Committee Bay Resources Ltd.

Committee Bay Resources Ltd.

January 04, 2008 17:00 ET

Committee Bay Resources Ltd.: Clarification of December 20, 2007 Announcement

EDMONTON, ALBERTA--(Marketwire - Jan. 4, 2008) - Committee Bay Resources Ltd. (TSX VENTURE:CBR) ("Committee Bay" or the "Company") wishes to clarify information contained in the Company's December 20, 2007 announcement entitled: Perseverance Feasibility Study Yields Positive Result: Base Case Scenario Gives 52% ROFE.

The following corrections are made for clarification purposes only and do not affect the projected economic outcomes contained within the previously announced Perseverance Bankable Feasibility Study.

The Acknowledgments section incorrectly cited individuals Brian Eaton and Stewart Capp as Independent Qualified Persons contributing to the Perseverance Bankable Feasibility Study. These names should be replaced with their respective employers' names as follows: "Meters Down Under Pty Ltd" and "Derwent Geoscience Pty Ltd".

Derwent Geoscience Pty Ltd conducted an independent review of the Joint Ore Reserves Committee ("JORC") compliant resource estimate only and had no other input to the base and upside cases of the Perseverance Bankable Feasibility Study or to the mineral reserve estimate.

To further clarify the involvement of Derwent, the Company wishes to amend Table 1: Perseverance Deposit Resource in order to exclude the uncut grades and ounces that were utilized in the feasibility study and to apply a rounding convention to reflect uncertainty, as is the practice under JORC for resource estimates. The following replacement table was provided by Derwent:

Table 1. Estimated Resource - Perseverance Deposit Resource(i)
Au g/t Contained
Zone Category Tonnes Cut(1) Ozs Au
Quartz Sulphide Indicated 324,600 7.8 81,400
Inferred 157,000 2.8 14,100

Diorite Indicated 123,100 2.7 10,700
Inferred 249,400 2.6 20,800

Total Indicated Resources 448,000 6.4 92,100
Total Inferred Resources 406,000 2.7 35,300

(i) Rounding errors may occur
(i) Resource reported at 1.0 g/t Au lower cut-off grade
(1) Upper cut of 35 g/t Au used for quartz sulphide zone,
Upper cut of 15 g/t Au used for Diorite zone

In addition, the Company wishes to make an amendment under the Mineral Reserves section, where the reference to the "Minable Ore Reserve" should be to "Probable Ore Reserve" in accordance with JORC and National Instrument 43-101.

Coolgardie Project, Western Australia

Committee Bay Resources Ltd., through the Redemption Joint Venture (Committee Bay in a 50% partnership with Focus Minerals Ltd. ASX:FML), has the mineral rights to more than 210 km2 of under-explored greenstone tenements, located in one of the world's most significant gold and nickel mining regions. These tenements contain Measured Resources of 31,014 ounces gold(i) (0.55 million tonnes at 1.77 g/t gold), Indicated Resources of 564,631 ounces gold(i) (8.53 million tonnes at 2.06 g/t gold), and Inferred Resources of 1,038,292 ounces gold(i) (11.52 million tonnes at 2.80 g/t gold). The RJV also has a 100% interest in the fully permitted, 1.2mtpa, Three Mile Hill Mill processing plant.(i)

(i) For more information on the stated gold resources and historic drill results of Committee Bay Resources Ltd., Coolgardie Project please refer to the detailed NI 43-101 compliant technical report filed on SEDAR by Committee Bay on February 26, 2007.

Committee Bay Resources Ltd. maintains an extensive quality control program in the preparation, shipping and checking of all samples from the property as detailed in Committee Bay Resources Ltd. 'Technical Report for the Coolgardie Gold Project, Coolgardie, Western Australia' by Dean Besserer - May 27, 2005 pp. 76-80. The program is supervised by Peter Kleespies, M.Sc. P.Geol., and Vice President of Exploration, who is the Qualified Person as defined by NI 43-101. Mr. Kleespies has reviewed and approved the information contained in this release.

On behalf of the Board

Committee Bay Resources Ltd.

John Williamson, P.Geol., President

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.

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