CDN$5 MILLION BUDGET FOR 2007 COMMITTEE BAY GREENSTONE BELT PROJECT; FOCUS ON THREE BLUFFS GOLD DEPOSIT, NUNAVUT

February 26, 2007

Edmonton, Alberta - Committee Bay Resources Ltd. (CBR: TSX-V) (“Committee Bay” or the “Company”) has approved an aggressive C$5.0 million exploration budget for 2007 at the Committee Bay Greenstone Belt Project located northeast of Baker Lake, Nunavut, Canada.

The main objective of the 2007 program will be to build current gold resources through targeted drill programs and to follow up on specific high-grade gold occurrences discovered during previous regional programs along this highly mineralized belt.

A +5,000 m infill drill program will be conducted at the Three Bluffs gold deposit to expand resources and upgrade the resource category from the Inferred Resource defined in 2004.  Previous drilling at Three Bluffs through 2004 had identified an Inferred Resource of 1.9 million tonnes at 8.0 grams per tonne (g/t) Au for 487,000 contained ounces (See CBR press release – November 29, 2004)

The 2007 exploration program will be comprised of Spring and Summer drill programs. The Spring program (April to May) will include follow-up drilling at the Inuk prospect, located approximately 115 km northeast of the Three Bluffs deposit, where drilling in 2003 intersected mineralized iron formation assaying up to 16.04 g/t Au over 12.60m (See CBR press release - September 2, 2003). In addition to the infill drill program at Three Bluffs, the summer program (late June through August) will include focused fieldwork and drill testing at several prospects along the belt including areas along strike from the Three Bluffs deposit, where significant high grade gold surface showings and Mag/EM anomalies have defined priority drill targets.

About Committee Bay Project

The Committee Bay Greenstone Belt is 300 km long, 5 to 50 km wide and geologically comparable to the great Canadian gold producing greenstone belts of Red Lake, Timmins and Kirkland Lake.   The Committee Bay belt currently hosts more than 40 high-grade gold occurrences but remains one of the longest and least explored greenstone belts in Canada.  Committee Bay currently holds a 100% interest in approximately 640,000 acres of land with prospective geology along the Committee Bay belt.

About Committee Bay Resources Ltd.

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.

Committee Bay Resources Ltd. maintains an extensive quality control program in the preparation, shipping and checking of all samples from the property.  The program is supervised by Peter Kleespies, P.Geol. who is the Qualified Person as defined by NI 43-101.  A detailed description of Committee Bay’s QA/QC program is provided on the Company’s website at www.committeebay.com.

On behalf of the Board
Committee Bay Resources Ltd.
/s/”John Williamson”
John Williamson, P.Geol.
President, CEO & Director

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.