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

Committee Bay Resources Ltd.

May 06, 2008 08:30 ET

Committee Bay Resources Ltd.: Exploration Program Set for 2008

Committee Bay Greenstone Belt Project, Nunavut, Canada

EDMONTON, ALBERTA--(Marketwire - May 6, 2008) - Committee Bay Resources Ltd. (TSX VENTURE:CBR)(FRANKFURT:C3M) ("Committee Bay") today announced plans for the 2008 summer program at the Committee Bay Greenstone Belt, Belt Project located northeast of Baker Lake, Nunavut, Canada. This year's program will concentrate on exploration and economic evaluation of the Three Bluffs Deposit area.

Key Highlight Points:

- Concentration on the Three Bluffs area, which hosts a gold resource of 468,400 Indicated ounces (2,451,000 t @ 5.94 g/t Au) and 230,900 Inferred ounces (1,344,000 t @ 5.34 g/t Au) (see CBR press release dated March 12, 2008).

- Exploration drilling planned to test priority surface and geophysical targets in Three Bluffs vicinity with intent to add new gold ounces to resource inventory.

- Economic, logistical and metallurgical studies to be initiated on Three Bluffs Resource.

- Comprehensive mapping/target generation planned for southwest portion of the Committee Bay Greenstone belt to facilitate 2009 exploration drilling.

"With the successful divestment of our Coolgardie project we are now in the position to concentrate on our core asset, the Committee Bay Greenstone Belt," stated Committee Bay CEO and President, John Williamson. "With the recent upgrading of the Three Bluffs resource we plan to thoroughly assess the exploration and development potential of the Three Bluffs Project area and will aggressively pursue these opportunities during the 2008 program. In addition, as part of our longer term exploration strategy CBR will also be conducting extensive field studies primarily in the southwest portion of the belt to develop quality drill targets for the 2009 program."

The 2008 exploration program will initially concentrate on adding new resources within a 10 kilometre radius of the Three Bluffs Deposit and will comprise exploration drilling to evaluate high priority exploration targets, including the Antler, Hayes and Bluff Seven targets (See interactive greenstone map on CBR homepage: www.committeebay.com). Additional drilling is planned to evaluate potential parallel auriferous structures identified by previous surface sampling, drill intercepts and geophysics in the immediate Three Bluffs area.

The 2008 program will incorporate an intensive evaluation of the southwest portion of the Committee Bay Greenstone Belt which hosts numerous shear-zone and iron formation hosted gold occurrences. The objective of these programs is to develop exploration drill targets which will then form the focus of the 2009 Committee Bay Belt exploration program.

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 2007 has defined a Resource of 468,400 indicated ounces (2,451,000 t @ 5.94 g/t Au) and 230,900 inferred ounces (1,344,000 t @ 5.34 g/t Au) (See CBR press release dated March 12th, 2008). 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 Resources Ltd. (TSX VENTURE:CBR) is a well-funded Canadian based exploration company with a 100% interest on the highly mineralized Committee Bay Greenstone Belt Project in Nunavut, Canada. With the recent sale of the company's 50% interest in the Coolgardie Gold Project, Committee Bay is well-positioned to continue advancing the Greenstone Belt Project and is now able to capitalize on undervalued acquisition opportunities. The Company conducts year-round exploration and evaluations worldwide and continues to expand its high grade gold resource base.

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, M.Sc., 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
    Manager, Investor Relations
    (604) 646-4527 or Toll Free: 1-888-331-2269
    (604) 646-4526 (FAX)
    Website: www.committeebay.com