Hunter Bay Minerals Plc Announces Proposed Private Placement Financing

LONDON, UNITED KINGDOM -- (Marketwire - March 2, 2011) - Hunter Bay Minerals plc ("Hunter Bay") (TSX VENTURE: HBY) is pleased to announce that its board of directors have approved a proposed private placement offering of up to 12,000,000 units at a price of $0.30 per unit for gross proceeds of $3,600,000 (the "Offering"). Each unit under the proposed Offering will be comprised of one ordinary share and one-half of one non-transferable share purchase warrant, with each whole warrant entitling the holder to purchase one additional ordinary share for a period of two years following closing. The exercise price for each share purchase warrant will be $0.60 during the first year of the warrant term and $0.75 during the second year of the warrant term.

Subject to TSX Venture Exchange approval, Hunter Bay will pay finders a fee consisting of cash and warrants from the proceeds of the proposed Offering.

Proceeds of the Offering will be used to fund Hunter Bay\'s exploration programs on its mineral properties as well as for general working capital and corporate purposes.

Closing of the proposed Offering is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals, including approval of the TSX Venture Exchange.


General

Hunter Bay is engaged in the acquisition, exploration and development of mineral resource properties located in Canada and South America. Hunter Bay currently owns a one-hundred percent (100%) interest in the Great Bear Lake Properties located in the eastern side of Great Bear Lake, NWT, has an option to acquire up to an eighty percent (80%) interest in the Sela Creek Project located in Suriname and has an option to acquire a forty five percent (45%) interest in the net profits of the Fortuna Project located in the Nambija Gold District, Ecuador.



Forward Looking Information

Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management\'s current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Hunter Bay cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Hunter Bay\'s control. Such factors include, among other things: risks and uncertainties relating to Hunter Bay\'s ability to complete the sale of any securities under the offerings and to obtain TSX Venture Exchange approval of the offerings. Accordingly, actual and future events, conditions and results may differ materially form the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, Hunter Bay undertakes no obligation to publicly update or revise forward-looking information.

Neither 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 more information, please contact

Hunter Bay Minerals Plc
Christopher Wilson
CEO and President
(+44) 203-178-2101
(+44) 207-724-2734 (FAX)
www.hunterbayminerals.com