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

Committee Bay Resources Ltd.

November 05, 2007 08:00 ET

Committee Bay 2007 President's Letter and Corporate Update

EDMONTON, ALBERTA--(Marketwire - Nov. 5, 2007) - Committee Bay Resources Ltd. (TSX VENTURE:CBR)(FRANKFURT:C3M) -

KEY POINT SUMMARY

- Completed largest equity financing in Company's history of CAD$15.1 million

- Major advancements made toward commencing gold production in Australia

- Drilling expanded the known Three Bluffs resource area

CORPORATE HIGHLIGHTS

This year has represented a period of intense exploration and development activity. In February, Committee Bay completed a CAD$15.1 million equity financing, the largest capital raising in the Company's history. This capital underpins the major growth in the 2007 and 2008 exploration and development programs.

In the first 10 months of 2007, significant advancements have positioned the Company to commence gold production in Australia by early 2008. In addition, significant progress has been made on the flagship Committee Bay Project in Nunavut, Canada.

REDEMPTION JOINT VENTURE PROJECT ("RJV"), COOLGARDIE, AUSTRALIA

In April Committee Bay completed its 50% earn-in for the RJV project 18 months ahead of schedule by expending AUD$8 million.

Subsequent to the earn-in, the Joint Venture budgeted an additional AUD$8 million for exploration and development, demonstrating a strong commitment to advancing the project.

Ongoing exploration utilizing modern integrated geological and geophysical techniques have led to new discoveries to underpin a longer term operation.

Resources have been upgraded at several key deposits, increasing the overall resources by nearly 20%, and additional drilling is ongoing to expand them further. At present, 37% of the gold resources are in the Indicated Category or greater, representing a higher confidence level for the defined resources.

Three key RJV personnel, including General Manager, Exploration Manager, and Underground Manager were added in a highly competitive job environment, which speaks to the quality and progression of the project.

The new project management team selected Barminco Ltd. as the underground mining contractor to oversee the development of the underground decline, which was completed ahead of schedule and under budget.

In order to maintain flexibility and support near term production, ore treatment can be processed through the proximal Greenfields Mill while work is ongoing to refurbish the RJV's Three Mile Hill Mill for long term production.

A Bankable Feasibility Study and a mine design utilizing a combination of cut and fill with long-hole stope mining for the Tindals Mining Centre is in progress and scheduled for completion by the end of November 2007.

The RJV Project is on schedule to commence mining by March 2008.

COMMITTEE BAY PROJECT, NUNVAT, CANADA

Committee Bay completed a successful CAD$6 million exploration program on its 100% owned Committee Bay Project.

Drilling at the Inuk high grade gold prospect intersected 11.18 g/t Au over 11 metres, confirming the continuity of wide lower grade portions.

Three Bluffs drilling confirmed continuity of the wide high-grade hinge zone and identified additional high grade in the fold limbs.

A Three Bluffs Resource estimate has been initiated and is expected to be completed in Q1 of 2008. An overall upgrade to the Indicated Category and the addition of new Inferred gold ounces is anticipated.

Regional exploration significantly upgraded the Anuri- Muskox- Maro target areas.

A major exploration program expansion is warranted for 2008.

2008 GLOBAL INITIATIVES

Committee Bay Resources Ltd. is continuously evaluating new worldwide gold projects and will continue advancing each asset in Canada, Australia and Argentina.

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
    Investor Relations
    (604) 646-4527 or Toll Free: 1-888-331-2269
    or
    Committee Bay Resources Ltd.
    John Pickersgill
    Investor Relations
    (604) 646-4527 or Toll Free: 1-888-331-2269
    (604) 646-4526 (FAX)
    Website: www.committeebay.com