COMMITTEE BAY RESOURCES CLOSES $15,122,000 FINANCING

February 15, 2007

VANCOUVER, British Columbia - Committee Bay Resources Ltd. (CBR: TSX-V) (the “Company”) is pleased to announce that the Company has closed a private placement (including full exercise of an over-allotment option) of an aggregate of 18,300,000 units of the Company (the “Units”) at a price of $0.55 per Unit and 7,780,000 flow-through common shares of the Company (“FT Shares”) at a price of $0.65 per Flow-Through Share for gross proceeds of $15,122,000.  Each Unit consists of one common share (“Common Share”) and one-half of one transferable share purchase warrant (a “Warrant”).  Each whole Warrant entitles the holder to subscribe for one additional Common Share at a price of $0.70 within 36 months of issuance.

Canaccord Capital Corporation (“Canaccord”) acted as underwriter and received a cash commission of $1,209,760 (equal to 8% of the gross proceeds from the sale of the FT Shares and Units) together with non-transferable compensation warrants (“Underwriter’s Warrants”) to acquire up to 2,086,400 Common Shares (equal to 8% of the number of FT Shares and Units sold) at an exercise price of $0.60 per Common Share within 24 months of issuance.  The Company also paid Canaccord’s costs and expenses related to the offer and sale of the FT Shares and Units.

The FT Shares, the Common Shares and Warrants comprising the Units, the Underwriter’s Warrants and the Common Shares issuable upon exercise of the Warrants and Underwriter’s Warrants will be subject to a restricted period expiring on June 16, 2007.

The proceeds from the sale of the Units will be used to fund the Three Mile Hill processing plant refurbishment and to advance development and the feasibility study completion as well as for general working capital purposes.  The proceeds from the sale of the FT Shares will be used for exploration expenditures, which will constitute Canadian exploration expenses (as defined in the Income Tax Act) and will be renounced for the 2007 taxation year. Specifically, flow-through funds will be used to expand the Three Bluffs resource and to upgrade ounces to the Measured & Indicated Resource category.

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

For further information, please contact Investor Relations:
Derek Iwanaka or Jim Paterson
Dial 604-331-2269 or toll-free 1-888-331-2269
**  WEBSITE: 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.