Mr. Stephen Shefsky reports

JAMES BAY RESOURCES LIMITED ANNOUNCES CLOSING OF FIRST TRANCHE OF OFFERING

Further to the announcement of a non-brokered private placement of common shares in the aggregate principal amount of up to $350,000, James Bay Resources Ltd. has received $75,000 for the issuance of 3.75 million common shares in this first tranche of the offering.

The net proceeds from the offering will be used to finance working capital.

The common shares issued pursuant to the first tranche of the offering will be subject to a four-month-plus-one-day regulatory hold period commencing from the date of closing of the first tranche.

About James Bay Resources Ltd.

James Bay is a Canadian company with 81,076,241 shares outstanding prior to any issuance of shares pursuant to the offering and trades on the Canadian Securities Exchange under the symbol JBR.

We seek Safe Harbor.