Feb. 16, 2010, 10:57 a.m. EST · Recommend · Post:

James Bay Resources Provides Corporate Update and Review of Its 'Ring of Fire' Property

- 21,872 hectare claim block in the prolific McFauld's Lake Mining Camp - Highly prospective airborne anomalies similar to those encountered by other junior explorers in the region - Approximately $7.9 million in treasury

TORONTO, ONTARIO, Feb 16, 2010 (MARKETWIRE via COMTEX) -- James Bay Resources Limited /quotes/comstock/11v!jbr (CA:JBR 0.56, 0.00, 0.00%) ("James Bay" or the "Company") is pleased to provide a corporate update as well as a review of its 'Ring of Fire' property in the James Bay Lowlands in Northern Ontario. The Company currently has approximately $7.9 million in its treasury.

Exploration at the James Bay Property has been focused on locating magmatic Ni-Cu-PGE and/or VMS base metal deposits. Work conducted to date on James Bay's strategic land position in Ontario's mineral-rich 'Ring of Fire' has revealed multiple exciting geophysical targets. In 2008, the Company completed a VTEM airborne geophysical survey on 100% of the property. Existing VMS and Ni-Sulphide discoveries in the 'Ring of Fire' have been made using similar airborne geophysical techniques. Several highly-promising magnetic/electromagnetic conductors were initially identified such as a 5 km long trend flanking a large domal magnetic feature and a possible 7 km layered intrusion.

Based on compelling airborne geophysical data, James Bay drill tested several of the geophysical anomalies from its forward operations base at Lamon Lake. A 2,100 metre drill program was initiated, focused primarily on the Company's C and C-Extension Blocks (click on www.jamesbayresources.com/maps_graphics.php and press release dated December 5, 2008). All drill holes intersected massive to semi massive sulphide sections of pyrrhotite with minor pyrite and trace chalcopyrite. Multiple targets on the A, B1, B2, D, E, F and G Blocks were not tested as part of the initial drill program and analysis of the VTEM survey reveals numerous geophysical anomalies.

Management believes strongly in the future prospects of its 'Ring of Fire' property and is pleased to report that the claim package will remain in good standing through 2013. In reviewing recent developments in the Ring of Fire, management will begin to undertake further analysis of its drilling and technical data with the aim of better understanding the overall geological environment. Given James Bay's proximity to significant chromite deposits in the Ring of Fire, management will re-evaluate data to determine the potential for chromite mineralization. With the recent developments in the Ring of Fire, James Bay is evaluating the balance of targets, geophysics and geology at its 'Ring of Fire' property and is looking at strategic alternatives to maximize the value of its significant land package.

About James Bay Resources

James Bay is a well-financed Canadian mineral exploration company with 21,872 hectares of 108 royalty-free, 100-percent owned claims in the McFauld's Lake area of the James Bay Lowlands. The Property is located 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 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

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.

Contacts:
James Bay Resources Limited
Stephen Shefsky
President & CEO
(416) 366-4200
cancap@on.aibn.com

James Bay Resources Limited
Lenny Foreht
Corporate Development
(416) 364-2266
lforeht@linearcapital.com
www.jamesbayresources.com