HORNBY BAY EXPLORATION LIMITED

SUITE 700 - 357 BAY STREET,
TORONTO, ONTARIO M5H 2T7
PHONE: (416) 368-0114         FAX: (416) 368-0198

November 15, 2004 - Symbol: HBE (TSXV)
Shares Outstanding: 65,549,008
CLOSE: November 12, 2004: $0.47

PRODUCTIVE RESULTS FROM HORNBY BAY’S 2004 URANIUM EXPLORATION PROGRAM

Coppermine River Project
The company’s 100% owned Coppermine River Property consists of 124 claims over 120,900 hectares (298,700 acres).

Three drill holes tested the Wolf Creek Conductor in the south central portion of the claim block (Figure 1). All holes intersected Hornby Bay Group sandstones and siltstone, followed by a section of basal conglomerate. Depth to the unconformity in this area is approximately 130 m below surface. Weak to well-developed regolith at the unconformity contact with the underlying basement rocks was identified. In drill hole HB-04-07, two one metre samples returned weakly anomalous results of 4ppm and 11ppm U in regolith immediately below the unconformity.

Most encouraging was an extensive (>20 m) intersection of re-worked graphitic schist in the basement rock in HB-04-07. These graphitic zones are likely the cause of the strong conductor indicated by electromagnetic geophysical survey data and are important as they are the first graphitic zones identified in basement rock below the Hornby Bay sandstones in this area.

Drill hole HB-04-10 tested the Contact Lake Conductor which lies to the east of the Wolf Creek area (Figure 1). While assay results are not significant in this drill hole, the favorable structure revealed in the geology was encouraging. The hole intersected Hornby Bay Group sediments to 138 m down-hole depth. Below this, a 64 m interval of basement rock in fault contact with the overlying and underlying sandstone was intersected. Below the basement wedge, a further 82 m of sandstone was recovered before intersecting the unconformity at 204 m below surface. Basement rocks consist of chlorite/amphibolite gneiss and quartzite with short intervals of intense pyritization along micro-faults and up to 50% disseminated pyrite. The geologic data from this drill hole indicates that a wedge of basement rock has been faulted into the Hornby Bay sediments. A similar situation occurs in the McArthur River deposit where the P2 fault thrusts basement pelites into the overlying Athabasca Group sediments (Figure 2). At McArthur River, mineralization occurs in the hanging wall Athabasca Group, along the P2 fault zone and in the footwall cordierite-bearing metapelites. Therefore, disruption of the unconformity contact by post Hornby Bay Group structural activity in hole HB-04-10 is considered to be a geologically favorable sign.

Six new significant radioactive occurrences ("hotspots") were discovered in the Hornby Bay sandstone during the prospecting/lithogeochemical program. These hotspots will be followed up in the 2005 exploration program. As part of the lithogeochemical study, extensive rock sampling was carried out across the basin. In the eastern Athabasca Basin, ore-related alteration including a halo of >1ppm U may be present at the top of a sandstone column >500 m thick (see Figure 2). Of the 1023 rock samples collected in the 2004 season, 144 samples of Hornby Bay sandstone returned assay values in this anomalous range (>1ppm), including 70 rock samples which returned anomalous assay results of 4ppm or more. Preliminary review of the geochemical data indicates that more than half of these 70 samples, including 11 samples of >10ppm U are clustered in the north central portion of the Hornby Bay Basin (Figure 1), an area that was not intensely explored by companies that last worked in the area in the late 1970’s/early 1980’s and has never been drill tested.

Three new zones of intense alteration in Hornby Bay sandstone have been discovered. In the southern panhandle of the Coppermine claim block a strongly anomalous zone of clay-silica alteration occurs. Six rock samples taken in the area have returned anomalous uranium results. A clay alteration zone occurs northeast of Contact Lake. One rock sample taken in the area has returned an anomalous uranium result. A clay-silica alteration zone within the basal conglomerate occurs on the west side of Wolf Creek approximately 500 meters south of the 2004 drill holes.

Asiak River Project
The company’s 100%-owned Asiak River Property consists of 90 claims over 89,700 hectares (221,700 acres).

Three drill holes were completed in the Little Grey Lake area where high grade grab samples had been reported by Uranerz in the early 1970’s. HB-04-02, drilled at Little Grey Lake, returned the best intersection of the program; 0.72% U over 0.6 m in graphitic argillite, 27 meters below surface.

The results for 228 till samples collected in the 2004 exploration season have not been received. Also, analysis of the helicopter-borne RESOLVE EM/magnetic survey, ground UTEM/magnetic survey and TDEM sounding data is on-going.

Hornby Bay Exploration was incorporated in 1996 as a uranium exploration company and in the April/September 2005 period the company will continue its aggressive uranium exploration on its 214 mineral claims covering 210,600 hectares (520,400 acres) in the Hornby Bay Basin located in western Nunavut.

This news release has been reviewed by Ms. Jennifer M. Smith PGeo, CA, a qualified person, who is also VP Finance & CFO for the company.

For further information contact:
George P. Bell
President & CEO
Hornby Bay Exploration Limited
Tel: 416-368-0114
Fax: 416-368-0198
Website: www.hornbybay.com

THE TSX VENTURE EXCHANGE HAS NEITHER APPROVED NOR DISAPPROVED THE CONTENTS OF THIS RELEASE.