KIMBERLITE DISCOVERED AT BORDEN PENINSULA, NUNAVUT, CANADA
August 25, 2008
EDMONTON, Alberta – Committee Bay Resources Ltd. (CBR: TSX-V) (“Committee Bay”) and Indicator Minerals Inc (“Indicator Minerals”) announced today that kimberlite boulders have been discovered while prospecting near geophysical targets on the Borden Project in Nunavut, Canada.
“Committee Bay has a number of generative projects located in Canada, Western Australia and Argentina such as the Borden Project”, commented John Robins, Chairman of Committee Bay Resources. “The discovery of kimberlite shows particular promise for this project’s diamond exploration potential”.
The kimberlite boulders were discovered while prospecting a geophysical target identified in data collected during this year’s airborne magnetic survey. Kimberlite indicator minerals, including pyrope garnet, have been visually identified in the float. Samples of the kimberlite boulders have been collected for analysis.
More than 2,400 line-km of airborne magnetic data were collected in August and numerous high quality anomalies have been recognised in the preliminary data. Geophysical, geochemical and geological data collected this year is being interpreted in order to establish a list of priority targets to be drill-tested in 2009.
About the Borden Project
The Borden Property is located on western Baffin Island on the Borden Peninsula, approximately 90km southeast of the community of Arctic Bay in the Nunavut Territory. Committee Bay currently has a 49% interest in the diamond rights of the Borden Project and has 10% carried interest to production. Indicator Minerals has a 51% interest in the diamond rights to the Borden Project and can earn an additional 19% interest from Committee Bay by spending $6.00 per acre on mineral claims in the first two years. Further information about Borden can be viewed in the project section of Indicator’s website: www.indicatorminerals.com.
About Committee Bay Resources Ltd.
Committee Bay Resources Ltd. is a well-funded Canadian based exploration company. The company has a diverse portfolio of exploration projects in Canada, Australia and South America, including the Committee Bay Greenstone Belt Project in Nunavut, Canada which hosts the high grade Three Bluffs gold deposit. On May 22, 2008 the Company announced a merger with Niblack Mining Corp. Committee Bay conducts year round exploration and development to advance its projects and will continue to monitor the market for undervalued acquisition opportunities. Committee Bay is a member of the Discovery Group of companies, for more information on the group visit www.discoveryexp.com.
On behalf of the Board
Committee Bay Resources Ltd.
/s/”John Robins”
John Williamson, P.Geo.
Chairman and Director
For further information, please contact:
Derek Iwanaka
Manager, Investor Relations
Dial 604-646-4527 or toll-free 1-888-331-2269
** WEBSITE: http://www.committeebay.com/ **
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.
