Mr. Sean Charland reports

EAGLE BAY RESOURCES ANNOUNCES PRIVATE PLACEMENT TO RAISE GROSS PROCEEDS OF UP TO $750,000

Eagle Bay Resources Corp. intends to undertake a non-brokered private placement consisting of the issuance of up to 7.5 million units at a price of 10 cents per unit to raise aggregate gross proceeds of up to $750,000. Each unit will consist of one common share of the company and one common share purchase warrant, with each warrant entitling the holder to purchase one share at a price of 15 cents per share for a period of two years from closing of the offering.

The company anticipates that a majority of the net proceeds of the offering will be used for property exploration and any remaining funds will be allocated to general working capital.

All securities issued pursuant to the offering will be subject to a hold period of four months and a day from the closing in accordance with securities laws. Any participation by insiders in the offering will constitute a related party transaction under Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions, but is expected to be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101. The closing remains subject to several conditions, including receipt of subscriptions and regulatory approval, if required.

About Eagle Bay Resources Corp.

Eagle Bay Resources is a Canadian exploration company specializing in the acquisition and development of high-potential rare earth elements (REEs) and niobium properties. Eagle Bay Resources is publicly listed on the Canadian Securities Exchange under trading symbol EBR.

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