New Island Resources Inc. Advises Shareholders Who Have Tendered to Anaconda Mining Inc. Take-Over Bid to Immediately Withdraw T

The Board of Directors (the "Board") of New Island Resources Inc. ("New Island")
(TSX VENTURE:NIS) confirms that it continues to pursue the proposed Plan of
Arrangement with Mountain Lake Resources Inc. ("Mountain Lake") (TSX
VENTURE:MOA) as the best option for shareholders of New Island. Today, Mountain
Lake has reported very significant results from initial metallurgical work on
mineralized core samples from its Leprechaun Lake, NL gold deposit. Based on
these results, shares of Mountain Lake have traded as high as $0.84 per share.


New Island has a definitive agreement with Mountain Lake for a Plan of
Arrangement whereby shares of New Island will be exchanged for shares of
Mountain Lake at a ratio of 4.25 New Island shares for 1 share of Mountain Lake.
The Plan of Arrangement is subject to shareholder approval by the shareholders
of New Island prior to September 30, 2010. The transaction must be approved by
at least 66.66% of the shareholders of New Island voting at the meeting.


Anaconda Mining Inc. ("Anaconda") (TSX:ANX) reported yesterday that pursuant to
its take-over bid for all of the shares of New Island, Anaconda had received
tenders of 17,935,274 New Island Shares representing approximately 35.7% of the
issued and outstanding shares of New Island. Anaconda has notified New Island
that it will not be exercising its votes in favour of the Plan of Arrangement
with Mountain Lake.


New Island's preliminary assessment is that based on today's intra-day high, the
implied value of New Island shares under the proposed Plan of Arrangement with
Mountain Lake is $0.20 per share. This is a significantly higher implied value
than that under the terms of the Anaconda Take-over bid for New Island shares,
which New Island has estimated to be approximately $0.13 based on recent trading
of Anaconda shares.


Shareholders who have tendered their New Island shares pursuant to the take-over
bid by Anaconda may be able to withdraw their previously tendered shares
pursuant to the rights of withdrawal under the Anaconda Take-over bid. New
Island recommends that all shareholders who may have tendered their shares to
contact their broker or investment advisor immediately prior to the expiry of
such withdrawal rights. 


New Island CEO Harold Wareham stated: "The results reported by Mountain Lake
today confirm the wisdom of the Board of New Island in pursuing a business
combination with Mountain Lake. The combined gold properties of New Island and
Mountain Lake represent an opportunity for considerable growth and increases in
shareholder value."


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

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.

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