Baymount Incorporated has announced that it continues to work towards closing its previously announced (August 18, 2009) Letter of Intent with Plaza Gaming and

Entertainment Corp. whereby Plaza will acquire a 75% equity interest in the Company's new Quinte Racetrack and Slots (QRS) facility in Belleville, Ont. for a gross investment of $6 million. With due diligence and the gaming approval process ongoing, Baymount and Plaza have agreed to extend the Closing Date of the transaction to October 30, 2009.

Mr. Graham Simmonds, President and CEO of Baymount stated, "We are pleased with the progress being achieved with both the due diligence and gaming approvals processes and while there have been some minor delays we remain optimistic that we can close the transaction later this month."

The use of proceeds for the Plaza investment will be to satisfy the balance of the capital requirements to complete the construction of the new QRS and to make payments to the Company's convertible debenture holders. Baymount will also be entitled to receive a bonus payment based on the future performance of the new QRS. The transaction remains subject to due diligence, gaming industry approval and TSX Venture Exchange approval, as well as the approval of Baymount shareholders.

Baymount will continue to hold 100% of the Company's 55 acres of excess lands adjacent to the new QRS in Belleville, Ontario. The Company continues to work with its prospective partners in developing these lands into the Prince Edward Gateway family entertainment destination which plans to feature a new hotel and water park in addition to many other amenities. The company expects to release further disclosure on these developments over the coming weeks.

(Baymount Incorporated)