EDMONTON, Alberta – Committee Bay Resources Ltd. (CBR: TSXV) (“Committee Bay” or the “Company”) today announced that at the Annual General Meeting held on April 14, 2008, the shareholders of Focus Minerals Ltd (FML: ASX)("FML"), approved the acquisition of Committee Bay's 50% interest in the Coolgardie Gold Project.
In addition to the AU$1 million deposit received under the previously announced Exclusivity Agreement (See CBR press release dated January 30, 2008), settlement of this transaction is expected to conclude on April 24, 2008, with Committee Bay receiving AU$19 million in cash, a AU$2 million convertible note and 140 million shares of FML.
Upon closing of this transaction, Committee Bay will have a very strong cash position and zero debt, leaving the Company well-positioned to take advantage of today’s volatile market.
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
Manager, 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.
