James Bay Resources Announces Significant Oil & Gas Opportunity

James Bay Resources Limited (TSX VENTURE:JBR) ("James Bay" or the "Company") is
pleased to announce it has signed a preliminary agreement with D&H Solutions AS
("D&H") to partner in conducting due diligence and identifying potential
acquisition targets of significant onshore/offshore Nigerian oil & gas projects.


The Company has signed a memorandum of understanding (the "MoU") to conduct due
diligence, and if a suitable target is identified, to form a special purpose
vehicle (the "SPV") with D&H (a 50/50 partnership between Hemla of Norway and
Korea's DSME (Daewoo Shipbuilding and Marine Engineering) to further evaluate
the identified oil & gas opportunities in Nigeria, and if suitable negotiate an
agreement to acquire and develop these assets. It is intended that James Bay
will earn a 50% interest in the SPV on the condition that the Company invests up
to US$32 million. As part of the initial MoU, James Bay will deposit US$2
million in an escrow account to provide initial funding assurances to its future
joint venture partner D&H for purposes of conducting the initial due diligence
to identify and secure acquisition oil & gas property targets. An additional up
to US$10 million will be invested by James Bay after signing an agreement to
acquire an advanced oil & gas project, with the funds due within 30 days of
receipt of all regulatory approvals, with the up to US$20 million balance to be
invested within one year of signing an acquisition agreement in respect of an
identified target.


James Bay is also pleased to announce it has entered into a letter of intent
with an established indigenous Nigerian oil & gas service provider MAK MERA. MAK
MERA provides upstream oil & gas expertise and contacts that will facilitate
James Bay's entry into the Nigerian hydrocarbon industry should an identified
target be secured, and an agreement made for its acquisition through the SPV.
Subject to locating and completing an acquisition of a target oil & gas asset,
James Bay will pay US$300,000 and will issue up to 12.5 million shares
representing 30% of its issued and outstanding shares to MAK MERA based on the
following schedule:




     a)   US$300,000 to be paid and 3.25 million shares to be issued upon   
          successful completion of due diligence and acquisition of oil &   
          gas assets in Nigeria                                             
                                                                            
     b)   3.25 million shares to be issued upon the Company reaching 1,500  
          boe per day                                                       
                                                                            
     c)   3 million shares to be issued upon the Company reaching 4,000 boe 
          per day                                                           
                                                                            
     d)   3 million shares to be issued upon the Company reaching 5,500 boe 
          per day                                                           



"These transactions represent a significant step for James Bay," stated Mr.
Stephen Shefsky, President & CEO. "With our new partners Hemla, DSME and MAK
MERA we are confident the Company will complete the due diligence process
favourably and begin the development of a significant oil & gas Nigerian
prospect."


If a target is identified through this process, completion of the acquisition
could represent a Change of Business under the TSX Venture Exchange policies. As
a result, any such transaction would be subject to a number of conditions,
including TSX Venture Exchange acceptance and if required shareholder approval.


About James Bay Resources

James Bay is a well-financed Canadian resource company with 28,040,350 shares
outstanding and trades on the TSX Venture Exchange under the symbol "JBR".
Please visit the James Bay website at www.jamesbayresources.com.

James Bay Resources (CSE:JBR)
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