New Island Resources Inc. Files Restated Interim Financial Statements

New Island Resources Inc. (the "Company") (TSX VENTURE:NIS) announces that it
has amended and refiled its unaudited interim financial statements and
management's discussion and analysis (the "Filings") for the three month period
ended September 30, 2010. The amended Filings have been reviewed by the
Company's auditor and have been restated to reflect adjustments to items
previously recorded in the financial statements at September 30, 2010 that
should have been disclosed as subsequent events. These adjustments related to
the sale of the Glover Island property to Mountain Lake Resources Inc. and the
recording of a liability for employee benefits payable. These adjustments did
not affect prior reporting periods.


About New Island Resources Inc.

New Island is a diversified junior exploration company holding gold and base
metal properties in the Province of Newfoundland and Labrador. New Island has
entered into an agreement for the sale of its interest in the gold mine and mill
project at Pine Cove in central Newfoundland. Additional information concerning
this sale and New Island may be obtained on New Island's website at:
www.newislandresources.com or from the System for Electronic Document Analysis
and Retrieval (SEDAR) website at: www.sedar.com under New Island's profile.


ON BEHALF OF THE BOARD OF DIRECTORS

Harold Wareham, President and CEO

Statements contained in this release that are not historical facts are
forward-looking statements, which involve known and unknown risks and
uncertainties not under the company's control, which may cause actual results,
performance or achievements of the company to be materially different from the
results, performance or expectations implied by these forward-looking
statements.