NEW ISLAND RESOURCES INC.
TSX VENTURE : NIS

NEW ISLAND RESOURCES INC.

December 15, 2010 19:12 ET

New Island Resources Inc. Files Restated Interim Financial Statements

ST. JOHN'S, NEWFOUNDLAND and LABRADOR--(Marketwire - Dec. 15, 2010) - New Island Resources Inc. (the "Company") (TSX VENTURE:NIS) announces that it has amended and refiled its unaudited interim financial statements and management's discussion and analysis (the "Filings") for the three month period ended September 30, 2010. The amended Filings have been reviewed by the Company's auditor and have been restated to reflect adjustments to items previously recorded in the financial statements at September 30, 2010 that should have been disclosed as subsequent events. These adjustments related to the sale of the Glover Island property to Mountain Lake Resources Inc. and the recording of a liability for employee benefits payable. These adjustments did not affect prior reporting periods.

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 an agreement for the sale of its interest in the gold mine and mill project at Pine Cove in central Newfoundland. Additional information concerning this sale 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.

"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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