COMMITTEE BAY ANNOUNCES $6 MILLION BROKERED PRIVATE PLACEMENT

July 12, 2006

Committee Bay Resources Ltd. (CBR-TSXV) (the “Company”) announces that Canaccord Adams has been engaged as lead agent with a syndicate of agents (collectively the “Agents”) to complete a private placement offering (“Offering”) on a commercially reasonable efforts basis of up to 5,454,545 non-flow-through units (the “Units”) at a price of $0.55 per Unit and up to 5,000,000 flow-through shares (“Flow-Through Shares”) at a price of $0.60 per Flow-Through Share for total gross proceeds of up to CDN$6,000,000.  The Agents have been granted an over-allotment option to sell additional Units for gross proceeds of up to $1,000,000 (the “Over-allotment Option”).  The Over-allotment Option must be exercised not less than 48 hours prior to the completion of the Offering.

Each Unit will consist of one common share of the Company (“Common Share”) and one-half of a common share purchase warrant (a “Warrant”).  Each whole Warrant may be exercised for one additional Common Share at a price of $0.75 per Common Share for a period of two (2) years from the closing of the Offering.  The Units and Flow-Through Shares will be offered to qualified purchasers in reliance upon exemptions from the registration and prospectus requirements of applicable securities legislation.

The Agents will receive a cash commission equal to 7.5% of the gross proceeds of the Offering together with non-transferable share purchase warrants (“Agents’ Warrants”), which will entitle the Agents to acquire Common Shares equal to 10% of the number of Units and Flow-Through Shares sold.  The Agents’ Warrants are exercisable at a price of $0.80 per Common Share within two years of the closing of the Offering. The Company has agreed to pay the Agents’ reasonable costs and expenses related to the Offering.

The Offering is subject to certain conditions, including due diligence and regulatory acceptance.  All figures stated in this release are in Canadian dollars. The proceeds from the sale of the Flow-Through Shares will be used to incur qualified Canadian exploration expenses on the Company’s Canadian properties.  Net proceeds from the sale of the Units will be used for general corporate purposes and exploration and development of the Company's mineral projects in Australia and Northern Canada.

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.