James Bay Resources Limited

James Bay Resources Limited

February 23, 2011 10:44 ET

James Bay Resources Update

TORONTO, ONTARIO--(Marketwire - Feb. 23, 2011) - James Bay Resources Limited (TSX VENTURE:JBR) ("James Bay" or the "Company") announces that the two previously announced non-binding letters of intent (the "Letters of Intent") which had been prepared in respect of two metallurgical coal projects in the United States have been terminated. The Company has been reimbursed for its expenditures in respect of the due diligence performed and has also acquired, at no additional cost to the Company, 1,000,000 warrants in the capital of the company which currently owns the projects. James Bay continues to both assess the potential of its existing properties in the James Bay Lowlands in order to capitalize on their potential and also to evaluate other potential projects. At the request of IIROC, the Company's management also wishes to confirm that it is unaware of any material change in the Company's operations that would account for the recent increase in market activity.

About James Bay Resources

James Bay is a well-financed Canadian mineral exploration company with 21,872 hectares of 108 royalty-free, 100-percent owned claims in the McFauld's Lake area of the James Bay Lowlands. The Property is located west-southwest of the "Eagle One" Ni-Cu-PGE discovery made by Noront along the "Ring of Fire", an emerging and potentially world-class base metal camp. The Company currently has 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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