Mr. Stephen Shefsky reports

JAMES BAY RESOURCES LIMITED ANNOUNCES COURT OF APPEAL DECISION FROM JUDGEMENT RECEIVED IN CLAIMS AGAINST MAK MERA AND WALE SOLA

The Ontario Court of Appeal decision in the appeal by Mak Mera Nigeria Ltd. and Wale Sola from the decision of Justice Papageorgiou (the decision) of the Ontario Superior Court of Justice, in the claim made by James Bay Resources Ltd. against Mak Mera and Wale Sola. The appeal decision reversed the decision, where James Bay was awarded $405,000 to be repaid by Mak Mera, plus $200,000 in damages for defamation against Mak Mera and Wale Sola, jointly and severally. The appeal decision set aside the award of $405,000, and while the finding of defamation stood, the damages award was reduced to $1,000.

In addition, the costs award of $309,401.91 solely against Mak Mera rendered under the decision was reversed, with the Ontario Court of Appeal awarding costs of $400,000 for the trial to be paid by James Bay, along with costs of $50,000 for the appeal itself.

James Bay has the right to seek leave to appeal of the appeal decision to the Supreme Court of Canada.

About James Bay Resources Ltd.

James Bay is a Canadian resource company with 81,076,241 shares outstanding and trades on the Canadian Securities Exchange under the symbol JBR.

We seek Safe Harbor.