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Committee Bay Res. (CBR.V)

1. [verwijderd] 31 januari 2007 22:11

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   Committee Bay Resources Ltd.: High Grade Gold Intersected at Perseverance: Drill Program Accelerated
   Wednesday January 31, 9:00 am ET
   
   EDMONTON, ALBERTA--(CCNMatthews - Jan. 31, 2007) - Committee Bay Resources Ltd. (TSX VENTURE:CBR - News; FWB:C3M) (the "Company") and Australian Redemption Joint Venture (RJV) partner Focus Minerals Ltd. (ASX:FML - News) have accelerated drilling at the Perseverance deposit within the Redemption Joint Venture at Coolgardie, after today announcing additional high-grade gold intercepts including; 11m @ 23.65 g/t Au, 9m @ 29.91 g/t, and 6m @ 25.15 g/t.
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   The high-grade intersections from these five holes are part of an ongoing resource delineation and infill drilling program, and complement recent and historical outstanding intercepts at Perseverance.
   
   The new results follow a detailed geological reinterpretation program of the Perseverance, Big Blow and Flagstaff targets completed by the Redemption Joint Venture during 2006, which indicated the potential for these deposits to add significantly to the total Redemption Joint Venture resource of 385,138 Measured and Indicated ounces and 1,151,419 Inferred Resource ounces of gold.
   
   The current Perseverance drill program is designed to expand and infill the target where the Redemption Joint Venture drilling has previously returned multiple outstanding intercepts, including 26.3m @ 17.78 g/t Au and 3.0m @ 95.56 g/t. Historical drilling has intersected high-grade gold associated with semi-massive to massive pyhrrotite, including 23.63m @ 38.88 g/t (incl. 17.53m @ 49.06 g/t).
   
   The high-grade Perseverance zones lie between the surface and 160m in depth, vary in width between 3m and 27m and remain open down-dip, with substantial potential for additional mineralization along strike to the south and north. Two of the new holes returning further high-grade zones were drilled as infill holes at shallow levels at the south end of the deposit, proximal to the historic Perseverance underground workings. The latest drilling results from Perseverance continued to validate the geological-geophysical interpretation completed by the Redemption Joint Venture, which predicted the presence of high-grade gold mineralization at Perseverance, which has been traced for at least 300m along strike.
   
   The accelerated drilling program is designed to establish a 43-101 compliant Inferred Resource or better for the Perseverance deposit, which forms part of a broader Feasibility Study to update resources and determine pit optimizations for several deposits within the Redemption Joint Venture. To date, Committee Bay Resources Ltd. has contributed AUS$6.6 million towards the 50% earn-in and expects to complete the total AUS$ 8.0 million expenditures by June 2007, which is 12 months ahead of schedule. John Williamson, President and CEO of Committee Bay stated "These results also indicate significant potential for us to develop additional tonnage at depth," Mr. Williamson said. "Significantly, the mineralization at Perseverance occurs in several parallel zones, all located approximately 300m north of the historically productive 550,000 ounce Tindals system, including the Empress underground infrastructure. "We will be accelerating our drill program to test the potential of Perseverance and other analogous targets within the immediate area, such as Flagstaff," he added.
   
   Highlights of the recent intercepts from the quartz-sulphide and diorite-hosted stockwork zones at Perseverance are contained in Tables 1 and 2 below:
   
   Table 1 Highlights of the East Perseverance Quartz-Sulphide Lodes
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   Hole ID From (m) To (m) Length Au g/t
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   07PEC001 110.0 111.0 1.0 6.26
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   07PEC002 188.0 199.0 11.0 23.65
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   including 192.0 198.0 6.0 41.94
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   07PEC003 187.0 196.0 9.0 29.91
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   including 187.0 192.0 5.0 51.00
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   07PEC004 150.0 160.0 10.0 16.60
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   including 150.0 156.0 6.0 25.15
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   and 164.0 169.0 5 6.19
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   06PED005 275.0 277.3 2.3 14.49
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   Table 2 Highlights -
   West Perseverance Diorite-Hosted Stockwork Mineralization
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   Hole ID From (m) To (m) Length Au g/t
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   07PEC001 142.0 149 7.0 2.82
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   07PEC001 including 142.0 146.0 4.0 3.90
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   07PEC001 and 155.0 161.0 6.0 3.31
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   07PEC001 and 166.0 167.0 1.0 20.8
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   07PEC002 212.0 214.0 2.0 1.20
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   07PEC003 221.0 222.0 1.0 3.49
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   07PEC004 182.0 205 23.0 1.88
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   Coolgardie Project, Western Australia
   
   Committee Bay Resources Ltd., through the Redemption Joint Venture (Committee Bay in a 50% partnership with Focus Minerals Ltd. ASX:FML), has the mineral rights to more than 210 km(2) of under-explored greenstone tenements, located in one of the world's most significant gold and nickel mining regions. These tenements contain Measured Resources of 31,014 ounces gold(i) (0.55 million tonnes at 1.77 g/t gold), Indicated Resources of 354,124 ounces gold(i) (6.03 million tonnes at 1.83 g/t gold) and Inferred Resources of 1,151,419 ounces gold(i) (13.50 million tonnes at 2.65 g/t gold). The RJV also has a 100% interest in the fully permitted, 1.2mtpa, Three Mile Hill Mill processing plant.
   
   The drill results contained in this news release are not included in the resource estimates calculated above.
   
   (i) For more information on the stated gold resources and historic drill results of Committee Bay Resources Ltd., please refer to the detailed NI 43-101 compliant technical reports filed on SEDAR by Committee Bay on December 20, 2004, and by Matador Exploration Inc. (wholly owned subsidiary of