November 20, 2007 13:00 ET

New Island Gains Tier 1 Status

ST. JOHN'S, NEWFOUNDLAND--(Marketwire - Nov. 20, 2007) - New Island Resources Inc. (New Island) (TSX VENTURE:NIS) of St. John's, NL reports that the TSX Venture Exchange has approved its application for graduation from Tier 2 to Tier 1 Issuer status effective November 19, 2007. The Company is pleased to have attained this new classification which is based on a review of the Company's financial and mineral assets and the maintenance of other requirements set by the Exchange.

The Company is also pleased to report that Anaconda Mining Inc. (Anaconda) (TSX:ANX) (FRANKFURT:GJ2) advises that good progress is being made on bringing the Pine Cove property into production and that processing should commence at the mill in late January 2008. Anaconda can earn a 60% interest in the property and operator status by arranging the financing and bringing the property into commercial operation.

The Pine Cove property is situated near Baie Verte, Newfoundland and hosts probable reserves of 2,332,676 tonnes grading 2.76 grams gold per tonne for 207,000 oz. of gold. Inferred resources total 66,700 tonnes grading 2.43 grams gold per tonne for 5,200 oz. of gold. These reserves and resources were prepared utilizing a cut-off grade of 0.95 grams gold per tonne and completed by independent mining consultants and Qualified Persons, as defined by NI 43-101, Eugene Puritch, P.Eng. and Dr. Wayne Ewert, P.Geo. of P&E Mining Consultants Inc. of Brampton, Ontario (See technical report filed June 9, 2006 on Sedar at The property also hosts defined exploration targets having potential for additional reserves and mine life extension. These targets include the Romeo & Juliet zone, which hosts a high grade quartz vein requiring further drilling in order to define a resource.

About New Island

New Island is a mineral exploration and development company having properties on the island of Newfoundland and in Labrador. In addition to the Pine Cove property it holds the large advanced Glover Island gold property in Newfoundland currently on option to Crew Gold Corporation which has committed to expend $5,000,000 in exploration expenditures over five years to earn a 60% interest. The Company holds gold mineral claims adjacent to the Nugget Pond mill on the Baie Verte Peninsula and significant land holdings in the Sims Basin area of Labrador which are prospective for uranium. New Island seeks to enhance shareholder value by exploring and developing resource properties with competent Joint Venture partners. Additional information on the company and its properties can be viewed at

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.

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

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