Committee Bay Resources Ltd.
TSX VENTURE : CBR

Committee Bay Resources Ltd.

March 13, 2008 08:30 ET

Significant Resource Upgrade for Three Bluffs Deposit, Committee Bay Greenstone Belt Project, Nunavut, Canada

EDMONTON, ALBERTA--(Marketwire - March 13, 2008) - Committee Bay Resources Ltd. (TSX VENTURE:CBR) ("Committee Bay") today announced an updated gold resource estimate for the Three Bluffs Gold Deposit at the Committee Bay Greenstone Belt Project in Nunavut, Canada. The new resource estimate upgrades the 2004 resource(ii) and incorporates additional drilling conducted on the deposit in 2005 and 2007. The new estimate for the near surface high grade Three Bluffs gold deposit utilizing a 2 g/t block cut-off is 468,400 indicated ounces (2,451,000 t @ 5.94 g/t Au) and an additional 230,900 inferred ounces (1,344,000 t @ 5.34 g/t Au).

Key Highlight Points:

- Upgrade of the Three Bluffs Gold Resource to 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), from previous 2004 estimate of 488,000 inferred ounces(i)

- All indicated ounces lie within 120 metres of surface: potentially amenable to open pit mining

- Addition potential remains in the Three Bluffs Area, down-dip on existing resource, along strike to the west and as subsidiary parallel zones identified in recent drilling

- Committee Bay Resources Ltd. has initiated a Scoping Study on the Three Bluffs Resource

"Overall we view the 2008 Three Bluffs gold resource upgrade as being highly successful, having achieved the objectives of upgrading the existing resource and adding new inferred ounces peripheral to the core resource," stated Committee Bay CEO and President, John Williamson. "The drilling conducted during 2005 and 2007 has confirmed the continuity of the grades and widths of the Three Bluffs Deposit and step-out drilling has identified potential for additional high grade structures on the limbs within the Three Bluffs fold. Committee Bay Resources Ltd. will aggressively pursue the development of the Three Bluffs deposit and has initiated a Scoping Study and plans to continue to explore the deposit and surrounding potential to add quality ounces to the project."

The 2008 Three Bluffs Resource estimate has been prepared by Dave Rennie, P.Eng. with independent resource consultants Scott Wilson Roscoe Postle Associates Inc., in accordance with Canadian regulatory requirements set out in NI 43-101 and CIM resource definitions. A detailed 43-101 compliant technical report will be filed on Sedar within 45 days.

Three Bluffs Deposit

The Three Bluffs Deposit is in the central portion of the Committee Bay Greenstone belt, which is northeast of Baker Lake, Nunavut. The deposit is hosted within a folded iron formation. Drilling at Three Bluffs has defined gold mineralization for at least 1 kilometre along strike, with the greatest concentration of gold situated in a shallow east-plunging fold hinge of iron formation. High grade gold mineralization has also been identified in the limbs of the fold, to over 300m below surface, and remains open to depth along the 1 kilometre of identified strike length. Furthermore, additional exploration potential exists to the west and the high grade hinge zone which plunges shallowly east, may extend eastwards below a flat lying diorite intrusion.

The 2008 Three Bluffs resource estimate is based on 14,780m of drilling in 84 holes, which includes 7,245m in 35 holes which were drilled during 2005 and 2007, subsequent to the 2004 resource estimate. The deposit is modeled as three domains; a high grade hinge zone and south and north limbs. A top cut of 100 g/t Au was applied to the hinge zone, while assays were capped at 60 g/t Au within the limb domains. The 2008 resource is based on block modeling using inverse distance cubed estimation, and resources are reported on a minimum block cut-off grade of 2.0 g/t Au (Table 1), which reflects a viable grade cut-off for open cut mining.

Table 1 - Summary of 2008 Three Bluffs Resource Estimate(i)



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INDICATED RESOURCE
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Minimum Block Grade g/t Au Tonnage Grade g/t Au Contained Ounces Au
---------------------------------------------------------------------------
4.0 1,238,000 8.93 355,600
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3.0 1,756,000 7.32 413,300
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2.0 2,451,000 5.94 468,400
---------------------------------------------------------------------------

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INFERRED RESOURCE
---------------------------------------------------------------------------
Minimum Block Grade g/t Au Tonnage Grade g/t Au Contained Ounces Au
---------------------------------------------------------------------------
4.0 551,000 8.98 159,200
---------------------------------------------------------------------------
3.0 813,000 7.23 189,100
---------------------------------------------------------------------------
2.0 1,344,000 5.34 230,900
---------------------------------------------------------------------------
(i) Tonnage figures rounded to nearest thousand, ounce figures rounded to
nearest hundred.
2004 Three Bluffs inferred resource of 488,000 ounces(i) (1.9 million
tonnes at 8.0 g/t Au) reported at minimum block cut-off grade of
3.0 g/t Au.


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 in 2004 defined an Inferred Resource of 1.9 million tonnes at 8.0 grams per tonne (g/t) Au for 488,000 contained ounces ((ii)See CBR press release dated 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
    Manager, Investor Relations
    (604) 646-4527 or Toll Free: 1-888-331-2269
    (604) 646-4526 (FAX)
    Website: www.committeebay.com