Committee Bay Resources Ltd.

Committee Bay Resources Ltd.

March 06, 2008 11:50 ET

Committee Bay Sells Coolgardie Gold Project for $30 Million

EDMONTON, ALBERTA--(Marketwire - March 6, 2008) - Committee Bay Resources Ltd. (TSX VENTURE:CBR) ("Committee Bay" or the "Company") today announced that it has signed a definitive agreement for the sale of its 50% interest in the Redemption Joint Venture Project ("RJV") to Focus Minerals Ltd. (ASX:FML) ("Focus").

All figures within this release are stated in Canadian dollars unless otherwise indicated.

Key Point Summary

- Committee Bay will receive total consideration of $30 million, comprised of approximately $20.25 million in cash and $9.75 million in shares of Focus

- Committee Bay retains upside potential of Australian near-term gold and nickel production potential through Focus shareholding

- Added funds will be used for expanding Nunavut exploration programs and further acquisitions

"This is a major milestone for the Company. Since acquiring the RJV project in August 2005, Committee Bay has invested approximately $13.4 million (at today's exchange rate) and leveraged the Company's exploration expertise to increase the value of the project substantially. Today we are receiving over twice our investment in cash and shares, while retaining the upside exposure to the success of the project through our shareholding in Focus," said Committee Bay President and CEO, John Williamson. "The timing of this deal capitalizes on the robust commodities market, irrespective of the recent volatility in the equities markets," commented Mr. Williamson.

Total consideration for the acquisition of Committee Bay's 50% interest in the RJV, valued at approximately $30 million, consists of $20.25 million in cash and the issuance of 140 million fully-paid ordinary Focus shares. This transaction may be subject to applicable regulatory and, if required, shareholder approvals on the part of both companies.

"This transaction will provide Committee Bay with a strong balance sheet, allowing us to aggressively explore the Committee Bay Project and pursue new opportunities without significant dilution to shareholders," commented Committee Bay Chairman, John Robins. "This cash infusion puts Committee Bay in a very strong position for growth."

Equity in Focus

Today's transaction will be subject to Focus' shareholder approval on or about March 14, 2008, applicable regulatory approval and the successful raising of the necessary finances by Focus to give Focus 100% ownership of the 210km2 tenement package at Coolgardie (including the Three Mile Hill gold processing facility).

Focus has a stated goal of becoming a 100,000 ounce per annum gold producer at Coolgardie within the next three years and is working to fast track the evaluation and development of the Company's 100% owned Nepean Nickel Project, located 25km south of Coolgardie.

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, the timing of estimates and the completion of certain transactions, 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 (including the timing and success of planned programs and estimates, applicable regulatory and shareholder approvals and the completion of certain transactions) 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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