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

Committee Bay Resources Ltd.

November 18, 2008 09:00 ET

Committee Bay Resources Ltd.: High Grade Drill Results Expand Niblack Potential

EDMONTON, ALBERTA--(Marketwire - Nov. 18, 2008) - Committee Bay Resources Ltd. (TSX VENTURE:CBR)(FRANKFURT:C3M) ("Committee Bay") is pleased to announce the final drill results and successful completion of the 2008 underground drill program at its 100% owned Niblack Au-Cu-Ag-Zn project located southwest of Ketchikan on Prince of Wales Island, in Southeast Alaska. Drilling was designed to test the continuity and potential to expand existing resources within the Lookout 1 (L1) and Lookout 2 (L2) mineralized zones.

Key Highlight Points:

- Lookout 1 (L1) footwall mineralization extended at least 130 metres west of the defined resource area with intercept of 4.83 g/t Au, 85.31 g/t Ag, 1.89% Cu and 4.93% Zn over 78.66 metres(1).

- Drilling significantly expands and confirms the continuity of the L1 and L2 zones down-dip and along strike of current resource limits.

- Precious metal-rich, high grade, polymetallic VMS mineralization intersected throughout drilled area.

- Resource update expected Q2 2009.

"Committee Bay is extremely pleased that the initial Niblack underground drill program delivered on all accounts. Mineralization remains open both down-dip and along strike but most importantly, the continuity of the mineralized zones has been successfully demonstrated based on our hit ratio which was largely predicted through geological targeting," stated Committee Bay CEO and President, John Williamson. "In conjunction with the results of the first eleven holes of our 2008 underground drill program, these latest results attest to the outstanding potential for developing a significant polymetallic deposit at Niblack."

The results of these final eight Niblack holes complete the 2008 underground drill program which was comprised of 13,738 ft (4,507 m) in 19 holes, drilled from the end of the recently completed 1,000 m exploration drive within Lookout Mountain(1). The mineralization in hole U028 (See Figures below) is considered to be significant as high grade mineralization has been identified in the L1 footwall stratigraphic interval for a continuous 130 metres beyond the limits of the current resource in an area previously untested by surface drilling.

Table 1. Final Phase 1 Underground Drill Results - Niblack Project(1)



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From To Width Width
Hole (ft) (ft) (ft) (m) Au g/t Ag g/t Cu % Zn % Zone
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U022 595.50 646.70 51.20 15.61 3.34 29.46 1.88 7.05 L1
724.60 740.60 16.00 4.87 3.48 48.98 1.42 2.23 L1
797.50 802.10 4.60 1.40 10.00 161.19 1.97 5.87 L1
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U023 295.30 316.55 21.25 6.48 3.20 72.46 7.02 0.82 L1
364.00 376.10 12.10 3.69 2.04 29.14 2.30 5.00 L1
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U024 No significant intercepts
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U025 335.65 341.30 5.65 1.72 1.29 16.16 2.43 1.15 L1
492.00 511.10 19.10 5.82 0.05 7.71 1.79 0.02 L1
Incl 502.30 511.10 8.80 2.68 0.05 8.86 2.28 0.02 L1
531.50 541.00 9.50 2.89 0.66 19.69 3.05 0.02 L2
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U026 142.35 151.85 9.50 2.90 6.09 92.84 1.36 8.04 L1
212.20 215.90 3.70 1.13 3.89 41.10 1.56 3.29 L1
246.40 262.25 15.85 4.83 1.42 4.21 0.98 5.04 L2
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U027 622.40 649.00 26.60 8.11 4.29 64.14 1.85 8.75 L1
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U028 388.00 646.00 258.00 78.66 4.83 85.31 1.89 4.93 L1
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Incl 395.70 488.30 92.60 28.23 8.72 146.88 2.46 6.04 L1
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and 590.60 627.60 37.00 11.28 5.47 114.14 3.72 12.99 L1
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661.00 671.00 10.00 3.05 2.98 51.81 1.86 3.25 L1
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688.80 713.40 24.60 7.50 2.41 36.08 2.21 3.95 L1
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742.90 783.00 40.10 12.22 1.48 30.06 1.19 1.45 L1
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797.00 809.00 12.00 3.66 2.42 41.05 1.44 0.72 L1
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(1) All holes were drilled at various angles with respect to the orientation of the mineralized lenses (See Figure 2) therefore the true thicknesses of the intercepts are variable. For drill holes U022 through U027 it is estimated that the true thickness of mineralization varies from 75% to 100% of the intercept length. The exception to this is U028 which appears to have been drilled at a relatively oblique angle with respect to orientation of the mineralization, however it is estimated that the 78.66 m intercept represents a minimum 10 m true thickness.

About the Niblack Project

The Niblack property is an advanced stage gold-rich base metal VMS property located on Prince of Wales Island in southeast Alaska. Six major zones of polymetallic mineralization, including the Lookout (L1&L2) and Trio Zones have been identified on the property. During 2008 1,000 metres of underground development was completed to provide access to over two kilometres of untested stratigraphy, and to provide down plunge drill access to the Lookout zone at depth.

The Niblack deposit currently hosts a 43-101 compliant indicated mineral resource(2) of 1.4 million tonnes at 2.86 g/t Au, 29.21 g/t Ag, 1.04% Cu and 2.14% Zn and a further inferred resource(2) of 1.9 million tonnes at 2.07 g/t Au, 29.21 g/t Ag, 1.65% Cu, and 2.71% Zn.

(2) For more information on the stated resources of Committee Bay Resources Ltd., Niblack Project please refer to the detailed NI 43-101 compliant technical report filed on SEDAR by Committee Bay on October 24th, 2008.

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.

Committee Bay is a member of the Discovery Group of companies, for more information on the group visit www.discoveryexp.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.

To view Figure 1. Planview of Niblack Resource Areas please click on the follow link: http://media3.marketwire.com/docs/cbr1.pdf.

To view Figure 2. Cross Section of Niblack Underground Exploration please click on the following link: http://media3.marketwire.com/docs/cbr2.pdf.

To view Figure 3. Long Section of Niblack Mineralized Area please click on the following link: http://media3.marketwire.com/docs/cbr3.pdf.

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
    Website: www.committeebay.com