COMMITTEE BAY IDENTIFIES NEW GOLD ZONE AT CORDON EL PENON PROJECT AND INCREASES LAND HOLDINGS IN SAN JUAN PROVINCE, ARGENTINA

September 28, 2006

Vancouver, BC. - Committee Bay Resources Ltd. (CBR: TSX-V) (“Committee Bay” or “the Company”) today announced that reconnaissance mapping and stream sediment sampling conducted by the Company on the Cordón El Peñon Project has identified anomalous gold in stream silt samples in drainages over a 10km length off the leading edge of the Caracol Thrust fault, located within the southern half of the project area. A single drainage system in the El Penon area returned six highly anomalous non-concentrated stream silt values ranging from 76 to 2,500 parts per billion gold (Au), coincident with anomalous Silver (Ag), Arsenic (As), Antimony (Sb), Thallium (Tl), Mercury (Hg), Tellurium (Te), Tungsten (W), Lead (Pb) and Zinc (Zn).

Based on these results the Company has increased its land holdings on its 100% owned Cordón El Peñon Project to 9,895 hectares (ha). Committee Bay Resources Ltd., through its wholly owned subsidiary Minera La Huella S.A., now holds over 85,000 hectares of prospective ground in three areas within San Juan and La Rioja Provinces, which are comprised of the Cordón El Peñon (9,895 ha) and Cañón Oculto (14,887 ha) Projects in the PreCordillera of San Juan Province, and the Río Bonete (61,000 ha) Project within the Famatina Magmatic Arc Terrane in La Rioja Province.

The Cordón El Peñon Project is located in the PreCordillera region of Argentina, and encompasses a sequence of thrust faulted Ordovician aged platformal carbonate rocks which have been intruded by Tertiary porphyritic quartz diorites. This geologic environment contains the majority of gold deposits identified in the PreCordillera of Argentina including Gualcamayo, Virgen de Lourdes, Salamanca and Gualilan. These deposits are characterized by mantos, skarns, and breccia zones hosted within carbonate rocks proximal to quartz diorite intrusions. Committee Bay also believes these rocks have the potential to host more distal, disseminated type gold mineralization analogous to deposits of the Carlin and Battle Mountain trends in Nevada.

The Company is planning a follow-up sampling and geological mapping program at the Cordón El Peñon property scheduled to commence in mid November, and will also be investigating opportunities to increase its land holdings over areas prospective for bulk tonnage, open pittable gold resources in Argentina, focused primarily within San Juan Province.

Committee Bay Resources Ltd. maintains an extensive quality control program in the preparation, shipping and checking of all samples from the project, and the programs are supervised by Peter Kleespies, M.Sc. P.Geol., Vice President of Exploration (Australia), who is the Qualified Person as defined by NI 43-101. All rock and stream sediment samples were delivered in sealed bags to the ALS-Chemex Labs facility in Mendoza, Argentina for sample preparation and were then sent to the La Serena, Chile Lab for gold analysis (50 gram-tonne gold fire assay with atomic absorption finish) and the Vancouver, BC Lab for four-acid multi-element ICP-MS analysis.

Committee Bay also announced today that Dean McDonald, P.Geo., Ph.D., VP Exploration, has resigned from the Company. Dr. McDonald will continue on with the Company in a technical advisory role. The directors, management and staff of Committee Bay wish to thank Dean for his years of service and wish him the best in his new endeavours. Management of exploration activities and programs in Australia, Canada and Argentina, as well as all QA/QC procedures will now be conducted under the guidance of Peter Kleespies, M.Sc, P.Geol., currently the Company's Vice President of Exploration, (Australia), and a qualified person under 43-101 guidelines.

Committee Bay also 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

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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.