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
 

November 29, 2005 Trading Symbol: TSXV:NIS
 
Pine Cove Update

New Island Resources Inc. (TSXV:NIS) of St. John’s, NL is pleased to report that Dowding, Reynard & Associates Americas (DRAA), a subsidiary of South African-based DRA International, has been retained by Anaconda Gold Corp. (TSXV:ANX) to complete detailed plant engineering and a turn key price for the Pine Cove gold property near Baie Verte, Newfoundland

Anaconda has earned a 30% interest in the property from New Island and can earn a further 30% interest by financing and bringing the property into production. It anticipates having the DRAA mandate completed before year-end and having the Pine Cove deposit brought into commercial production by the fourth quarter of 2006.

Following the completion of a positive feasibility study, Anaconda made a decision to bring Pine Cove into production based on indicated resources of 2,635,000 tonnes grading 2.93 grams per tonne for 248,000 ounces of gold and inferred resources of 254,000 tonnes grading 2.11 grams per tonne for 17,000 ounces of gold. Mine planning and project economics are based on probable reserves of 2,333,000 tonnes grading 2.76 grams with a cut-off grade of 0.95 grams. Resource and reserve estimates were prepared by Eugene Purtich, P.Eng. and Dr. Wayne Ewert, P.Geo. Qualified Persons as defined by NI 43-101.

Prior to the completion of the plant at Pine Cove, the parties have agreed, in the interim, to commence the processing of 75,000 tonnes of Pine Cove ore at Richmont Mines Inc.’s Nugget Pond facilities approximately 50 kilometers to the east. During October and November of 2004 a 7,000 tonne bulk sample of Pine Cove ore was successfully processed at Nugget Pond with a head grade of approximately 5 grams and a recovery rate of 96%. It is anticipated that the 75,000 tonnes will yield approximately 12,000 ounces of gold and an attractive cash flow, which will be shared 70% New Island and 30% Anaconda.

Apart from the Pine Cove deposit, the property holds additional targets including the high-grade Romeo & Juliet zones approximately 1500 meters north of the deposit where a small bulk sample of 8 tonnes in 1998 assayed 1.1 ounce per tonne.

Information on the company and its properties can be viewed at www.newislandresources.com.

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 .