Committee Bay Resources Ltd.
TSX VENTURE : CBR

Committee Bay Resources Ltd.

September 05, 2007 09:00 ET

Committee Bay Resources Ltd.: New High Grade Intersections Increase Size Potential of Inuk Gold Prospect

13.56 g/t Au over 5.44 metres and 11.18 g/t Au over 11.00 metres Committee Bay Greenstone Belt Project, Nunavut, Canada

EDMONTON, ALBERTA--(Marketwire - Sept. 5, 2007) - Committee Bay Resources Ltd. (TSX VENTURE:CBR) ("Committee Bay") today announced drill results from the initial eight holes of a nine hole drill program conducted at the Inuk Prospect of the Committee Bay Greenstone Belt Project in Nunavut, Canada. The latest drill results indicate that high grade gold mineralization is more widespread than previously thought, significantly upgrading the gold tonnage potential for the Inuk target prospect area.

Key Highlight Points:

- High grade gold intercepts of 13.56 g/t Au over 5.44 metres in hole 07IN001 and 11.18 g/t Au over 11.00 metres in hole 07IN006.

- Zones are now open to depth and along a strike length of 700 metres

- One additional hole pending assay results

"Since its initial discovery, we have believed Inuk was an exceptional high grade gold target," stated Committee Bay CEO and President, John Williamson. "This year's exploration results continue to reinforce our confidence in the incredible prospectivity of the Committee Bay Greenstone Belt."

A nine hole drill program of 1,100 metres has to date yielded assay results from eight holes, including hole 07IN001, which intersected 13.56 grams per tonne (g/t) Au over 5.44 metres (m). Hole 07IN001 scissored previous drill intercepts of 16.04 g/t Au over 12.60m and 12.81 g/t Au over 4.99m, and confirmed the high grade and 3D dimensions of the original zone drill tested in 2003. (See Company press release dated September 2, 2003 for information on historical drill results). Other highlights included an intercept of 11.18 g/t Au over 11.00m in the north limb of the Inuk fold structure, which indicates high grade gold structures within iron formation are present throughout the Inuk stratigraphy. The Company is awaiting the results from one additional drill hole.

"These drill results are significant because they have opened the target zone considerably for greater size potential," Vice President of Exploration, Peter Kleespies commented. "This new data indicates that the high grade gold zones extend from the surface to a depth of 80 metres and remain open to depth. The potential target area now includes the untested 700 metres of strike length, as well as the down dip potential within the north limb."

Inuk Prospect

The Inuk Prospect is located approximately 147 kilometres (km) northeast of the Three Bluffs Deposit and 38 km from tide water. Gold mineralization at Inuk occurs as high grade sulphide bearing silicified zones up to 10m wide hosted within a 20 to 30m thick lower grade envelope of iron formation. Overall the iron formation may be up to 60m thick. The high grade zones are superimposed upon an earlier lower grade mineralization event, an analogous history to that observed at Three Bluffs which currently hosts an inferred resource of 487,000 ounces (See Company press release dated November 29, 2004). Based on surface sampling and drill core, gold within the high grade zones gold occurs as nuggety, very coarse grained blebs. This mode of gold occurrence at Inuk may explain the variable assay results from adjacent holes within the mineralized zones.

Previous drilling at Inuk indicated that the high grade mineralization was hosted only within the hinges of secondary fold closures at the end of a moderate west dipping panel of iron formation, interpreted to be the lower limb of a refolded recumbent sheath fold. The recent drill results and historic surface sampling now indicate that the structures hosting the high gold mineralization are present throughout a panel of iron formation which has an exposed strike length of over 700m, thus significantly expanding the tonnage potential at Inuk. Based upon the 2007 Inuk drill results a larger more aggressive drilling program is warranted for 2008.



Table 1. 2007 Inuk Assay Summary Table.
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Grade-
DDH From (m) To (m) Interval (m) Au g/t Thickness Limb/Zone
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07IN001 34.07 37.31 3.24 2.74 8.88 nose
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53.49 72.34 18.85 4.73 89.16 nose
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including 56.00 71.44 15.44 5.65 87.24 nose
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including 66.00 71.44 5.44 13.56 73.77 nose
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and 68.88 71.44 2.56 26.63 68.17 nose
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07IN002 43.21 63.00 19.79 0.29 5.64 north
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and 69.79 82.00 12.21 0.26 3.15 north
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07IN003 51.73 52.28 0.55 2.18 1.20 north
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07IN004 58.50 79.79 21.29 1.11 23.67 north
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including 65.00 79.30 14.30 1.58 22.58 north
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including 76.45 78.90 2.45 6.40 15.68 north
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07IN005 59.28 103.86 44.58 0.92 41.11 north
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including 87.00 103.86 16.86 2.15 36.25 north
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including 87.00 88.25 1.25 5.29 6.61 north
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and 92.27 94.04 1.77 5.75 10.17 north
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07IN006 67.00 78.00 11.00 11.18 122.98 north
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including 72.34 76.62 4.28 24.91 106.61 north
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07IN007 75.09 83.85 8.76 1.33 11.66 nose
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78.89 83.52 4.63 2.15 9.96 nose
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07IN008 65.21 80.59 15.38 0.68 10.41 -
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69.00 71.75 2.75 1.51 4.15 -
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07IN009 assays pending -
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About Committee Bay Project

The Committee Bay Greenstone Belt is 300 km long, 5 to 50 km wide and geologically comparable to the great Canadian gold producing greenstone belts of Red Lake, Timmins and Kirkland Lake. Drilling at the Three Bluffs prospect through 2004 defined an Inferred Resource of 1.9 million tonnes at 8.0 grams per tonne (g/t) Au for 487,000 contained ounces (See CBR press release - November 29, 2004). 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 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.

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, 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
    Investor Relations
    (604) 646-4527 or Toll Free: 1-888-331-2269
    or
    Committee Bay Resources Ltd.
    Jim Paterson
    Investor Relations
    (604) 646-4527 or Toll Free: 1-888-331-2269
    (604) 646-4526 (FAX)
    Website: www.committeebay.com