NEW ISLAND RESOURCES INC.
TSX VENTURE : NIS

NEW ISLAND RESOURCES INC.

October 22, 2010 10:38 ET

New Island Resources Inc. Provides Update Regarding Filing of Financial Statements

ST. JOHN'S, NEWFOUNDLAND AND LABRADOR--(Marketwire - Oct. 22, 2010) - New Island Resources Inc. ("the Company") (TSX VENTURE:NIS) announced in its news release dated October 5, 2010 that it had made application to the Alberta Securities Commission for an extension for the filing of its annual audited financial statements for the year ended June 30, 2010. This request was not approved.

In order to be compliant, the Company is endeavouring to meet the filing deadline of October 28, 2010 for the filing of its annual audited financial statements for the year ended June 30, 2010 together with the related financial disclosure documents as required in accordance with Parts 4 and 5 of National Instrument 51-102 and with National Instrument 52-109.

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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