RESOURCE UPGRADE FOR DREADNOUGHT DEPOSIT, COOLGARDIE
33% INCREASE IN INDICATED GOLD RESOURCES FOR COOLGARDIE PROJECT, WESTERN AUSTRALIA
July 30, 2007
EDMONTON, Alberta – Committee Bay Resources Ltd. (CBR: TSXV) (“Committee Bay” or the “Company”) and Australian Redemption Joint Venture (“RJV”) partner Focus Minerals Ltd. (FML: ASX) have further demonstrated the resource potential at the Coolgardie Gold Project, with the announcement today of a 152% increase in the Indicated Resource for the Dreadnought deposit to 3.024Mt @ 2.02 g/t Au for 196,402 ounces of gold.
The significantly improved confidence level of the Dreadnought resource has enhanced the 43-101 compliant resource for the Coolgardie Gold Project to:
- Measured Resource of 550,000t @ 1.77 g/t Au for 31,014 ounces;
- Indicated Resource of 8.08Mt @ 1.82 g/t Au for 472,565 ounces; and
- Inferred Resource of 11.41Mt @ 2.98 g/t Au for 1.09 million ounces.
Calculated using the results from a 38-hole (5,500m) infill drilling program completed by the RJV and 25,379m of historic drilling, the Dreadnought Resource now comprises an Indicated Resource of 3.02Mt @ 2.02 g/t for 196,402 ounces and an Inferred Resource of 434,342t @ 1.76 g/t Au for 24,580 ounces.
The Dreadnought deposit is located immediately south of the Tindals Mining Centre, where the RJV is completing final preparations for the commencement of an underground exploration and development decline from existing fully-permitted underground infrastructure, to facilitate access to the key high-grade Perseverance orebody.
An advanced Bankable Feasibility Study is targeting the commencement of mining from the Perseverance zone by December 2007. Earlier this month the RJV announced further outstanding results from Perseverance, for which the current resource measures 300,000t @ 9.4 g/t Au, for 89,600 ounces of gold.
“Clearly the Dreadnought deposit will be another key development zone for the Coolgardie Gold Project,” Committee Bay’s President and CEO John Williamson said. “The Dreadnought mineralization occurs in two zones and drilling to date has been conducted to a depth of 250m only.”
Earlier this month the RJV finalized an agreement for the priority toll treatment of up to 480,000tpa of Coolgardie Gold Project ore at the Greenfields gold processing facility, owned and operated by Higginsville Mining and centrally located on RJV land.
Development of the Dreadnought deposit is expected to contribute considerably to the re-commissioning of the RJV’s wholly-owned and fully-permitted 1.2mtpa Three Mile Hill plant located on RJV land adjacent to the Greenfields facility.
“Our downhole EM and additional results from holes we have completed at Perseverance, plus our plans for several ground EM surveys to follow up anomalies which the RJV recently identified along the Redemption Corridor, are just some of the ongoing activity which we believe will further reward our confidence.”
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 km2 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* (0.55 million tonnes at 1.77 g/t gold), Indicated Resources of 472,565 ounces gold* (8.08 million tonnes at 1.82 g/t gold), and Inferred Resources of 1,089,789 ounces gold* (11.41 million tonnes at 2.98 g/t gold). The RJV also has a 100% interest in the fully permitted, 1.2mtpa, Three Mile Hill Mill processing plant.
*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 report filed on SEDAR by Committee Bay on February 26, 2007.
Committee Bay Resources Ltd. maintains an extensive quality control program in the preparation, shipping and checking of all samples from the property as detailed in Committee Bay Resources Ltd. ‘Technical Report for the Coolgardie Gold Project, Coolgardie, Western Australia’ by Dean Besserer - May 27, 2005 pp. 76-80. The program is supervised by Peter Kleespies, M.Sc. P.Geol., and Vice President of Exploration, who is the Qualified Person as defined by NI 43-101.
About Committee Bay
Committee Bay controls major greenstone belts in Nunavut and Western Australia and has the opportunity to conduct year-round exploration on three continents in order to build on its existing gold resources.
On behalf of the Board
Committee Bay Resources Ltd.
/s/”John Williamson”
John Williamson, P.Geol.
President
For further information about Committee Bay Resources Ltd. or this news release, please visit our website at www.committeebay.com or contact:
Derek Iwanaka
Investor Relations
Email: info@committeebay.com
Dial 604-646-4524 or toll-free 1-888-331-2269
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release
Certain disclosures in this release, including management's assessment of Committee Bay’s plans and projects, constitute forward-looking statements that are subject to numerous risks, uncertainties and other factors relating to Committee Bay's operation as a mineral exploration company that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements. Committee Bay expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
Figure 1. Tindals Mining Centre Area Map
