NIS New Island Resources

New Island Resources Inc. (the "Company") (TSX VENTURE:NIS) reports that the
sale of its Glover Island prospective mineral property to Mountain Lake
Resources Inc. ("Mountain Lake") has closed in accordance with the terms of the
Property Transfer Agreement (the "Agreement") dated September 23, 2010 between
the Company and Mountain Lake. The Agreement was previously announced in a joint
New Island/Mountain Lake press release dated September 24, 2010.


Pursuant to the Agreement, the Company has transferred its interest in the
Glover Island property to Mountain Lake for consideration from Mountain Lake
consisting of $500,000 cash; 1,000,000 common shares of Mountain Lake; share
purchase warrants for the acquisition of up to another 500,000 common shares of
Mountain Lake at an exercise price of $1.20 per share for a period of two years;
a waiver and release of a loan to New Island of $160,000 plus accrued interest
(estimated at $3,420); and a waiver and release of any break fee payable by the
Company to Mountain Lake in connection with the termination of a prior
arrangement agreement between the parties. Mountain Lake will also pay New
Island a net smelter returns royalty of 1% of commercial production, which
reduces to 0.5% after the payment of the first $1 million.


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.

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