COMMITTEE BAY ARRANGES $3.15- MILLION FINANCING

October 7, 2004

Committee Bay Resources has entered into an agreement led by Canaccord Capital Corp. and including Dundee Securities Corp for the sale, on a bought-deal underwritten basis, of a total of 1.75 million flow through common shares at a price of $1.80 per flow through common share for gross proceeds of $3.15-million.  Pursuant to the agreement, the underwriters are entitled to substitute, prior to closing, purchasers who are qualified to purchase the units pursuant to applicable securities legislation. The proceeds from the sale of the flow through common shares will be used by CBR to fund continued exploration within the Committee Bay greenstone belt and other project areas within the eastern arctic.

The underwriters shall be entitled to receive a cash commission of 6 percent of the proceeds from the sale of the units and underwriter's warrants of 8 percent of the units sold, at a price of $1.80 per common share within 12 months of closing.

Pursuant to a pre-existing right granted by CBR to Gold Fields Guernsey Ltd., if Gold Fields holds not less than 5 per cent of the issued and outstanding common shares (subject to adjustment), it may elect to require CBR to sell additional units to Gold Fields in proportion to Gold Fields' existing holdings in CBR, up to a maximum participation level of 9.9 percent of the offering. There is no commission payable on units sold to Gold Fields.

The Offering is subject to approval by the TSX Venture Exchange. THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN.

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 holds greater than 2.8 million acres of prospective ground in the eastern artic including the 1.48 million acre Committee Bay Joint Venture region.

On behalf of the Board
COMMITTEE BAY RESOURCES LTD
“John Robins”
John E. Robins, P.Geo.
Chairman