New Island Resources Inc. (TSXV:NIS) (New Island) of St. John’s, NL is pleased to report that Anaconda Gold Corp. (TSXV:ANX) (Anaconda) has closed a financing which will enable it to complete the plant and site infrastructure at the Company’s Pine Cove gold property located near Baie Verte, Newfoundland – See Anaconda’s news release of February 5, 2007.

Under the terms of the Pine Cove Agreement, Anaconda has earned a 30% interest in the property and can earn an additional 30% and operator status by arranging the project financing and bringing the property into commercial production.

H.L. Wareham, President of New Island, states that the Company is pleased with this development, which should enable production to commence during 2007 and bring the Company into gold producer status.

New Island is a junior exploration company holding various properties on the island of Newfoundland. Chiefly among these is the large 5140 hectare Glover Island property in western Newfoundland, of which 1925 hectares are held under a Mining Lease. The property holds the potential for significant gold deposits. Recently the Company signed a Joint Venture Agreement with Crew Gold Corporation (Crew) whereby Crew has committed to expend $5,000,000 over a five year period to further advance the property and earn a 60% interest in this exciting project.

New Island currently has net working capital of $5,000,000 which places it in a position to participate in other attractive opportunities.

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

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 .