2014 News

James Bay Resources Announces Debt Settlement and Issuance of Unit

TORONTO, ONTARIO -- December 22, 2014

James Bay Resources Limited ("James Bay" or the "Company") (CSE:JBR) announced that the Company will, effective December 23, 2014, issue to D&H Solutions AS ("DHS") an aggregate of 3,000,000 units (the "DHS Units") in the capital of the Corporation in consideration for its work in helping the Company to set up its oil and gas business in Nigeria. The Company also announced that it has settled an aggregate total debt of $147,288 owing to DHS through the issuance to DHS of an aggregate of 147,288 units (each a "Unit"), which issuance shall also be effective December 23, 2014. The issuance of the DHS Units and the Units to DHS are pursuant to the terms of an agreement between the Company and DHS dated July 16, 2014, as previously disclosed in the Company's listing statement posted on the website of the Canadian Securities Exchange on October 29, 2014.

Additionally, the Company announced that, effective December 23, 2014, it will issue an aggregate of 55,338 Units and an additional 50,000 warrants (the "Additional Warrants") to another arm's-length creditor to settle another debt in the aggregate amount of $55,338.

Each DHS Unit shall consist of one common share in the capital of the Corporation (a "Share") and one-half of one (1/2) Share purchase warrant (each whole warrant being a "DHS Warrant"). Each DHS Warrant entitles DHS to acquire one further Share at an exercise price of $1.25, expiring 24 months from the date of issue. Each Unit shall consist of one Share and one-half of one Share purchase warrant (each whole warrant a "Warrant"), with each Warrant exercisable to acquire one additional Share at an exercise price of $1.25 and expiring five (5) years from the date of issue. The Additional Warrants shall have the same terms as the Warrants.

All Shares, Warrants, DHS Warrants and Shares issuable upon the due exercise of the Warrants and DHS Warrants shall be subject to a statutory hold period expiring on April 24, 2015.

About James Bay Resources Limited
James Bay is a Canadian resource company with 34,771,444 shares outstanding and trades on the Canadian Securities Exchange under the symbol "JBR". Please visit the James Bay website at www.jamesbayresources.com.

The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this news release.

This news release may contain forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes statements regarding, among other things, the issuance of the Units and the DHS Units and the settlement of certain debt obligations of the Company. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, regulatory approval processes. Although James Bay believes that the assumptions used in preparing the forward-looking information in this news release are reasonable, including that all necessary regulatory approvals will be obtained in a timely manner, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. James Bay disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by applicable securities laws.


James Bay Resources Limited
Stephen Shefsky
President and CEO