James Bay Resources Limited TSX VENTURE: JBR

TORONTO, ONTARIO--(Marketwire - July 31, 2008) - James Bay Resources Limited (TSX VENTURE:JBR) ("James Bay" or the "Company") today announced the successful closing of its IPO financing on July 24, 2008 and the listing today of its common stock on the TSX Venture Exchange under the symbol "JBR".

James Bay has accumulated 95 royalty-free, 100-percent owned claims totaling 19,700 hectares in the James Bay Lowlands of Northern Ontario (the "Property") near significant discoveries by Noront Resources Ltd. ("Noront") and others (see maps below). Drill core from Noront's "Eagle One" discovery has returned assays of up to 117.4 meters averaging 4.1-percent nickel, 2.2-percent copper, 9.2 grams per tonne (g/t) PGM, demonstrating the potential of the "Ring of Fire" to develop into Canada's next major base metal mining camp.

Exploration at the James Bay Property is focused on locating magmatic Ni-Cu-PGE and/or VMS base metal deposits. Last winter, three airborne geophysical surveys (magnetic and EM) revealed 28 significant anomalies on the Property. Additional airborne geophysical surveys then refined a sizable EM conductor on the C-Block and C-Extension zones, including a strong 5 km long EM conductor that appears to be on the flank of a potential layered intrusion or domal feature that is 7 km in length. It is these large features that exhibit geophysical responses similar to the Noront and WSR Gold Inc. discoveries that will be the primary focus of the Company's Phase I drill program. To date, all VMS and Ni-Sulphide discoveries in the 'Ring of Fire' have been made using similar airborne geophysics techniques.

James Bay President & CEO Stephen Shefsky stated, "We have identified compelling drill targets based on several geophysical interpretations which, we believe, underscore the excellent potential for the discovery of significant mineral deposits on our property. We are currently advancing exploration activities in preparation for a planned 5,000-meter drill program starting this September."

James Bay also announced the closing of a $9.3-million IPO financing (the "Offering") led by IBK Capital Corp (IBK Capital). IBK Capital is a Toronto-based limited market dealer focused on raising capital for junior mining companies and has been the leading financier to several exploration companies in the James Bay Lowlands. A total of 7,447,850 units were placed (each a "Unit") at the price (the "Offering Price") of $1.25 per Unit for gross proceeds of approximately $9,300,000. Each Unit consists of one common share (each a "Common Share") and one half one of one purchase warrant (each a "Warrant") with each whole Warrant being exercisable to acquire one further Common Share at a price of $2.00 expiring on July 24, 2010.

The Company has granted to IBK Capital an over-allotment option exercisable within 30 days following closing of the Offering to purchase up to an additional 1,000,000 Units on the same terms set out above (the "Over-Allotment Option"). The Agents were paid a cash commission of up to 9% of the gross proceeds raised and the Company also issued compensation options to acquire up to a total of 731,835 Units at the Offering Price expiring July 24, 2010.

James Bay also announced that the TSX Venture Exchange has been provided with final documentation and that posting and listing for trading of the Common Shares will occur as of open of markets on July 31, 2008 under the symbol "JBR".

Mr. Shefsky added, "We are excited to have completed the IPO process and commence trading. We would like to thank IBK Capital for their efforts as this financing has positioned us to proceed with an aggressive exploration program at our property."

Brad Leonard,M.Sc., P.Geo., Exploration Manager with Caracle Creek International Consulting Inc.(CCIC), is the project manager and is also the Company's Qualified Person as defined by National Instrument 43-101. Mr. Leonard has reviewed and approved the scientific and technical content of this release.

About James Bay Resources

James Bay is a Canadian mineral exploration company with 19,700 hectares of 95 royalty-free, 100-percent owned claims in the McFauld's Lake area of the James Bay Lowlands. The Property is located roughly 30 kilometres west-southwest of the "Eagle One" Ni-Cu-PGE discovery made by Noront along the "Ring of Fire", an emerging and potentially world-class base metal camp. The Company currently has 27,872,850 shares outstanding and trades on the TSX Venture Exchange under the symbol "JBR".

For more information please visit the James Bay website at www.jamesbayresources.com

Disclaimer

Certain statements contained in this news release may contain forward-looking information within the meaning of Canadian securities laws. Such forward-looking information is identified by words such as "estimates", "intends", "expects", "believes","may", "will" and include, without limitation, statements regarding the company's plan of business operations (including plans for progressing assets), estimates regarding mineral resources, projections regarding mineralization and projected expenditures. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include, among others, metal prices, risks inherent in the mining industry, financing risks, labour risks, uncertainty of mineral resource estimates, equipment and supply risks, title disputes, regulatory risks and environmental concerns. Most of these factors are outside the control of the company. Investors are cautioned not to put undue reliance on forward-looking information. Except as otherwise required by applicable securities statutes or regulation, the company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.

Maps are available at the following address: http://media3.marketwire.com/docs/ja...

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