NEWS RELEASE

NEW ISLAND RESOURCES INC.
Suite 602, TD Place 140 Water Street, St. John's, NL A1C 6H6 Canada
Telephone: (709) 576-7711     Facsimile: (709) 576-2236
 

January 27, 2004 Trading Symbol: TSXV:NIS
 
Grant of Stock Options

New Island Resources Inc. (The \"Company\") (TSXV:NIS) announces, subject to regulatory approval, it has granted 1,025,000 stock options to Directors and Officers, pursuant to the company’s Stock Option Plan which was approved at the Annual Meeting held December 18, 2003. The options will expire on January 23, 2009 and have an exercise price of $0.15 per share.

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

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

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 .