New Island Resources Inc. (NIS: TSX.V) of St. John’s, NL is pleased to announce the results from Holes SE – 30 to SE – 33 drilled to further test the Lunch Pond South Extension (LPSE) Zone. These last 4 holes of the initial drilling phase completed October 26, 2003 have intersected the down dip and strike extensions projected from earlier drill results.

All 4 holes have intersected thick sections of gold mineralized felsite identified as the LPSE Zone. SE- 30 was drilled to test the down dip extension at a vertical depth of 180 m intersected in SE-28-03 and SE-29-03 (See Press Release October 20, 2003). This hole successfully intersected 31.05 m at the projected down dip extension and shows consistent gold enrichments with a best interval of 1.1 g/t over 22.65 m containing higher grade sections of 1.84 g/t over 6 m and 3.70 g/t over 2 m between 195.0 and 203.6 m, which indicate the grades are improving with depth.

Hole SE-31-03, stepped out 50 m east of SE – 28-03 also produced very positive results; with the intersection of 53.15 m of mineralized felsite beginning at a core depth of 183.0 m and further confirming the zone extends to 180 m below surface. This thick section grades 0.88 g/t over 30.6 m from 191.4 to 222.0 m and contains a best interval of 1.26 g/t over 7.0 m. This hole was deepened because of the thick section, and at a core depth of 274.2 m cut a 4.5 m zone grading 2.08 g/t gold, significantly increasing the vertical depth of the LPSE Zone to 215.0 m. This section also contains higher grade gold (0.85 m at 3.5 g/t and 1.3 m at 2.4 g/t), and is another indication of the potential for improved grades at deeper levels, open to depth.

The success of the first 5 holes in encountering extensive gold mineralization at deeper levels, it was decided to test the west strike extension, also suggested from the earlier drilling in the 1990’s. Two (2) holes were drilled at major step outs along the inferred trace of the LPSE Zone.

Hole SE-32-03 was drilled 325 m west to test 50.0 m below SE-13 which intersected 9.4 g/t gold over 1.45 m. SE-32-03 intersected multiple, gold mineralized felsite totaling 62.0 m with a thick 43.25 m section intersected at a core depth 79.45 m. Narrow gold enriched intervals, including several 2.0 m sections grading 1.6 g/t, 1.15 g/t, and 3.1 g/t characterize this zone. This new intersection may be an extension of the main gold mineralized felsite zone being defined 325.0 to 550.0 m east. The hole also intersected the down dip projection (50 m below) of the high-grade zone in SE-13, drilled in 1994. At a core depth of 141.15 m (115 m vertically) SE-32-03 cut a 7.35 m section grading 2.24 g/t gold and highlighted by 4.31 g/t over 2 m.

Hole SE-33-03 was stepped out a further 350 m west to test a site where SE-15, drilled in 1994, failed to intersect the mineralized felsite. Subsequent mapping and surveying suggested the LPSE Zone was deviating from the overall E-W strike and bending to the northwest. Drilled at a bearing of 45° (perpendicular to the inferred strike), SE-33-03 intersected 31.57 m of mineralized felsite at a core depth of 103.63 m. This weakly mineralized intersection highlighted by 2.55 m at 0.92 g/t and 3.0 m at 0.44 g/t confirms the west strike extension of the LPSE Zone and the zone to be at least 1,350 m long and open along strike to the northwest.
New Island is highly encouraged with these latest results, which confirm the LPSE Zone consists of multiple gold mineralized felsite sheets and has major dimensions. The 7 holes completed during this initial drilling phase confirm minimum dimensions of 1350 m strike length, 215 m down dip extension and gold mineralization within zones up to at least 30 m thick, giving an inferred resource in the 10 – 15 million tonne range. The company is planning winter drilling to further test and enhance this large LPSE Zone, which is 1 of 10 successfully drill tested gold zones known to exist on the Glover Island Property.

The technical information contained in this release was collected and compiled by Project Manager, Sherry Dunsworth, M. Sc, P.Geo. who is a qualified person as defined by National Instrument 43-1.101.

For further information, please contact:

Harold Wareham, President, Telephone: (709) 576-7711   Fax: (709) 576-2236 Email: info@newislandresources.com www.newislandresources.com

Statements contained in this release that are not historical facts are forward-looking statements, which involve known and unknown risks and uncertainties not under the company's control, which may cause actual results, performance or achievements of the company to be materially different from the results, performance or expectations implied by these forward-looking statements .