NEWS RELEASE

July 23, 2004

Committee Bay Resources Ltd. (CBR) today announced that, subject to regulatory approval, the Board of Directors has approved the grant of stock options pursuant to CBR's Stock Option Plan to acquire an aggregate of 2,620,000 common shares of CBR ("Common Shares"), of which stock options to acquire an aggregate of 2,300,000 Common Shares will be granted to directors, officers and investor relations representatives of CBR. The options will have an exercise price of $1.80 per share or such lower price as may be permitted under the policies of the TSX Venture Exchange and will expire five years from the date of the grant.  These options will be subject to vesting in accordance with policies of the TSX Venture Exchange.

The Board of Directors has also approved an application to the Exchange to re-price stock options previously granted to employees and consultants from $1.93 to $1.80 per share.

Committee Bay Resources holds greater than 2.8 million acres of prospective ground in the eastern arctic.  In addition to the $C7.1 million to be spent with joint venture partner Gold Fields Limited on the Committee Bay project another $C2.0 million will be spent on diamond and gold exploration this year.  Gold Fields Limited, through a subsidiary, is funding all gold exploration on the Committee Bay Project as part of its option to earn a 55 % interest in the property by spending US$5.0 million over the next 4 years. Committee Bay Resources Ltd. is the operator. 

On behalf of the Board
COMMITTEE BAY RESOURCES LTD
/s/”John Williamson”
John Williamson, P.Geol.
President