COMMITTEE BAY RESOURCES LTD. COMPLETES $1.875 MILLION FINANCING

September 26, 2003

Committee Bay Resources Ltd. (“CBR”) is pleased to announce it has completed a private placement financing of 2,500,000 units (“Units” or a “Unit”) at a price of $0.75 per Unit for aggregate gross proceeds of $1,875,000.  Each Unit consisted of one common share of CBR (“Common Share”) and one-half of one non-transferable share purchase warrant (“Warrant”).  Each whole Warrant entitles the holder to purchase one additional Common Share at a price of $.85 within 18 months of the closing.  An aggregate of 196,666 Units were sold to insiders of the Corporation. The proceeds from the sale of the Units will be used by CBR for general corporate purposes and working capital.

The Units were sold in reliance upon exemptions from the registration and prospectus requirements of applicable securities legislation and are subject to a restricted period expiring on January 27, 2004.

The sale of 2,000,000 Units (the “Underwritten Units”) was underwritten by Canaccord Capital Corporation (“Canaccord”).  In connection with the sale of the Underwritten Units, Canaccord received a cash commission of $120,000 (8% of the gross proceeds from the sale of the Underwritten Units) and non-transferable Underwriter’s warrants to acquire an aggregate of 200,000 Common Shares (10% of the Underwritten Units) at a price of $0.75 per Common Share within 18 months of the closing. CBR has also paid to Canaccord a corporate finance fee payable in Units.

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.

The Committee Bay Greenstone Belt is believed to represent one of the largest unexplored greenstone belts in North America with excellent gold potential. Drilling in 2003 identified a new, high-grade gold discovery that is open along strike and at depth. Aggressive field work throughout the belt continues to enhance the potential of finding other significant gold deposits. CBR is the largest landholder with approximately 500,000 acres of land with prospective geology in the Committee Bay area west of Melville Peninsula, Nunavut, which will form the Area of Mutual Interest for the Joint Venture.

On behalf of the Board
Committee Bay Resources Ltd.
/s/ “John Williamson”
John Williamson, President and CEO