COMMITTEE BAY UPGRADES GREENFIELDS RESOURCE
COOLGARDIE GREENSTONE BELT, WESTERN AUSTRALIA
October 19, 2006
EDMONTON, Alberta – Committee Bay Resources Ltd. (“Committee Bay” or the “Company”) (CBR: TSXV) and Australian Redemption Joint Venture (“RJV”) partner Focus Minerals Ltd. (FML: ASX) announced an updated resource estimate for the Greenfields deposit, one of the key deposits within the Coolgardie Property in Western Australia, targeted for early production at the RJV’s 1.2mpta Three Mile Hill gold treatment plant.
“These new results at Greenfields are a very positive first step in upgrading and expanding resources at the RJV. Resource upgrades are ongoing at Dreadnought, Cyanide, Countess, and at the low grade stockpiles. This work will be incorporated into our 5 year mine plan.” stated Committee Bay’s President and CEO, John Williamson.
Key Point Summary:
The revised resource was based on the results of the 13 hole, 1,498m infill drill program conducted by the RJV earlier this year (See press release dated June 22, 2006), as well as historical drilling and production data. The resource estimate was prepared by independent consultants Hellman and Schofield Pty Ltd, utilizing Multiple Indicator Kriging methodology, and is based on a lower economic cut-off grade of 1.0 g/t. The previous stated resource for the Greenfields deposit which was in the Inferred category only comprised 1,295,000 tonnes at 1.4 g/t for 65,266 contained ounces.
The Greenfields deposit is located approximately 300 metres to the east of the Three Mile Hill Treatment Plant, and was mined historically by open cut in the 1980’s and 1990’s yielding 72,470 ounces of gold from 1,295,340 tonnes. MPI Mines mined a cutback from December 2003 until February 2005 and produced 37,729 ounces of gold from 672,000 tonnes at 1.7 g/t gold.
The Greenfield’s study is being completed in conjunction with other resource and exploration projects and feasibility studies on the Three Mile Hill Mill by the Redemption Joint Venture (“RJV”), a 50/50 partnership with Focus Minerals Ltd. and Committee Bay Resources Ltd. to pursue its broader objective of delineating a long-term reserve base to provide a continuous source of ore feed to the plant over a minimum 5 year mine life.
Coolgardie Project, Western Australia
Committee Bay Resources Ltd., through the Redemption Joint Venture (Committee Bay in a 50:50 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 31,017 ounces gold* (545,000 tonnes at 1.77 g/t gold), Indicated resources of 354,129 ounces gold* (6.031 million tonnes at 1.83 g/t gold) and Inferred Resources of 1,033,964 ounces gold* (12.62 million tonnes at 2.55 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 December 20, 2004, and by Matador Exploration Inc. (now a 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., Vice President of Exploration (Australia), 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
For further information, please contact Investor Relations:
Derek Iwanaka or Jim Paterson
Dial 604-331-2269 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.
