Newfoundland Goldbar Resources Inc.

April 30, 2007 11:22 ET

Newfoundland Goldbar Resources Inc.: Activity Update

ST. JOHN'S, NEWFOUNDLAND AND LABRADOR--(CCNMatthews - April 30, 2007) - Newfoundland Goldbar Resources Inc. (the "Company") (NEX:NGB.H) announces that as a result of the cancellation of the proposed private placement as announced on April 19, 2007, New Island Resources Inc. will not be proceeding with the subscription for 10,000,000 common shares of the Company at a price of $0.05 per share. New Island Resources Inc. has accepted title to 3,214 mineral claims in the Sims Basin area of Labrador in lieu of repayment of the subscription funds previously advanced and used by the Company in obtaining the said claims.

The Company further announces that subsequent thereto, it has been successful in acquiring 1,179 mineral claims at a cost of $70,740 in the Sims Basin area which it considers to be highly prospective for uranium and other base metals. Funding for the acquisition has been provided on a short term, unsecured and interest free basis by a senior officer of the Company.

The Company is now seeking joint venture and equity partners to further define the true potential of the properties. In the interim it will redeem the short term funding with proceeds from the sale of a portion of its investments.

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

Contact Information

  • Newfoundland Goldbar Resources Inc.
    Harold L. Wareham
    709-576-2236 (FAX)