TORONTO, ONTARIO--(Marketwire - Sept. 30, 2008) - James Bay Resources Limited (TSX VENTURE:
JBR -
News; "James Bay" or the "Company") is pleased to announce that the Company has begun drilling on its McFauld's Lake 'Ring of Fire' property in northern Ontario. The initial 5,000 metre diamond drill program is focused primarily on the Company's C and C-Extension Blocks. Drill targets have been chosen for testing based on highly-accurate VTEM airborne surveys which indicates a large 5 km long electromagnetic conductor on the south-eastern flank of a domal magnetic feature. "We are going to test these conductors at depths of 100 to 200 metres," said Mr. Brad Leonard, P.Geo, Exploration Manager. "Drilling will target the entire 5 km electromagnetic (EM) trend, including the strongest conductive portions. In addition, other strong EM conductors in close proximity to the 5 km trend will also be drill tested."
"James Bay has now advanced its exploration efforts to the drilling stage and we anticipate reporting initial core assays over the coming weeks," said Mr. Stephen Shefsky, President & CEO.
James Bay Resources has granted a total of 1,205,000 stock options to Directors, Officers and Consultants with an exercise price of $0.75. All of the options have been granted under the previously approved stock option plan, have a term of five years, and are subject to a vesting period of two (2) years from the date of the grant.
About James Bay Resources
James Bay is a well-financed 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". 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.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
