COMMITTEE BAY ANNOUNCES CLOSING OF $3,150,000 FINANCING

October 28, 2004

Edmonton, Alberta.  Committee Bay Resources Ltd. (CBR:TSXV) (“CBR”) announces that it has closed the brokered private placement of an aggregate of 1,750,000 flow-through common shares of CBR (FT Shares) at a price of $1.80 per FT Share for gross proceeds of $3,150,000.  The FT Shares were sold to purchasers resident in Alberta, British Columbia and Ontario in reliance upon exemptions from the prospectus requirements of applicable securities legislation.

A syndicate led by Canaccord Capital Corp. and including Dundee Securities Corp acted as agents in the sale of the FT Shares and received a cash commission of $189,000 (representing 6% of the proceeds from the sale of the FT Shares) and agent’s warrants to acquire an aggregate of 140,000 common shares of CBR (“Common Share”) (representing 8% of the FT Shares sold) at a price of $1.80 per Common Share within one year of the closing of the Offering.

The FT Shares, agent’s warrants and Common Shares issuable upon exercise of the agent’s warrants are subject to a restricted period which expires on March 1, 2005.

The proceeds from the sale of the FT Shares will be used by CBR to fund continued exploration within the Committee Bay Greenstone Belt and other project areas within the eastern Arctic.

CBR holds greater than 2.9 million acres of prospective ground in the eastern artic including the 1.6 million acre Committee Bay Joint Venture region, which represents over 86% of the known greenstone belt at Committee Bay.  The Committee Bay Greenstone Belt is 300 kilometres long, five to 50 kilometres wide and geologically comparable to some of the great Canadian gold-producing greenstone belts such as Red Lake, Timmins and Kirkland Lake.  The belt is being jointly explored by CBR and Goldfields through the Committee Bay Joint Venture.  CBR has a 45% working interest in the joint venture and is the project manager.

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 Dean McDonald, P.Geo. Ph.D., Vice President of the company, who is the Qualified Person as defined by NI 43-101. 

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