Committee Bay Resources Ltd.

Committee Bay Resources Ltd.

January 30, 2008 08:00 ET

Committee Bay Resources Enters Exclusivity Agreement Redemption Joint Venture Project, Western Australia

EDMONTON, ALBERTA--(Marketwire - Jan. 30, 2008) - Committee Bay Resources Ltd. (TSX VENTURE:CBR) ("Committee Bay" or the "Company") today announces that it has entered into Exclusivity Agreement to negotiate the terms of the proposed sale of Committee Bay's 50% interest in the Redemption Joint Venture Project ("RJV") with its joint venture partner, Focus Minerals Ltd. (ASX:FML) ("Focus Minerals"). In consideration for entering this agreement, Committee Bay will receive a $1.0 million non-refundable cash payment from Focus Minerals which may be deducted from any subsequent purchase price.

A key element of the Exclusivity Agreement is to effectively suspend the Redemption Joint Venture between January 1st 2008 and March 31st 2008. During this period, Focus Minerals accepts full responsibility for the Coolgardie Project. This will enable development for the commencement of mining at Perseverance to continue, unaffected by the negotiations that will occur with Committee Bay to purchase the remaining 50% of the project. Both the Boards of Focus Minerals and Committee Bay have met and approved the commencement of mining. If subsequent commercial terms for the purchase of Committee Bay's 50% of the RJV cannot be concluded, Committee Bay will resume its active role in the management of the RJV and will reimburse Focus Minerals for 50% of expenditures incurred on the Coolgardie Project between January 1st 2008 and March 31st 2008 (which is the date when the Exclusivity Agreement expires), excluding any expenditures made in January, being part of an earlier RJV cash call.

Consideration for the proposed acquisition is likely to be a mixture of cash and equity, resulting in Committee Bay joining the Focus Minerals' share register as a significant shareholder. If the terms of the Proposed Acquisition are finalized, Committee Bay will retain exposure to the future upside arising from the Focus Minerals' transition to gold production and the broader development of the Coolgardie Project.

Execution of the Exclusivity Agreement and negotiations in respect of the Proposed Acquisition reflect Committee Bay's decision to concentrate on its portfolio of international mineral assets in Nunavut, Latin America and elsewhere in Australia. Committee Bay remains strongly supportive of Focus Minerals' development strategy for the Coolgardie asset.

Focus Minerals is gearing up to commence initial gold production at Coolgardie in April at the high-grade Perseverance Project (Indicated Resource of 92,066oz at an average grade of 6.4g/t Au) after completing a positive Feasibility Study in December 2007. This Project is forecast to yield base case production of 64,187 ounces over 21 months, with an upside of producing more ounces and a higher gold price.

Committee Bay will provide further details to the market regarding the acquisition terms and funding arrangements as they are finalized.

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.

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