James Bay Resources Limited Announces Closing of $470,000 Offering

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.

James Bay Resources Limited  ("James Bay") (TSX VENTURE:JBR) today announced
that it has raised gross proceeds of $470,000.00 by way of a non-brokered
private placement (the "Offering") of 470,000 units ("Units") at a price of
$1.00 per Unit, being the second tranche of its financing previously announced
in its press release dated December 23, 2013. 


Each Unit is comprised of one common share (a "Common Share") in the capital of
James Bay and one Common Share purchase warrant (each a "Warrant"). Each Warrant
comprising part of the Units is exercisable for a Common Shares at a price of
$1.25 for thirty-six months from the date of issuance.


The proceeds from the Offering, will be used to fund working capital and to
enable James Bay to further the foundation of its proposed oil and gas business
in Nigeria. James Bay obtained written approval from shareholders holding
greater than 50% of the outstanding common shares authorizing the Offering.
Closing of the Offering is not contingent on completion of the COB. For complete
details, please also see James Bay's press release dated January 31, 2014.


The common shares and warrants issued as Units pursuant to the Offering will be
subject to a four month regulatory hold period commencing from the date of
closing. In addition, the securities comprising the Units will have a TSXV
legend restricting transfer until completion of the COB. The Offering is subject
to TSXV acceptance of requisite regulatory filings.


The securities offered have not been registered under the U.S. Securities Act of
1933, as amended, and may not be offered or sold in the United States absent
registration or an exemption from the registration requirements. This press
release shall not constitute an offer to sell or the solicitation of an offer to
buy nor shall there be any sale of the securities in any State in which such
offer, solicitation or sale would be unlawful.


About James Bay Resources Limited

James Bay is a Canadian resource company with 29,970,774 shares outstanding and
trades on the TSX Venture Exchange under the symbol "JBR". Please visit the
James Bay website at www.jamesbayresources.com.


Disclaimer

This news release includes certain statements that may be deemed
"forward-looking statements" within the meaning of the United States Private
Securities Litigation Reform Act of 1995 and applicable Canadian securities
legislation. Forward-looking statements include, but are not limited to,
statements with respect to the Corporation's operations, exploration and
development plans, expansion plans, estimates, expectations, forecasts,
objectives, predictions and projections of the future. Generally, these
forward-looking statements can be identified by the forward-looking terminology
such as "plans", "expects" or "does not expect", "is expected", "budget",
"scheduled", "estimates", "projects", "intends", "anticipates", or "does not
anticipate", or "believes", or "variations of such words and phrases or state
that certain actions, events or results "may", "can", "could", "would", "might",
or "will" be taken", "occur" or "be achieved". Forward-looking statements are
subject to known and unknown risks, uncertainties and other factors that may
cause the actual results, level of activity, performance or achievements of
James Bay Resources Limited to be materially different from those expressed or
implied by such forward-looking statements, including but not limited to: risks
related to the Corporation's change of business and the oil and gas industry in
Nigeria generally, risks related to operations, construction delays and cost
overruns, the actual results of exploration, development and construction
activities, conclusions of economic evaluations, changes in project parameters
as plans continue to be refined, future copper prices, as well as those factors
discussed in the sections relating to risk factors of our business filed in
James Bay Resources Limited's required securities filings on SEDAR. Although
James Bay Resources Limited has attempted to identify important factors that
could cause results to differ materially from those contained in forward-looking
statements, there may be other factors that cause results to be materially
different from those anticipated, described, estimated, assessed or intended.


There can be no assurance that any forward-looking statements will prove
accurate, as actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not place undue
reliance on forward-looking statements. James Bay Resources Limited does not
undertake to update any forward-looking statements that are incorporated by
reference herein, except in accordance with applicable securities laws.


The TSX Venture does not accept responsibility for the adequacy or accuracy of
this news release.


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