JBR James Bay Resources Ltd

James Bay Resources Limited (TSX VENTURE:JBR) ("James Bay" or the "Company")
provides an update on its activity concerning the Ogedeh Project and other
related activities. James Bay entered into an agreement to acquire a 47% direct
interest in the Ogedeh Project from Bicta Energy & Management Systems Limited in
2012 and as previously announced in its May 29, 2013 press release, James Bay's
wholly owned subsidiary James Bay Energy Nigeria Limited (previously D&H Energy
Nigeria Limited) ("JBENL") received the required ministerial approval for the
assignment of the 47% participating interest in the Ogedeh Project. The Ogedeh
Project is a marginal field located in the south western corner of OML 90 (oil
mining lease) in the western Niger Delta Basin, Nigeria. The TSX Venture
Exchange's ("TSXV") prior approval for the previously announced change of
business from a mining issuer to an oil and gas issuer with interests in Nigeria
has expired and the proposed change of business ("Proposed COB") and related
financing are both subject to prior acceptance by the TSXV and disinterested
approval by the shareholders. 


Since that time James Bay has been working to secure the financing required to
complete the Proposed COB. James Bay remains committed to the Proposed COB and
has received a draft term sheet from an international bank, to fund the
operational requirements of the Ogedeh Project. James Bay continues its effort
to meet the conditions for the bank debt facility to be effective. James Bay has
also received an updated 51-101 Report in relation to the Ogedeh Project, which
it anticipates being filed with the TSXV later this week. The potential use of
this bank facility, if it becomes effective, will be to finance the Ogedeh
Project and forward the Proposed COB which, as set out above, will require prior
acceptance by the TSXV and the approval of the disinterested shareholders.


In addition, as a result of making certain introductions and helping to arrange
for the financing of an indigenous oil and gas company in Nigeria, James Bay,
through JBENL, is the owner of a minority interest in such company (the
"Indigenous Company"). The Indigenous Company has entered into an agreement to
acquire a material interest in a substantial oil and gas property in Nigeria
(the "Project"). The acquisition of the Project remains subject to funding and
ministerial approval in Nigeria. There is no guarantee that it will be completed
and subject to completion of the acquisition of the Project it is anticipated
that James Bay (through JBENL) will be the owner of a minority interest in the
shares of the Indigenous Company, resulting in it holding less than 9% of the
Project through its share ownership. James Bay will not advance any funds to
cover the cost of the acquisition of the Project, and all costs will be borne by
a third party and recovered from the operating profits, if any, from the
Project. Returns to James Bay are dependent on the success of the acquisition
and subsequent operation of the Project. As all costs are to be borne by a third
party, any dividends which may be payable to James Bay (through JBENL) will be
delayed pending repayment in full of its pro-rata share of any costs and
expenses. The agreement with the Indigenous Company contains provisions as to
confidentiality, and complete details of the proposed acquisition of the Project
will be provided once permitted. The Company's involvement with the Project
remains subject to TSXV approval.


For further information on the COB, reference should be made to the Company's
press releases dated June 28, 2012, October 10, 2012, January 14, 2013 and May
29, 2013 copies of which are all available at www.SEDAR.com.


The COB transaction remains subject to and conditional upon, among other things,
completion of a financing and receipt of the final approval of the TSX Venture
Exchange, all as more fully set out in the Circular.


About James Bay Resources

James Bay is a Canadian resource company with 30,330,774 shares outstanding and
trades on the TSX Venture Exchange under the symbol "JBR". Please visit the
James Bay website at www.jamesbayresources.com.


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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
James Bay Resources Limited
Stephen Shefsky
President & CEO
416-366-4200
sshefsky@jamesbayresources.com
www.jamesbayresources.com

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