Committee Bay Resources Ltd.
TSX VENTURE : CBR

Committee Bay Resources Ltd.

June 06, 2007 09:00 ET

Committee Bay Completes Earn in on Coolgardie Gold Project

2007 AUS $8 million Exploration - Development Program Initiated

EDMONTON, ALBERTA--(Marketwire - June 6, 2007) - Committee Bay Resources Ltd. (TSX VENTURE:CBR) ("Committee Bay" or the "Company") today announced the completion of an AUS $8 million commitment to earn a 50% interest in the Coolgardie Gold Project in Western Australia. The Redemption Joint Venture (RJV) Partners, Committee Bay and Focus Minerals Ltd. (ASX:FML), have commenced an AUS $8 million exploration and development program for the remainder of 2007, which is to be funded on a 50-50 basis. The priority is to ramp-up key projects in the Tindal Mining Centre to facilitate near term production.

Focus Minerals Ltd ("Focus Minerals") announced on June 5, 2007, that it had successfully completed an AUS $12.9 million financing, of which AUS $4.3 million was allocated to the Redemption Joint Venture. From the AUS $12.9 million raised by Focus Minerals, AUS $4.0 million is committed to the 2007 AUS $8.0 million program announced by the RJV partners on March 12, 2007. The new work program has been initiated with completion of the Focus financing.

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 1,240,991 ounces gold(i) (13.79 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)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 February 26, 2007.

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
    (604) 646-4524 or Toll Free: 1-888-331-2269
    or
    Committee Bay Resources Ltd.
    Jim Paterson
    (604) 646-4524 or Toll Free: 1-888-331-2269
    Website: www.committeebay.com