Brownstone Ventures Inc.

Brownstone Ventures Inc.

August 06, 2008 10:14 ET

Brownstone Ventures Inc. Acquires Securities of James Bay Resources Limited

TORONTO, ONTARIO--(Marketwire - Aug. 6, 2008) - Brownstone Ventures Inc. (TSX VENTURE:BWN) ("Brownstone") announces that on July 31, 2008, following James Bay Resource Limited's ("James Bay") initial public offering, it owned 2,500,000 common shares ("Common Shares") of James Bay and 750,000 common share purchase warrants (the "Warrants"). In the event that the Warrants are fully exercised, these holdings represent approximately 11.4% of the total issued and outstanding common shares of James Bay as of July 31, 2008, calculated on a partially diluted basis assuming the exercise of the Warrants only. As a result of this transaction, Brownstone and its joint actors held, as at July 31, 2008, an aggregate of 3,000,000 common shares of James Bay, including the Common Shares, and convertible securities exercisable into 900,000 common shares of James Bay (the "Convertible Securities"), including the Warrants. Of these totals, Brownstone directly holds the Common Shares and the Warrants. If Brownstone and its joint actors were to exercise all of the Convertible Securities, their combined ownership would represent a total of 3,900,000 common shares of James Bay or approximately 13.6% of such shares outstanding as of July 31, 2008, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only.

These transactions were made for investment purposes and Brownstone and each of its joint actors could increase or decrease their respective investments in James Bay depending on market conditions or any other relevant factor.

About Brownstone

Brownstone Ventures Inc. is a well-financed Canadian-based, energy focused investment company with equity interests and direct interests in oil and gas exploration projects, including working interests in almost 300,000 acres in the Piceance/Uinta Basins of Colorado and Utah, 295km2 in the Assam/Arakan Basin, Northeast India, 253,000 acres in Rio Negro, Argentina and interests in several projects in Brazil. For additional information, please see Brownstone's website:

The TSX Venture Exchange does not take responsibility for the adequacy or accuracy of this release.

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