REDEMPTION JOINT VENTURE DOUBLES EXPLORATION BUDGET AT COOLGARDIE GOLD PROJECT
ADDITIONAL AUS$8M FOR EXPLORATION, RESOURCE AND FEASIBILITY PROGRAMS OVER THE NEXT 12 MONTHS

March 12, 2007

Edmonton, Alberta - Committee Bay Resources Ltd (TSXV: CBR) and its Redemption Joint Venture partner, Focus Minerals Ltd (ASX: FML), today announced expanded exploration, resource delineation and feasibility programs at the Coolgardie Gold Project, Western Australia. The AUS$8 million exploration program will commence immediately following the early completion of Committee Bay’s spending requirement to earn a 50% interest in the project.

Committee Bay to Earn in Ahead of Schedule

Committee Bay will complete its earn-in by end of March, approximately 17 months ahead of schedule, as the Redemption Joint Venture (“RJV”) continues drilling at the high-grade Perseverance deposit in preparation for an initial resource estimate. The JV partners are also in the process of updating the resource estimate for Dreadnought, after the completion of recent drilling.

Regional Exploration Success

Since August 9th 2005, the Redemption Joint Venture has significantly upgraded the knowledge of the Coolgardie belt.  A major aspect of this work has been to upgrade the baseline data over the project area through data compilation, validation and establishment of a comprehensive digital database. The RJV has also completed a regional airborne VTEM geophysics survey (1,405 line km over the whole 18,000 ha tenement package), conducted geological mapping and surface geochemistry programs which have yielded numerous coherent gold-in-soil anomalies, with 20 samples from a recent program of 2,600 samples yielding greater than 100 ppb gold and up to 54.8 g/t gold. In excess of 24,000m of diamond core and RC drilling have been conducted on 10 exploration and resource development targets which has resulted in resource additions and identification of potential new gold zones. 

Expanded Resources

Since the inception of the RJV, partners Focus and Committee Bay have increased the total Measured and Indicated Resource inventory for the Coolgardie Gold Project by 22% to 385,138 ounces of gold, and boosted the Inferred Resource inventory by 6.5%, to 1,151,419 ounces of gold. Resource additions and upgrades have been achieved primarily through focused exploration and delineation drilling at the Tindals Mining Centre and Greenfields projects.

2007 Expanded Exploration and Development Budget

The joint venture partners have committed to spend $8 million on exploration and resource development projects over the next 12 months. The funds are slated for continued exploration and resource development work at the RJV's key project area, the “Tindals Mining Centre”, and the initiation of aggressive exploration-drill programs at five additional high priority target areas identified through an extensive program of data compilation, review and validation in conjunction with the airborne VTEM geophysical survey.

These additional target areas have the potential to host both low-to-medium grade open-pittable gold mineralization as well as high-grade mineralization, such as that identified at the Perseverance deposit. The RJV also plans to aggressively pursue new exploration opportunities throughout the Coolgardie tenement package through continuation of regional compilation, geological mapping, ground geophysics and soil and auger geochemistry.

Tindals Mining Centre

The RJV’s key project for the remainder of 2007 will be the Tindals Mining Centre which includes the recently identified Perseverance zone which lies within 300m of existing underground infrastructure. Recent drilling at Perseverance has returned intersections including 11m @ 23.65g/t gold, 9m @ 29.91g/t, and 6m @ 25.15g/t.

The high-grade Perseverance mineralization is expected to significantly boost the overall resource inventory of the Coolgardie Gold Project’s centrally located Tindals Mining Centre, which, in addition to Perseverance, is comprised of the Countess, Tindals, Tindals East (Cyanide), Empress, Empress/Alicia, and Dreadnought gold deposits.

Current resource figures for the Tindals Mining Centre include near surface open-pittable resources comprising an Indicated Resource of 970,000t @ 2.5 g/t gold, for 77,966 ounces, and an Inferred Resource of 3.12Mt @ 1.84 g/t gold, for 184,312 ounces. They also include an underground Inferred Resource of 742,500t @ 4.97g/t gold, for 118,546 ounces.

Once the Dreadnought and Perseverance resource estimates are completed, a new feasibility study will be initiated to investigate potential mining options for the Tindals Mining Centre.

“This program includes resource development and scoping studies in order to assess our options for restarting mining at the Tindals Mining Centre and re-commissioning our 100%-owned and permitted 1.2 mtpa Three Mile Hill treatment facility,” Committee Bay President and CEO, Mr John Williamson,  said. “Our milling options currently range from toll treating ore in combination with Redemption Joint Venture ore, to treating 100%-derived RJV ore.”

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 354,124 ounces gold* (6.03 million tonnes at 1.83 g/t gold) and Inferred Resources of 1,151,419 ounces gold* (13.50 million tonnes at 2.65 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 reports filed on SEDAR by Committee Bay on February 26, 2007 and December 20, 2004, and by Matador Exploration Inc. (wholly owned subsidiary of Committee Bay Resources Ltd.) on July 18, 2005.

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

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.