James Bay Resources Limited

James Bay Resources Limited

December 10, 2012 10:54 ET

James Bay Appoints Jean Gauthier as New Director

TORONTO, ONTARIO--(Marketwire - Dec. 10, 2012) - James Bay Resources Limited (TSX VENTURE:JBR) ("James Bay" or the "Company") is pleased to announce that it has appointed Jean Gauthier as a director. Mr. Gauthier is a retired member of Canada's Foreign Service with more than 35 years of experience including long career overseas assignments in Africa and the Middle East.

Experience in Nigeria and Surrounding Region

From September 2009 to August 2012, Mr. Gauthier served as the first Deputy High Commissioner of Canada to Nigeria with responsibilities for the Deputy High Commission of Canada in Lagos and Senior Regional Trade Commissioner for Nigeria and Central Africa. From May 2006 to August 2009, Mr. Gauthier became Deputy Director for the African Great Lakes Region, Central Africa and Nigeria where he had special responsibilities for coordinating Canada's bilateral relations with Nigeria. This role was in addition to the responsibilities he took on in 2003 as Deputy to Canada's Special Envoy and Ambassador for the African Great Lakes Region. Mr. Gauthier has also had overseas assignments in Egypt, Kuwait, Iraq, Saudi Arabia and Yemen where political developments, trade relations, and oil policies were his daily focus. He received the Professional Association of Foreign Service Officers award in recognition of the dedication and commitment that characterized his long and successful career in the Foreign Service.

"We are delighted to welcome Mr. Gauthier to the Board of Directors of James Bay. He has a depth of experience in Nigeria and its surrounding regions that is invaluable to our company" said Stephen Shefsky, James Bay's CEO.

Oil & Gas Project in Nigeria

As announced in its October 10, 2012 press release, James Bay has been preparing the necessary materials to pursue conditional approval for its change of business under the TSX Venture Exchange (the "Exchange") policies and has filed a National Instrument 51-101 report prepared by Sproule International Limited (the "51-101 Report") with the Exchange.

As disclosed in its June 28, 2012 press release, James Bay has entered into an agreement to acquire a significant direct interest in an oil and gas project in Nigeria (the "Project"). James Bay has entered into a joint operating agreement dated May 28, 2012 (the "JOA") and deed of assignment dated March 9, 2012 (the "DOA") in respect of the Project, which have been filed with the Department of Petroleum Resources in Nigeria (the "DPR").

Subject to receipt of all required approvals, James Bay intends to re-enter an existing well on the Project next year to facilitate two drill stem tests and a six month extended well test, all designed to determine the next steps in its exploration and development of the Project.

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.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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