June 09, 2006 09:27 ET

New Island Resources Inc.: Phase I Drilling Successful at Nugget Pond; New Gold Targets Outlined

ST. JOHN'S, NEWFOUNDLAND AND LABRADOR--(CCNMatthews - June 9, 2006) - New Island Resources Inc. (New Island)(TSX VENTURE:NIS) of St. John's, NL is pleased to announce the results of diamond drilling on the "Footwall Zone" at the former producing Nugget Pond Mine of Richmont Mines Inc., on the Baie Verte Peninsula of northeastern Newfoundland. Four (4) drill holes, numbers NP06-341 to 344, totaling 946.7 metres, tested the zone within and below previous drilling at an approximate depth of 150 to 200 metres vertically below surface.

The "Footwall Zone" is a gold mineralized zone hosted by mafic volcanics lying approximately 25 to 40 metres stratigraphically below the Nugget Pond ore zones. All four drill holes intersected significant gold mineralization. Following is a table detailing these significant intersections in meters.

Hole # From To Width Au g/t
NP06-341 10.05 12.17 2.1 25.5
incl. 10.05 10.67 0.62 99.3
50.30 52.25 1.95 6.2
incl. 51.10 51.50 0.40 21.9
60.35 61.95 1.60 5.6
incl. 60.35 60.75 0.40 19.1
NP06-342 179.05 181.30 2.25 5.6
incl. 179.05 179.75 0.70 9.7
NP06-343 101.28 105.98 4.70 2.1
incl. 102.73 103.13 0.40 6.2
NP06-344 77.98 78.28 0.30 6.3
88.30 89.64 1.34 3.1
136.75 137.25 0.50 6.3

The drilling was successful in further defining the gold mineralization of the "Footwall Zone" and confirming drill results from earlier drilling by Richmont and Bitech. Further exploration is required to evaluate this zone which lies in close proximity to the existing underground workings of the Nugget Pond Mine.

Samples were analyzed using a standard fire assay technique, one assay tonne sample weight with an atomic absorption fired at Eastern Analytical Laboratories in Springdale, Newfoundland. Orientation of the zones is not well determined, however it is estimated that the true widths are approximately 60 - 80%.

Evaluation is continuing on the north-south trending zone of gold mineralization (described in earlier press releases) that lies to the northwest of the Nugget Pond deposit. Results will be released when they are received.

A number of other gold targets have been identified on the optioned ground. They are:

1. The sedimentary unit, which hosts the Nugget Pond Deposit (Nugget Pond horizon), which extends to both the East and West of the mine where cross cutting, structural features, similar to that which localizes the gold at Nugget Pond, and which remain untested, are found along the favourable horizon.

2. A number of gold showings located to the north of the Nugget Pond horizon in iron rich mafic volcanic units which show a relationship with ultramafic units located farther to the north, similar to the North-South Zone at Nugget Pond.

3. IP targets located to the north of the Nugget Pond deposit possibly related to mineralized structures with similar trends.

Historic gold showings along the sedimentary / volcanic contact include:

- 1.35 and 1.1 g/t Au, each over 1.5 m intervals in drill holes, located approximately 1 km to the north of the Mine at the mafic /ultramafic contact;

- 2.4 g/t over 3.4 m in a channel sample, from trenches near the mafic / ultramafic contact to the north of the sediments, approximately 8 km to the east of the mine

- 25.4 g/t over 1.1 m in drill core hosted by mafic volcanics approximately 8 km to the east of the mine.

The Qualified Person for this project under National Instrument 43-101 is Susan A. Scott, M.Sc., P.Geo.

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 has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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