New Island Resources Inc. (The "Company") (TSXV:NIS) announces that it has completed the shares for debt transaction, which was announced on October 21, 2003. Regulatory acceptance has been received and 3,500,000 common shares have been issued, extinguishing debt in the amount of $612,500.

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 .