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New Island Resources Inc.: New Island Announces Sale of Claims Rights to Marble Deposit

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  Published in Business and Finance on Friday, June 26th 2009 at 10:13 GMT, Last Modified on 2009-06-26 10:13:55 by Market Wire
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ST. JOHN'S, NEWFOUNDLAND AND LABRADOR--(Marketwire - June 26, 2009) - New Island Resources Inc. (New Island) (TSX VENTURE:NIS) of St. John's, NL announces that it has sold the claims rights to its marble deposit near Deer Lake, Newfoundland to Island Industrial Ltd. for $10 and other good and valued consideration. Under the terms of the sale agreement, New Island will receive a royalty of ten percent of the gross profits from the sale value of products generated from the deposit. Additionally, New Island retains a right of first refusal should Island Industrial Ltd. decide to dispose of the property in the future.

Mr. Harold Wareham, President, states that while disappointed New Island was unable to bring the marble deposit into commercial production, it is pleased to be able to reach an agreement with Island Industrial Ltd., a company which is and has been actively involved in the dimension stone industry in the Province.

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"