New Island Resources Inc. (The " Company" ) (TSXV:NIS) is pleased to announce that it has closed its previously-announced non-brokered private placement of 500,000 common shares at a price of $0.175 per share and 550,000 flow-through common shares at a price of $0.195 per share for gross proceeds of $194,750.

The proceeds of the offering will be used for general working capital and exploration on the company=s properties in Newfoundland.

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 .