James Bay Announces Conditional Acceptance of Its Change of Business and Filing of NI 51-101 Report

James Bay Resources Limited (TSX VENTURE:JBR) ("James Bay" or the "Company") is
pleased to announce that the TSX Venture Exchange (the "Exchange") has
conditionally accepted the Company's change of business ("COB") from a mining
issuer to an oil and gas issuer. 


As previously disclosed, James Bay has entered into an agreement to acquire from
Bicta Energy & Management Systems Limited ("Bicta") a 47% direct interest in the
Ogedeh Project in Nigeria (the "Ogedeh Project"). The Ogedeh Project is a
marginal field located in the south western corner of the Nigerian National
Petroleum Corporation Block OML 90 (oil mining lease) in the western Niger Delta
Basin, Nigeria. The Ogedeh field was discovered by Chevron in 1993 by the
drilling of the Ogedeh-1 well, in shallow water offshore from OML 90.


In order to acquire the interest James Bay has entered into a joint operating
agreement with Bicta dated May 28, 2012 (the "JOA") and deed of assignment dated
March 9, 2012 (the "DOA") in respect of the Ogedeh Project, which have been
filed with the Department of Petroleum Resources in Nigeria (the "DPR"). Subject
to receipt of all required approvals, including approval from the DPR in respect
of the JOA and the DOA and the Exchange, James Bay intends to re-enter an
existing well on the Ogedeh Project to facilitate two drill stem tests and up to
a six month extended well test, all designed to determine the next steps in its
exploration and development of the Ogedeh Project.


The transactions are subject to: (i) the approval of the Company's shareholders
of the acquisition and COB; (ii) Exchange final acceptance of regulatory
filings; and (iii) regulatory approval, including that of the DPR. In connection
with the final acceptance of the Exchange to the COB, the Company will be
required to complete a financing raising proceeds of not less than $13,500,000,
details of which will be the subject of a further press release once finalized.
The Company intends to seek shareholder approval of the COB transaction at a
special meeting of shareholders to be held on February 4, 2013. The management
information circular (the "Circular") to be mailed to the Company's shareholders
in respect of the approval of the acquisition and COB is now available at
www.SEDAR.com. Additional information is also available in the Company's press
releases dated June 28, 2012 and October 10, 2012, copies of which are available
at www.SEDAR.com.


James Bay is also pleased to announce that in connection with the COB it has
incorporated into the Circular and also filed separately a National Instrument
51-101 compliant report (the "Sproule Report") prepared by Sproule International
Limited in respect of the Ogedeh Project. The Sproule Report dated effective
June 30, 2012 has been filed with the Exchange and is now available at
www.SEDAR.com. The Sproule Report reviews James Bay's plans with regard to
re-entering an existing well on the Ogedeh Project and performing an extended
well test for six months. The anticipated costs for the re-entry, testing up to
two separate zones, and a minimum of a dual completion of the well is estimated
at approximately US$12.7 million. James Bay plans to finance this portion of the
planned program from an equity raise of US$13.5M. Once the well test is
completed, and subject to the resource assessment received from these production
tests, the potential well resources would be completed and developed through the
existing well bore. James Bay would then propose to drill up to two offsetting
commercial wells in order to drain the remaining recoverable oil volumes from
this formation. The expected cost of drilling to complete the new offsetting
commercial wells required for these purposes is currently estimated at
approximately US$15 million to US$20 million per well.


About James Bay Resources

James Bay is a well-financed Canadian resource company with 28,040,350 shares
outstanding and trades on the TSX Venture Exchange under the symbol "JBR".
Please visit the James Bay website at www.jamesbayresources.com.


The Exchange has in no way passed upon the merits of the proposed transaction
and has neither approved nor disapproved the contents of this press release.


Completion of the acquisition is subject to a number of conditions including,
but not limited to, Exchange acceptance and, if applicable, pursuant to Exchange
requirements, majority of minority share approval. The acquisition cannot close
until the required shareholder approval is obtained. There can be no assurance
that the acquisition will be completed as proposed or at all.


Investors are cautioned that, except as disclosed in the Management Information
Circular prepared in connection with the transaction, any information released
or received with respect to the COB may not be accurate or complete and should
not be relied upon. Trading in the securities of James Bay should be considered
highly speculative.


FOR FURTHER INFORMATION PLEASE CONTACT: 
James Bay Resources Limited
Stephen Shefsky
President & CEO
416-366-4200
[e-mail]
www.jamesbayresources.com


Investor Relations
Keith Porter
416-366-4100
keith.porter@jbr limited.com