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New Island Resources Inc.: New Island Signs Agreement With Anaconda to Process Pine Cove Ore

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^{Published in Business and Finance on Monday, June 1st 2009 at 9:01 GMT, Last Modified on 2009-06-01 09:01:32 by Market Wire}  

ST. JOHN'S, NEWFOUNDLAND AND LABRADOR--(Marketwire - June 1, 2009) - New Island Resources Inc. (New Island)(TSX VENTURE:NIS) of St. John's, NL announces that it has entered into a satisfactory agreement with Anaconda Mining Inc. ("Anaconda") (TSX:ANX) regarding the shipment of Pine Cove ore to Crew Gold Canada Inc.'s ("Crew Gold") Nugget Pond facilities and for the sharing of net cash flow on an equal basis.

Under the terms of a separate agreement signed between Anaconda and Crew, Anaconda will deliver approximately 200,000 tons of ore to Nugget Pond for toll processing during the next 12 months commencing the week of June 15, 2009. In the interim, Anaconda will be undertaking modifications to the Pine Cove mill to improve operating efficiencies.

New Island is pleased with these developments which should prove beneficial for all parties.

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"