ST. JOHN'S, NEWFOUNDLAND and LABRADOR--(Marketwire - Feb. 27, 2012) - New Island Resources Inc. ("New Island") (TSX VENTURE:NIS.A) announces that it proposes to issue by way of a non-brokered private placement up to 5,000,000 post-consolidated common shares at a price of $0.05 per share, for gross proceeds of $250,000. The share consolidation on a 10:1 basis was approved by the shareholders at the Annual & Special Meeting of Shareholders held December 20, 2011. Insiders may participate in this issue.
The proceeds of the private placement will be used for general working capital.
ABOUT NEW ISLAND
Information concerning New Island can be accessed 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.
"Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."