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

Committee Bay Resources Ltd.

October 31, 2007 16:15 ET

Final 2007 Three Bluffs Drilling Results: 9.29 g/t Au over 8.34 metres and 8.02 g/t Au over 4.03 metres

Committee Bay Greenstone Belt Project, Nunavut, Canada

EDMONTON, ALBERTA--(Marketwire - Oct. 31, 2007) - Committee Bay Resources Ltd. (TSX VENTURE:CBR)(FRANKFURT:C3M) ("Committee Bay") today announced drill results from the final twelve holes of the 2007 extended drill program at the Three Bluffs Deposit, Committee Bay Greenstone Belt Project in Nunavut, Canada. These results, in conjunction with the previously released fifteen drill holes from the 2007 program, confirm the consistent widths and high grades of the Three Bluffs gold deposit and will be used to upgrade the current Inferred Resource of 487,000 ounces(i).

Key Highlight Points:

- Total of 4,546 metres completed in 27 drill holes during the 2007 season

- High grade gold intercepts within southern limb extend known high-grade mineralization, including 9.29 g/t Au over 8.34 metres and 8.02 g/t Au over 4.03 metres

- Upgraded resource model pending

"Overall we view the 2007 Three Bluffs Program as being highly successful, having met the stated objectives of upgrading the existing resource and adding new inferred ounces peripheral to the core Three Bluffs resource area," stated Committee Bay CEO and President, John Williamson. "We believe that the 2007 program will result in an overall upgrade to the Three Bluffs Resource."

These final holes complement the initial results from Committee Bay's CDN$5.5 million 2007 program (See CBR press releases dated September 6, 2007, and September 13, 2007). During the program a total of 4,546 metres in 27 holes were completed at Three Bluffs, including three additional holes which were completed from late September to early October before winter conditions forced closure of the project.

As a result of the program, the Company has recently initiated an updated resource estimate for the Three Bluffs Deposit. It is anticipated that infill drilling at 30m by 30m intervals within the core resource area will result in upgrading of the current resource to an Indicated Resource status, while the deeper, wider spaced step out drilling will add new Inferred ounces.

Three Bluffs Deposit

The Three Bluffs Deposit is in the central portion of the Committee Bay Greenstone belt, which is northeast of Baker Lake, Nunavut. The deposit is hosted within a folded iron formation. Previous drilling at Three Bluffs defined gold mineralization for at least 1 kilometre along strike, with the greatest concentration of gold situated in a shallow east-plunging fold hinge of iron formation. High grade gold mineralization has also been identified in the limbs of the fold, to over 300m below surface, which remains open to depth along the 1 kilometre of identified strike length. Furthermore, additional exploration potential exists to the west and at the high grade hinge zone which plunges shallowly east, and may extend eastwards below a flat lying diorite intrusion.

"Drilling within the high grade hinge area has confirmed the continuity of the outstanding grades and widths and the step out drilling, which targeted the limbs, has now identified additional high grade mineralization within the Three Bluffs fold structure," said Committee Bay VP of Exploration, Peter Kleespies.

(i) A high-grade Inferred Mineral Resource of 1.9 millions tonnes grading 8.0 g/t Au for 487,000 ounces was calculated in 2004, using data from 49 drill holes. Using a lower cutoff grade, the Inferred Mineral Resource is increased to 5.1 million tonnes grading 4.0 g/t Au for 657,000 ounces (See Company press release dated November 29, 2004).



Table 1. Three Bluffs Drill Results- Final 2007 Results(ii)
---------------------------------------------------------------------------
Grade-
DDH From (m) To (m) Interval (m) Au g/t Thickness Limb
---------------------------------------------------------------------------
07TB060 55.80 57.23 1.43 8.10 11.57 S-limb
93.95 108.40 14.45 1.65 23.85 S-limb
---------------------------------------------------------------------------
including 93.95 96.34 2.39 8.75 20.91 S-limb
---------------------------------------------------------------------------
114.00 126.45 12.45 1.23 15.32 N-limb
---------------------------------------------------------------------------
including 118.15 119.48 1.33 4.56 6.07 N-limb
---------------------------------------------------------------------------
07TB061 107.00 115.34 8.34 9.29 77.48 S-limb
---------------------------------------------------------------------------
including 111.00 113.00 2.00 33.25 66.50 S-limb
---------------------------------------------------------------------------
07TB062 39.00 45.00 6.00 2.10 12.60 S-limb
---------------------------------------------------------------------------
54.00 64.00 10.00 1.98 19.80 N-limb
---------------------------------------------------------------------------
including 57.55 62.80 5.25 2.74 14.39 N-limb
---------------------------------------------------------------------------
71.70 79.46 7.76 1.73 13.42 N-limb
---------------------------------------------------------------------------
07TB063 127.00 139.00 12.00 2.36 28.32 S-limb
---------------------------------------------------------------------------
including 129.63 131.38 1.75 4.53 7.93 S-limb
---------------------------------------------------------------------------
and 135.00 138.20 3.20 4.71 15.07 N-limb
---------------------------------------------------------------------------
174.08 178.18 4.10 2.78 11.40 N-limb
---------------------------------------------------------------------------
193.00 194.73 1.73 2.78 4.81 N-limb
---------------------------------------------------------------------------
07TB064 70.00 84.00 14.00 2.85 39.90 S-limb
---------------------------------------------------------------------------
including 70.43 74.00 3.57 4.24 15.14 S-limb
---------------------------------------------------------------------------
111.00 115.29 4.29 1.59 6.82 N-limb
---------------------------------------------------------------------------
07TB065 50.33 58.00 7.67 4.63 35.51 S-limb
---------------------------------------------------------------------------
including 51.42 55.45 4.03 8.02 32.32 S-limb
---------------------------------------------------------------------------
62.00 63.10 1.61 4.14 6.67 S-limb
---------------------------------------------------------------------------
88.90 94.62 5.72 4.24 24.25 N-limb
---------------------------------------------------------------------------
including 88.90 90.38 1.48 10.76 15.92 N-limb
---------------------------------------------------------------------------
07TB066 131.00 142.50 11.50 1.53 17.60 S-limb
---------------------------------------------------------------------------
including 134.50 137.50 3.00 2.50 7.50 S-limb
---------------------------------------------------------------------------
07TB067 198.52 203.45 4.88 2.54 12.40 S-limb
---------------------------------------------------------------------------
including 200.00 201.90 1.90 4.17 7.92 S-limb
---------------------------------------------------------------------------
07TB068 No Significant Intercepts
---------------------------------------------------------------------------
07TB069 142.86 145.00 2.14 3.46 7.40 S-limb
---------------------------------------------------------------------------
160.00 166.00 6.00 1.83 10.98 S-limb
---------------------------------------------------------------------------
including 160.50 162.00 1.50 4.35 6.53 S-limb
---------------------------------------------------------------------------
07TB070 121.50 126.50 5.00 2.25 11.25 S-limb
---------------------------------------------------------------------------
158.50 160.00 1.50 2.32 3.48 N-limb
---------------------------------------------------------------------------
07TB071 91.00 97.50 6.50 2.93 19.05 S-limb
---------------------------------------------------------------------------
including 94.65 97.50 2.85 5.18 14.76 S-limb
---------------------------------------------------------------------------

(ii) Note: Grade-Thickness calculated utilizing down hole lengths


Table 2. Three Bluffs Drill Results- Previously Released 2007 Results(ii)
---------------------------------------------------------------------------
Grade-
Thickness
Hole From (m) To (m) Interval (m) Au g/t (gxm) Limb
---------------------------------------------------------------------------
07TB045 62.04 103.00 40.96 5.10 208.9 hinge
---------------------------------------------------------------------------
including 67.09 88.03 20.94 9.54 199.77 hinge
---------------------------------------------------------------------------
including 78.22 88.03 9.81 19.07 187.08 hinge
---------------------------------------------------------------------------
including 79.12 84.17 5.05 16.51 83.38 hinge
---------------------------------------------------------------------------
07TB046 53.00 103.00 50.00 3.84 192 hinge
---------------------------------------------------------------------------
including 63.00 102.00 39.00 4.76 185.74 hinge
---------------------------------------------------------------------------
including 73.00 83.00 10.00 11.64 116.35 hinge
---------------------------------------------------------------------------
including 75.00 79.00 4.00 18.12 72.48 hinge
---------------------------------------------------------------------------
07TB047 115.00 121.00 6.00 1.73 10.38 S-limb
---------------------------------------------------------------------------
and 153.66 159.60 6.24 3.51 21.9 N-limb
---------------------------------------------------------------------------
including 156.00 159.60 3.60 5.73 20.64 N-limb
---------------------------------------------------------------------------
07TB048 34.33 58.00 23.67 19.44 460.14 hinge
---------------------------------------------------------------------------
including 36.00 50.50 14.50 30.72 445.44 hinge
---------------------------------------------------------------------------
07TB049 87.00 96.34 9.34 38.59 360.43 S-limb
---------------------------------------------------------------------------
07TB050 81.00 83.00 12.00 2.25 27 S-limb
---------------------------------------------------------------------------
and 118.00 128.00 10.00 1.05 10.46 N-limb
---------------------------------------------------------------------------
07TB051 46.00 74.00 28.00 2.09 58.5 hinge
---------------------------------------------------------------------------
including 57.00 59.00 2.00 6.55 13.09 hinge
---------------------------------------------------------------------------
and 70.00 73.00 3.00 4.23 12.69 hinge
---------------------------------------------------------------------------
07TB052 102.00 126.09 24.09 2.53 60.91 S-limb
---------------------------------------------------------------------------
including 117.00 123.00 6.00 7.37 44.21 S-limb
---------------------------------------------------------------------------
144.00 156.00 12.00 3.98 47.76 N-limb
---------------------------------------------------------------------------
including 152.00 155.00 3.00 9.27 27.81 N-limb
---------------------------------------------------------------------------
07TB053(i) 92.00 123.17 31.17 3.14 97.87 S-limb
---------------------------------------------------------------------------
including 92.00 94.00 2.00 12.42 24.84 S-limb
---------------------------------------------------------------------------
07TB054 26.00 63.00 37.00 6.59 243.83 hinge
---------------------------------------------------------------------------
including 33.24 61.00 27.76 8.37 232.35 hinge
---------------------------------------------------------------------------
including 38.00 50.00 12.00 13.69 164.28 hinge
---------------------------------------------------------------------------
including 38.00 42.00 4.00 23.79 95.16 hinge
---------------------------------------------------------------------------
07TB055 67.00 87.00 20.00 1.82 36.4 S-limb
---------------------------------------------------------------------------
including 71.61 78.00 6.39 3.94 25.18 S-limb
---------------------------------------------------------------------------
111.00 115.00 4.00 1.97 7.88 N-limb
---------------------------------------------------------------------------
07TB056 86.83 112.00 25.85 5.21 134.68 S-limb
---------------------------------------------------------------------------
including 101.85 108.00 6.15 17.31 106.46 S-limb
---------------------------------------------------------------------------
153.00 156.00 3.00 23.41 70.23 N-limb
---------------------------------------------------------------------------
07TB057 135.49 158.46 22.97 2.46 56.51 S-limb
---------------------------------------------------------------------------
including 150.00 156.71 6.71 7.17 48.11 S-limb
---------------------------------------------------------------------------
198.00 209.00 11.00 0.96 10.56 N-limb
---------------------------------------------------------------------------
07TB058 122.00 133.00 11.00 5.25 57.75 S-limb
---------------------------------------------------------------------------
including 124.00 132.00 8.00 6.83 54.64 S-limb
---------------------------------------------------------------------------
189.00 193.00 4.00 0.77 3.08 N-limb
---------------------------------------------------------------------------
07TB059 122.00 132.00 10.00 5.17 51.7 S-limb
---------------------------------------------------------------------------
including 126.75 131.00 4.25 9.82 41.74 S-limb
---------------------------------------------------------------------------
166.65 172.96 6.31 1.82 11.48 N-limb
---------------------------------------------------------------------------
197.00 202.00 5.00 1.13 5.65 N-limb
---------------------------------------------------------------------------

(ii )Note: Grade-Thickness calculated utilizing down hole lengths

About Committee Bay Project

The Committee Bay Greenstone Belt is 300 km long, 5 to 50 km wide and geologically comparable to the great Canadian gold producing greenstone belts of Red Lake, Timmins and Kirkland Lake. Drilling at the Three Bluffs prospect in 2004 defined an Inferred Resource of 1.9 million tonnes at 8.0 grams per tonne (g/t) Au for 487,000 contained ounces ((i) See CBR press release - November 29, 2004). 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 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.

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