NIS New Island Resources

New Island Resources Inc. ("New Island") (TSX VENTURE:NIS) reports that the
Company has determined that it will not be able to meet the deadline of October
28, 2010 for the filing of its annual audited financial statements for the year
ended June 30, 2010 together with the related financial disclosure documents as
required in accordance with Parts 4 and 5 of National Instrument 51-102 and with
National Instrument 52-109. 


New Island announced on August 30, 2010 that it had entered into an agreement
with Anaconda Mining Inc. ("Anaconda") on a friendly transaction to be
structured as a Plan of Arrangement for the acquisition of New Island's interest
in the Pine Cove Mine and Mill. 


The disposition of New Island's interest in the Pine Cove Mine and Mill is a
material transaction that would have a significant impact on the financial
disclosures of the Company. Due to ongoing negotiations with Anaconda in
relation to the proposed Plan of Arrangement and the scheduling of a special
shareholders meeting for approval of the transaction, it has been determined
that full and accurate financial disclosure for the year ended June 30, 2010
cannot be achieved until the Plan of Arrangement is finalized and the result of
the shareholder vote has been determined. 


The audit for the year ended June 30, 2010 has been partially completed being
temporarily halted pending the outcome of the special shareholders meeting
currently scheduled for October 29, 2010 after which, final preparation of the
financial statements will begin and the audit will resume. The Company
anticipates the filing default to be rectified within 60 days following the
special meeting of shareholders held to consider the Plan of Arrangement.


New Island intends to satisfy the provisions of the alternative information
guidelines in accordance with section 4.4 of National Policy 12-203 Cease Trade
Orders for Continuous Disclosure Defaults (NP 12-203) by the issuance of
bi-weekly default status reports for the duration of default period.


New Island has made application to the Alberta Securities Commission as
principal regulator, for a Management Cease Trade Order (MCTO) as an alternative
to a general Cease Trade Order (CTO) in accordance with NP 12-203.


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. New Island has
entered into agreements for the sale of its interest in the gold mine and mill
project at Pine Cove in central Newfoundland and for the sale of the Glover
Island exploration property in western Newfoundland. Additional information
concerning these sales and 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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