Committee Bay Resources Ltd.

Committee Bay Resources Ltd.

November 29, 2006 09:05 ET

Committee Bay Intersects Multiple High Grade Gold Zones at RJV Project Western Australia

EDMONTON, ALBERTA--(CCNMatthews - Nov. 29, 2006) - Committee Bay Resources Ltd. (TSX VENTURE:CBR) (the "Company") and Australian Redemption Joint Venture (RJV) partner Focus Minerals Ltd. (FML:ASX) have commenced follow-up drilling to determine an initial resource at the Perseverance target within the Redemption Joint Venture at Coolgardie, after recent drilling intersected multiple high-grade gold zones including outstanding intersections of 3m @ 95.56g/t Au and 26.3m @ 17.78 g/t.

The high-grade results, from a three-hole drill program, complement significant historical drilling at Perseverance, which is one of numerous priority gold targets within the Redemption Joint Venture. A follow-up 10-hole RC and diamond drilling program has already commenced at the prospect.

All three holes drilled along an 80m strike length intersected multiple gold zones. The more significant results included 3m @ 95.56 g/t Au from a depth of 143m, 26.3m @ 17.78 g/t from 168.7m, 2.3m @ 14.76 g/t from 184m and 4m @ 7.43 g/t from 152m. The zones remain open down-dip and there is potential for additional mineralisation along strike to the south.

Previous drilling at Perseverance has intersected high-grade gold associated with semi-massive to massive pyhrrotite including intersections of 23.63m @ 38.88 g/t (incl. 17.53m @ 49.06 g/t), 7m @ 19.49g/t and
2.9m @ 19.89 g/t.

The Perseverance Zone, located approximately 300m north of the Joint Venture's Empress underground infrastructure, is currently at least 300m in length, lies between the surface and 160m in depth, and varies in width between 3m and 27m.

The ongoing drilling program - part of a broader Feasibility Study that will update resources and determine pit optimisations for several deposits within the Redemption Joint Venture - is designed to establish a JORC compliant Inferred Resource for the Perseverance deposit.

The Redemption Joint Venture recently completed a detailed geological reinterpretation program of the sporadically drilled Perseverance, Big Blow and Flagstaff targets. A closely-spaced magnetic and electromagnetic airborne survey, combined with ground EM geophysical surveys, delineated discrete geophysical anomalies which have been confirmed by the high-grade massive sulphide mineralisation intersected by the initial Perseverance drill program.

The geophysical anomalies indicate that there may be as many as four sub-parallel zones.

Historic underground gold production from Perseverance totaled 17,700 tonnes grading 16.85 g/t Au for 9,561 ounces. The historic workings are located to the south and east of the mineralisation encountered in the recent drilling, and appear to represent minor parallel zones. These zones were exploited to a maximum of 100m below surface over relatively short strike lengths. The historic production appears to have been from narrow quartz lodes within diorite.

The mineralisation intersected recently occurs as basalt-hosted massive sulphide-quartz lodes, breccias, and stockworking with adjacent diorites.

Committee Bay Resource President and CEO, Mr. John Williamson, said the results from the three-hole drill program at Perseverance confirmed the potential of the Redemption Joint Venture ground holdings to deliver significant higher grade additional resources with continued exploration.

"Significantly, very little drilling has been done at depth and some of the recent drilling has delivered improving grades at depth," Mr. Williamson said. "The new geological-geophysical interpretation developed by the Joint Venture which predicted the presence of high-grade gold mineralisation at Perseverance has now been confirmed, opening up exciting new exploration opportunities within our broader tenement holdings."

A full list of current and selected historic drill results from Perseverance are provided in the table below:

Perseverance Drill Results

Current Drilling

Hole ID From (m) To Length Au g/t
06PED002 89 93 4 3.675
06PED002 and 143 146 3 95.56
06PED002 and 197 199 2 3.9
06PED002 and 181 192 11 4.377
06PED003 136 140 4 5.148
06PED003 and 152 156 4 7.427
06PED003 and 168.7 195 26.3 17.78
06PED004 55 60 5 1.618
06PED004 and 124 125.6 1.6 19.2
06PED004 and 136.9 140 3.1 3.8

Selected Historical Results(i)

Hole ID From (m) To Length Au g/t
TNG1754RD 134 143 9 9.02
TNG1760RD 180 183.83 3.83 10.32
TNG1761RD 177.77 181.43 3.66 18.6
TNG1761RD and 239.45 242.35 2.9 19.89
TNG1765RD 245.38 249.15 3.77 10.52
TNG1766R 117 124 7 19.49
TNG1767RD 141 164.63 23.63 38.88
TNG1767RD including 147.1 164.3 17.53 49.06
TNG1768R 135 162 27 5.34

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 Indicated resources of 315,720 ounces gold(i) (5.32 million tonnes at 1.8 g/t gold) and Inferred resources of 1,080,825 ounces gold(i) (13.7 million tonnes at 2.5 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.

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., Vice President of Exploration (Australia), 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.
    Investor Relations
    Derek Iwanaka
    (604) 331-2269 or Toll Free: 1-888-331-2269
    Committee Bay Resources Ltd.
    Investor Relations
    Jim Paterson
    (604) 331-2269 or Toll Free: 1-888-331-2269