CBR Gold Corp.

CBR Gold Corp.

March 02, 2009 09:00 ET

CBR Gold Corp. Completes Resource Estimate, Initiates Scoping Study For Three Bluffs Deposit

EDMONTON, ALBERTA--(Marketwire - March 2, 2009) - CBR Gold Corp. (TSX VENTURE:CBG), formerly known as Committee Bay Resources Ltd., today announced an update at its 100% owned Three Bluffs Gold Deposit at the Committee Bay Greenstone Belt located northeast of Baker Lake, Nunavut, Canada. Following the recent completion of a revised resource estimate incorporating 2008 drill results and metallurgical test work, the company has initiated a Scoping Study to investigate the economic viability of the deposit.

"These results reinforce our vision for a low tonnage high grade open pit mine at Three Bluffs," said President and CEO, John Williamson, "We are especially encouraged by the indications of high gold recovery with only a gravity circuit and anticipate that the Scoping Study will further support our view of economically viable production."

Key Highlight Points:

- Increased Three Bluffs Deposit Resource

-- Based on the inclusion of the five additional drill holes on the deposit's western margin.

-- New Resources of 508,000 Indicated gold ounces (2,700,000 t @ 5.85 g/t) and 244,000 Inferred gold ounces (1,270,000t @ 5.98 g/t).

-- An increase of 39,000 Indicated gold ounces and 14,000 Inferred gold ounces over the 2008 resource estimate (See Technical Report filed April 28th, 2008 on www.sedar.com).

- Excellent Gold Recoveries from Metallurgical Testing

-- Indicating 93% gold recovery by gravity, flotation, cyanide leaching and a combination of these standard beneficiation steps.

- "Gravity Only" Gold Recovery Potential May Reduce Operating Costs

-- A Knelson multi-pass test confirms the amenability for gravity Au recovery.

-- Gravity gold recovery from the multi-pass test was 77.9% in 7.0% concentrate mass with 69.4% of the gold recovered in the initial pass containing 1.4% of the mass.

- Initiated Scoping Study for Development Options

-- Retained Scott Wilson Roscoe Postle Associates Inc. to complete a Scoping Study.

-- Scott Wilson RPA recommends pursuing two open pit development options for the Scoping Study:

1. A 1200 tonnes per day (tpd) mine - mill option with flotation and CIL plant.

2. A lower initial capital cost option with 500 tpd gravity and intense cyanide leach plant expanded to a 1200 tpd plant with flotation and CIL during Year 3.

Revised Resource Update

The 2008 Three Bluffs Resource estimate has been prepared by Dave Rennie, P.Eng. with independent resource consultants Scott Wilson Roscoe Postle Associates Inc., in accordance with Canadian regulatory requirements set out in NI 43-101 and CIM resource definitions.

The 2009 revised Three Bluffs resource estimate is based on 15,673m of drilling in 89 holes, which includes 903m in 5 holes which were drilled during 2008, subsequent to the 2008 resource estimate (see CBG press release dated Sept 30, 2008). The deposit is modeled as three domains; a high grade hinge zone and south and north limbs. A top cut of 100 g/t Au was applied to the hinge zone, while assays were capped at 60 g/t Au within the limb domains. The 2009 resource is based on block modeling using inverse distance cubed estimation, and resources are reported on a minimum block cut-off grade of 2.0 g/t Au (Table 1), which reflects a viable grade cut-off for open cut mining.

Table 1 - Summary of 2009 Three Bluffs Resource Estimate(i)
Minimum Block Grade g/t Au Tonnage Grade g/t Au Contained Ounces Au
4.0 1,330,000 8.90 381,000
3.0 1,890,000 7.29 443,000
2.0 2,700,000 5.85 508,000
Minimum Block Grade g/t Au Tonnage Grade g/t Au Contained Ounces Au
4.0 564,000 9.97 181,000
3.0 791,000 8.12 206,000
2.0 1,272,000 5.98 244,000
(i) Tonnage figures rounded to nearest thousand, ounce figures rounded to
nearest thousand.
2008 Three Bluffs Indicated resource of 469,000 ounces (2.5 million
tonnes at 5.94 g/t Au ) and Inferred resource of 231,000 ounces (1.3
million tonnes at 5.34 g/t Au reported at minimum block cut-off grade
of 2.0 g/t Au (See Technical Report filed April 28, 2008 at

Metallurgical Test Work

Mineral processing test work consisting of exploratory gravity concentration, cyanide leaching and froth flotation studies was undertaken by Process Research Associates under the guidance of independent metallurgical consultant Kevin Scott, P.Eng. of Scott Wilson Roscoe Postle Associates Inc. The sample comprised approximately 110kg of split core samples composited from 2007 drill holes and representing an average estimated LOM grade of 4.3 g/t Au and 7.5% S.

Additional gravity recovery test work on Three Bluffs mineralization was performed by Knelson Research Technology Centre. A 18 kg sample taken from a composite of coarse reject material from 2007 drill hole assay samples was subject to multi-pass testing utilizing Knelson's bench scale KC-MD3 enhanced gravity concentrator to examine recovery trends for gold and gold bearing sulphides.

Gold recovery results from preliminary testing are provided in the table below. Based on the composite samples tested it is expected that Three Bluffs ore could be processed by various standard beneficiation steps to recover approximately 93% of the gold.

Table 2 Gold Recovery Three Bluffs Project
Process Mass Grade (g/t Au) Gold Recovery
Gravity and Flotation (Locked Cycle) 18% 30.5 95.8%
Rougher Floatation only 15% 60.5 97.2%
Gravity only 7% 47.7 77.9%
Cyanide Leaching (72 hours) 94.6%

The metallurgical results indicate that a combination of gravity and flotation extraction followed by cyanide leaching of the concentrates is likely the most suitable processing option for Three Bluffs. It is anticipated based on these results that a gravity-flotation recovery of 95% followed by a cyanide leach of the concentrates which would extract 98% of the gold is possible. The overall recovery from this circuit would be approximately 93%.

Scoping Study

Scott Wilson Roscoe Postle Associates Inc. (Scott Wilson RPA) has been retained by CBG for the completion of a Scoping Study and supporting NI 43-101 Technical Report on CBR Gold Corp.'s Three Bluffs Gold Project, located in Nunavut.

Scott Wilson RPA commenced an in-house scoping study on the Three Bluffs Gold Project in April 2008, and with the support of the new metallurgical data the Scope of Work has been revised to meet the requirements of a Preliminary Assessment under NI 43-101 regulations.

Since April 2008, Scott Wilson RPA has prepared initial Whittle pit models, advised CBG on metallurgical test programs and conducted preliminary trade off studies on different development scenarios for the Three Bluffs Project. Based on the preliminary trade off studies, Scott Wilson RPA will pursue two development options for the scoping study and we expect the results in early Q2 2008:

1. A 1200 tpd mine - mill option with flotation and CIL plant.

2. A lower initial capital cost option with 500 tpd gravity and intense cyanide leach plant expanded to a 1200 tpd plant with flotation and CIL during Year 3.

About Committee Bay Project

The Committee Bay Greenstone Belt is 300 km long, 5 to 50 km wide and geologically comparable to the significant gold bearing belts hosting the Meadowbank and Meliadine deposits currently being developed in eastern Nunavut. Drilling at the Three Bluffs Deposit from 2004 to 2008 has defined an Indicated Resource of 508,000 ounces of gold (2,700,000 t @ 5.85 g/t Au) and an Inferred Resource of 244,000 ounces of gold (1,270,000t @ 5.98 g/t Au). 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. CBR Gold Corp. currently holds a 100% interest in approximately 600,000 acres of land with prospective geology along the Committee Bay belt.

CBR Gold Corp. 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, M.Sc., P. Geol. who is the Qualified Person as defined by NI 43-101. A detailed description of CBR Gold Corp.'s QA/QC program is provided on the Company's website at www.cbrgoldcorp.com.

CBR Gold Corp. is a member of the Discovery Group of companies, for more information on the group visit www.discoveryexp.com.

On behalf of the Board

CBR Gold Corp.

John Williamson, P.Geol., President, CEO & Director

Certain disclosures in this release, including management's assessment of CBR Gold Corp.'s plans and projects, constitute forward-looking statements that are subject to numerous risks, uncertainties and other factors relating to CBR Gold Corp.'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. GBR Gold Corp. 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.

"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."

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