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

Committee Bay Resources Ltd.

January 31, 2007 09:00 ET

Committee Bay Resources Ltd.: High Grade Gold Intersected at Perseverance: Drill Program Accelerated

EDMONTON, ALBERTA--(CCNMatthews - Jan. 31, 2007) - Committee Bay Resources Ltd. (TSX VENTURE:CBR)(FWB:C3M) (the "Company") and Australian Redemption Joint Venture (RJV) partner Focus Minerals Ltd. (ASX:FML) have accelerated drilling at the Perseverance deposit within the Redemption Joint Venture at Coolgardie, after today announcing additional high-grade gold intercepts including; 11m @ 23.65 g/t Au, 9m @ 29.91 g/t, and 6m @ 25.15 g/t.

The high-grade intersections from these five holes are part of an ongoing resource delineation and infill drilling program, and complement recent and historical outstanding intercepts at Perseverance.

The new results follow a detailed geological reinterpretation program of the Perseverance, Big Blow and Flagstaff targets completed by the Redemption Joint Venture during 2006, which indicated the potential for these deposits to add significantly to the total Redemption Joint Venture resource of 385,138 Measured and Indicated ounces and 1,151,419 Inferred Resource ounces of gold.

The current Perseverance drill program is designed to expand and infill the target where the Redemption Joint Venture drilling has previously returned multiple outstanding intercepts, including 26.3m @ 17.78 g/t Au and 3.0m @ 95.56 g/t. Historical drilling has intersected high-grade gold associated with semi-massive to massive pyhrrotite, including 23.63m @ 38.88 g/t (incl. 17.53m @ 49.06 g/t).

The high-grade Perseverance zones lie between the surface and 160m in depth, vary in width between 3m and 27m and remain open down-dip, with substantial potential for additional mineralization along strike to the south and north. Two of the new holes returning further high-grade zones were drilled as infill holes at shallow levels at the south end of the deposit, proximal to the historic Perseverance underground workings. The latest drilling results from Perseverance continued to validate the geological-geophysical interpretation completed by the Redemption Joint Venture, which predicted the presence of high-grade gold mineralization at Perseverance, which has been traced for at least 300m along strike.

The accelerated drilling program is designed to establish a 43-101 compliant Inferred Resource or better for the Perseverance deposit, which forms part of a broader Feasibility Study to update resources and determine pit optimizations for several deposits within the Redemption Joint Venture. To date, Committee Bay Resources Ltd. has contributed AUS$6.6 million towards the 50% earn-in and expects to complete the total AUS$ 8.0 million expenditures by June 2007, which is 12 months ahead of schedule. John Williamson, President and CEO of Committee Bay stated "These results also indicate significant potential for us to develop additional tonnage at depth," Mr. Williamson said. "Significantly, the mineralization at Perseverance occurs in several parallel zones, all located approximately 300m north of the historically productive 550,000 ounce Tindals system, including the Empress underground infrastructure. "We will be accelerating our drill program to test the potential of Perseverance and other analogous targets within the immediate area, such as Flagstaff," he added.

Highlights of the recent intercepts from the quartz-sulphide and diorite-hosted stockwork zones at Perseverance are contained in Tables 1 and 2 below:



Table 1 Highlights of the East Perseverance Quartz-Sulphide Lodes
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Hole ID From (m) To (m) Length Au g/t
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07PEC001 110.0 111.0 1.0 6.26
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07PEC002 188.0 199.0 11.0 23.65
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including 192.0 198.0 6.0 41.94
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07PEC003 187.0 196.0 9.0 29.91
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including 187.0 192.0 5.0 51.00
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07PEC004 150.0 160.0 10.0 16.60
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including 150.0 156.0 6.0 25.15
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and 164.0 169.0 5 6.19
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06PED005 275.0 277.3 2.3 14.49
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Table 2 Highlights -
West Perseverance Diorite-Hosted Stockwork Mineralization
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Hole ID From (m) To (m) Length Au g/t
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07PEC001 142.0 149 7.0 2.82
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07PEC001 including 142.0 146.0 4.0 3.90
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07PEC001 and 155.0 161.0 6.0 3.31
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07PEC001 and 166.0 167.0 1.0 20.8
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07PEC002 212.0 214.0 2.0 1.20
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07PEC003 221.0 222.0 1.0 3.49
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07PEC004 182.0 205 23.0 1.88
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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 km(2) 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 354,124 ounces gold(i) (6.03 million tonnes at 1.83 g/t gold) and Inferred Resources of 1,151,419 ounces gold(i) (13.50 million tonnes at 2.65 g/t gold). The RJV also has a 100% interest in the fully permitted, 1.2mtpa, Three Mile Hill Mill processing plant.

The drill results contained in this news release are not included in the resource estimates calculated above.

(i) For more information on the stated gold resources and historic drill results of Committee Bay Resources Ltd., please refer to the detailed NI 43-101 compliant technical reports filed on SEDAR by Committee Bay on December 20, 2004, and by Matador Exploration Inc. (wholly owned subsidiary of Committee Bay Resources Ltd.) on July 18, 2005. Revised resources estimates were also detailed for the Greenfields Project in CBR news release October 19, 2006 and the Tindals Mining Centre in CBR news release January 9, 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.

About Committee Bay

Committee Bay controls major greenstone belts in Nunavut and Western Australia and has the opportunity to conduct year-round exploration on three continents in order to build on its existing gold resources.

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.

Contact Information

  • Committee Bay Resources Ltd.
    Derek Iwanaka
    Investor Relations
    (604) 331-2269 or Toll Free: 1-888-331-2269
    or
    Committee Bay Resources Ltd.
    Jim Paterson
    Investor Relations
    (604) 331-2269 or Toll Free: 1-888-331-2269
    Website: www.committeebay.com