Committee Bay Resources Ltd.
TSX VENTURE : CBR
FRANKFURT : C3M

Committee Bay Resources Ltd.

June 20, 2008 15:07 ET

2008 Committee Bay Exploration Program Initiated

EDMONTON, ALBERTA--(Marketwire - June 20, 2008) - Committee Bay Resources Ltd. (TSX VENTURE:CBR)(FRANKFURT:C3M) ("Committee Bay") today announced that drills and crews have been mobilized for the 2008 summer program at the Committee Bay Greenstone Belt, Belt Project located northeast of Baker Lake, Nunavut, Canada. This year's program will concentrate on exploration and economic evaluation of the Three Bluffs Deposit area.

The 2008 exploration program will initially concentrate on adding new resources within a 10 kilometre radius of the Three Bluffs Deposit and will comprise exploration drilling to evaluate high priority exploration targets at the Three Bluffs, Antler, Hayes and Bluff Seven targets. (See interactive greenstone map on CBR homepage: www.committeebay.com) Additional drilling is planned to evaluate potential parallel auriferous structures identified by previous surface sampling, drill intercepts and geophysics in the immediate Three Bluffs area.

The company has also initiated additional metallurgical test work of mineralized material from the Three Bluffs Deposit. The 100 kg sample is currently being processed at PRA Labs in Richmond, Canada.

The 2008 program will incorporate an intensive evaluation of the southwest portion of the Committee Bay Greenstone Belt which hosts numerous shear-zone and iron formation hosted gold occurrences. The objective of these programs is to develop exploration drill targets which will then form the focus of the 2009 Committee Bay Belt exploration program.

About Committee Bay Project

The Committee Bay Greenstone Belt is 300 km long, 5 to 50 km wide and geologically comparable to the significant gold bearing belts hosting the Meadowbank and Meliadine deposits currently being developed in eastern Nunavut. Drilling at the Three Bluffs Deposit from 2004 to 2007 has defined a Resource of 468,400 indicated ounces (2,451,000 t @ 5.94 g/t Au) and 230,900 inferred ounces (1,344,000 t @ 5.34 g/t Au) (See CBR press release dated March 12, 2008). The Committee Bay belt currently hosts more than 40 high-grade gold occurrences but remains one of the longest and least explored greenstone belts in Canada. Committee Bay currently holds a 100% interest in approximately 640,000 acres of land with prospective geology along the Committee Bay belt.

About Committee Bay Resources Ltd.

Committee Bay Resources Ltd. is a well-funded Canadian based exploration company with a 100% interest in the highly mineralized Committee Bay Greenstone Belt Project in Nunavut, Canada. This year, the Company received $30 million in consideration for the sale of its interest in the Coolgardie Gold Project, Western Australia. Committee Bay also recently announced a proposed merger with Niblack Mining Corp. (See CBR press release dated May 22, 2008) Committee Bay conducts year round exploration and development to advance its projects and will continue to monitor the market for undervalued acquisition opportunities.

The Company's Board of Directors has also approved, subject to approval by the TSX Venture Exchange (the "Exchange"), an amendment of the exercise price for all outstanding incentive stock options (8,691,049) that were granted under the Company's Incentive Stock Option Plan to $0.25 per common share of the Company.

Pursuant to policies of the Exchange, the amendment to the exercise price of incentive stock options held by insiders of the Company must be approved by disinterested shareholders of the Company at the next annual general meeting of shareholders of the Company. Such stock options may be exercised at their original prices, but not at the amended price until disinterested shareholder approval is obtained.

Committee Bay Resources Ltd. maintains an extensive quality control program in the preparation, shipping and checking of all samples from the property. The program is supervised by Peter Kleespies, M.Sc., P.Geol. who is the Qualified Person as defined by NI 43-101. A detailed description of Committee Bay's QA/QC program is provided on the Company's website at www.committeebay.com.

On behalf of the Board

Committee Bay Resources Ltd.

John Williamson, P.Geol., President, CEO & Director

Certain disclosures in this release, including management's assessment of Committee Bay's plans and projects, constitute forward-looking statements that are subject to numerous risks, uncertainties and other factors relating to Committee Bay's operation as a mineral exploration company that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements. Committee Bay expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Committee Bay Resources Ltd.
    Derek Iwanaka
    Manager, Investor Relations
    (604) 646-4527 or Toll Free: 1-888-331-2269
    (604) 646-4526 (FAX)
    Website: www.committeebay.com