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

Committee Bay Resources Ltd.

January 16, 2007 08:32 ET

Committee Bay Resources Ltd.: Resource Upgrade for Norris-Grossmont Gold Deposit

Coolgardie Gold Project, Western Australia

EDMONTON, ALBERTA--(CCNMatthews - Jan. 16, 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 further increased the resource inventory of the Coolgardie Gold Project under development through their Redemption Joint Venture, with the announcement today of a 24% addition to the Inferred Resource estimate of the Norris-Grossmont deposit.

The Norris-Grossmont Inferred Resource now stands at 1,050,000t at 2.43 g/t Au, for 82,033 ounces, resulting in an overall increase in the Measured, Indicated and Inferred Resource inventory for the Redemption Joint Venture to 385,138 Measured and Indicated ounces and 1,151,419 Inferred Resource ounces of gold.

The resource update is based on a re-evaluation of the Norris-Grossmont geological model and encompasses 24,050m of historic reverse circulation and diamond drilling in 290 holes. The current Norris-Grossmont resource, lies within 120m of the surface along a 1km strike length and remains open down-dip, with mineralized fault surfaces traced for an additional 1.5km by surface mapping, geochemistry and shallow Rotary Air Blast (RAB) and Reverse Circulation (RC) drilling.

This area has historically produced more than 39,000 ounces of gold from open pit and underground operations, mostly during the 1990s, and is located 25km south west, by all-weather road, from the Redemption Joint Venture's 1.2mtpa Three Mile Hill treatment facility.

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 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.

(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