EDMONTON, Alberta – Committee Bay Resources Ltd. (CBR: TSXV) (“Committee Bay” or the “Company”) today announced the conclusion of the transaction whereby Focus Minerals Ltd (FML: ASX), will acquire Committee Bay's 50% interest in the Coolgardie Gold Project, Western Australia.
In addition to the AU$1 million deposit already received under the previously announced Exclusivity Agreement (See CBR press release dated January 30, 2008), settlement of this transaction concluded on April 30, 2008, with Committee Bay having received AU$19 million in cash, a AU$2 million convertible note and 140 million shares of Focus Minerals Ltd.
"A portion of these proceeds will be dedicated to advancing Committee Bay’s high-grade gold project in Nunavut. In addition, the Company will continue monitoring the market for under-valued assets,” said Committee Bay President & CEO, John Williamson.
With closing of this transaction, Committee Bay has 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.
