preliminary Approval for a License to Operate a Racetrack from the Ontario Racing Commission ("ORC"). This is a critical step within the regulatory process and allows the company to further the development of the new Quinte Exhibition and Raceway in Belleville, Ontario.

Mr. Graham Simmonds, President and Chief Executive Officer of Baymount stated, "We have completed another important regulatory step that will allow the company to maintain its progress in developing the new Quinte Exhibition and Raceway. The company continues to advance the development of the new facility with the expectation of opening for the 2007 racing season."

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.

Baymount's wholly-owned subsidiary Belleville Racetrack Development Corporation has an agreement with the Belleville Agricultural Society to build a facility to relocate the Quinte Exhibition and Raceway ("QER") in Belleville, Ontario. QER is one of the 18 racetrack licenses in Ontario eligible to participate in Ontario's Slots at Racetracks program.

Baymount is also pursuing a standardbred racing license for the development of a new racetrack and gaming facility in Brandon, Manitoba. In addition to these exciting development opportunities, Baymount has the exclusive license to market Instant Racing throughout Canada. Instant Racing, which is currently awaiting regulatory approval, is a patented electronic horseracing and pari-mutuel wagering system that emulates the very successful slot machine experience. Baymount also owns the FasTrack information product, a proprietary horseracing information product with an easy-to-use design that can be used to introduce new fans to the sport of horseracing.