NIS New Island Resources

New Island Resources Inc. ("New Island") (TSX VENTURE:NIS) reports it will not
accept the subscriptions for shares tendered pursuant to the private placement
announced in its press release of July 9, 2010 for the sale and issuance of
3,500,000 common shares (the "Offering") at a subscription price of CDN$ 0.08
per common share. Gross proceeds of the Offering to New Island were to have been
CDN$ 280,000. All subscription proceeds which were received by New Island
pending closing of the Offering will be returned in full to the subscribers.


New Island's inability to accept the subscriptions pursuant to the Offering is
due to circumstances beyond its control. The completion of the placement of
shares pursuant to the Offering was subject to final acceptance by New Island
and to TSX Venture Exchange approval. As of today, approval of the Offering has
not been obtained from the TSX Venture Exchange.


The Offering was the subject of repeated objections by Anaconda Mining Inc.
(TSX:ANX) (hereinafter "Anaconda") which filed an unsolicited take-over bid with
Canadian securities regulators on June 11, 2010 containing an offer to all
shareholders of New Island to sell their shares in the company to Anaconda.
Included in Anaconda's complaint to the TSX Venture Exchange was an assertion
that the Offering was an unlawful defensive tactic by the management of New
Island to place additional shares with certain parties for the purpose of
thwarting Anaconda's take-over bid, an allegation which New Island denies.


New Island faces an urgent need for funds in order to meet its current financial
obligations and to pay significant expenses being incurred in relation to the
Anaconda take-over bid. In seeking to address this situation, New Island is
cognizant of the need to do so in a way that serves the needs of the company
while balancing the interests of all shareholders and the fairness of the
take-over bid process.


Navina Asset Management ("Navina"), a holder of 3,048,000 common shares of New
Island, has formally agreed to purchase an additional 3,000,000 common shares of
New Island on a private placement basis at a subscription price of CDN$ 0.10 per
common share for aggregate gross proceeds to New Island of $300,000. Completion
of this transaction is subject to TSX Venture Exchange approval. When completed,
this transaction will result in the issuance of fewer shares of New Island than
under the terms of the Offering and without a discount to market that is common
in placements of this nature.


On June 18, 2010, Navina had issued a press release stating its support for the
Anaconda take-over of New Island. In agreeing to purchase additional shares in
New Island at this time, Navina CEO Ravi Sood has clarified that Navina's
position is: "The common objective of New Island and all of its shareholders is
to identify the best opportunity that emerges as a result of the take-over bid
process, whether that is Anaconda's current offer, an improved Anaconda offer,
or a competing offer from an entity other than Anaconda. Navina will make its
ultimate decision based on the criterion of shareholder value when all of the
relevant information is in."


Furthermore, Mr. Sood agreed that New Island must be permitted to raise
reasonable amounts of capital for the near term, provided that the integrity of
the take-over bid process is not compromised. "I am satisfied that in issuing
new shares at this time, New Island is taking an unfortunate but necessary step.
It would be regrettable if this investment were construed in a way that would
prevent New Island from securing its present position."


The net proceeds of the investment by Navina will be used to fund the immediate
working capital requirements of New Island as stated in New Island's press
release of July 9, 2010.


About New Island Resources Inc.

New Island is a diversified junior exploration company holding gold and base
metal properties in the Province of Newfoundland and Labrador. Additional
information concerning New Island may be obtained on New Island's website at:
www.newislandresources.com or from the System for Electronic Document Analysis
and Retrieval (SEDAR) website at: www.sedar.com under New Island's profile.


ON BEHALF OF THE BOARD OF DIRECTORS

s/ Harold Wareham, President and CEO

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.

New Island Resources (TSXV:NIS)
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New Island Resources (TSXV:NIS)
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부터 7월(7) 2023 으로 7월(7) 2024