HORNBY BAY EXPLORATION LIMITED

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

November 29, 2004 - Symbol: HBE (TSXV)
Shares Outstanding: 65,549,008
CLOSE: November 26, 2004: $0.34

URANIUM SAMPLES ASSAY 4.22% TO 46.06% U3O8

• from the East Damien boulder train in the panhandle area, three samples with pitchblende veins in granite gneiss boulders have assayed at 4.22%, 35.64% and 46.06 % U3O8
• from the Tabb North and the Tabb South outcrops in the eastern area, two samples with pitchblende veins in biotite gneiss have assayed at 4.85% and 13.11% U3O8

Commenting on the above high grade uranium results, David Bent, Vice-President Exploration said, "These high-grade assay results help to demonstrate the success of our 2004 exploration season and will be a focal point for next year’s uranium field work to commence in April 2005."

To review the location of these five high-grade samples along with the location of the 2004 uranium field work results reported on November 15, 2004 please visit the HBE web site at www.hornbybay.com.

Still to be released from the HBE 2004 uranium exploration is the significant trace (pathfinder) elements study in December 2004 and the clay alteration study in February 2005. These studies are being conducted since uranium mineralization is associated with major structures and extensive hydrothermal systems which leave pathfinder elements and clay alteration in the surrounding areas of uranium deposits.

Hornby Bay Exploration was incorporated in 1996 as a uranium exploration company and in the April/September 2005 period will continue its aggressive uranium exploration on its 100% owned 214 uranium claims covering 210,600 hectares (520,400 acres) in western Nunavut.

For further information contact:

George P. Bell, President & CEO
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.