Committe Bay Res. Ltd AOES64

A nine-hole drill program of 1,100 metres has to date yielded assay results from eight holes, including hole 07IN001, which intersected 13.56 grams per tonne gold over 5.44 metres. Hole 07IN001 scissored previous drill intercepts of 16.04 grams per tonne gold over 12.6 metres and 12.81 grams per tonne gold over 4.99 metres, and confirmed the high-grade and three dimensions of the original zone drill tested in 2003. (As reported in Stockwatch on Sept. 2, 2003.) Other highlights included an intercept of 11.18 grams per tonne gold over 11 metres in the north limb of the Inuk fold structure, which indicates high-grade gold structures within iron formation are present throughout the Inuk stratigraphy. The company is awaiting the results from one additional drill hole.

"These drill results are significant because they have opened the target zone considerably for greater size potential," vice-president of exploration, Peter Kleespies, commented. "This new data indicates that the high-grade gold zones extend from the surface to a depth of 80 metres and remain open to depth. The potential target area now includes the untested 700 metres of strike length, as well as the down-dip potential within the north limb."

Inuk prospect

The Inuk prospect is located approximately 147 kilometres northeast of the Three Bluffs deposit and 38 kilometres from tide water. Gold mineralization at Inuk occurs as high-grade sulphide-bearing silicified zones up to 10 metres wide hosted within a 20- to 30-metre-thick lower-grade envelope of iron formation. Over all, the iron formation may be up to 60 metres thick. The high-grade zones are superimposed upon an earlier lower-grade mineralization event, an analogous history to that observed at Three Bluffs which currently hosts an inferred resource of 487,000 ounces (as reported in Stockwatch on Nov. 29, 2004). Based on surface sampling and drill core, gold within the high-grade zones gold occurs as nuggety, very coarse grained blebs. This mode of gold occurrence at Inuk may explain the variable assay results from adjacent holes within the mineralized zones.

Previous drilling at Inuk indicated that the high-grade mineralization was hosted only within the hinges of secondary fold closures at the end of a moderate west-dipping panel of iron formation, interpreted to be the lower limb of a refolded recumbent sheath fold. The recent drill results and historic surface sampling now indicate that the structures hosting the high-gold mineralization are present throughout a panel of iron formation which has an exposed strike length of over 700 metres, thus significantly expanding the tonnage potential at Inuk. Based upon the 2007 Inuk drill results a larger more aggressive drilling program is warranted for 2008.


                  INUK ASSAY SUMMARY (2007)

            From      To      Interval      Au      Grade   Limb/
DDH            (m)     (m)           (m)   (g/t) thickness   zone

07IN001     34.07   37.31          3.24    2.74       8.88   nose
           53.49   72.34         18.85    4.73      89.16   nose
including  56.00   71.44         15.44    5.65      87.24   nose
including  66.00   71.44          5.44   13.56      73.77   nose
and        68.88   71.44          2.56   26.63      68.17   nose
07IN002     43.21   63.00         19.79    0.29       5.64   north
and        69.79   82.00         12.21    0.26       3.15   north
07IN003     51.73   52.28          0.55    2.18       1.20   north
07IN004     58.50   79.79         21.29    1.11      23.67   north
including  65.00   79.30         14.30    1.58      22.58   north
including  76.45   78.90          2.45    6.40      15.68   north
07IN005     59.28  103.86         44.58    0.92      41.11   north
including  87.00  103.86         16.86    2.15      36.25   north
including  87.00   88.25          1.25    5.29       6.61   north
and        92.27   94.04          1.77    5.75      10.17   north
07IN006     67.00   78.00         11.00   11.18     122.98   north
including  72.34   76.62          4.28   24.91     106.61   north
07IN007     75.09   83.85          8.76    1.33      11.66   nose
           78.89   83.52          4.63    2.15       9.96   nose
07IN008     65.21   80.59         15.38    0.68      10.41   -
           69.00   71.75          2.75    1.51       4.15   -
07IN009     assays pending                                   -


We seek Safe Harbor.

grose Umsätze in Canada.

These eight holes represent the initial results from Committee Bay's $5.5-million 2007 program, focused primarily on upgrading and expanding the Three Bluffs resource. In 2007, 3,570 metres in 24 holes have been completed at Three Bluffs, with results from 16 holes pending. Upon receipt of the final assay results, the company will initiate a new updated resource estimate for the Three Bluffs deposit.(i)

It is anticipated that infill drilling at a nominal 30-metre by 30-metre intervals will result in upgrading the resource to indicated status, while deeper, wider spaced step-out drilling will add new inferred ounces.

Three Bluffs deposit

The Three Bluffs deposit is in the central portion of the Committee Bay greenstone belt, which is northeast of Baker Lake, Nunavut. The deposit is hosted within a folded iron formation. Previous drilling at Three Bluffs has defined gold mineralization for at least one kilometre along strike, with the greatest concentration of gold situated in a shallow east-plunging fold hinge of iron formation. High-grade gold mineralization has also been identified in the limbs of the fold, to over 300 metres below surface, and remains open to depth along the one kilometre of identified strike length. Furthermore, additional exploration potential exists to the west and the high-grade hinge zone which plunges shallowly east, may extend eastward below a flat-lying diorite intrusion.

(i) A high-grade inferred mineral resource of 1.9 millions tonnes grading 8.0 grams per tonne gold for 487,000 ounces was calculated in 2004, using data from 49 drill holes. Using a lower cut-off grade, the inferred mineral resource is increased to 5.1 million tonnes grading 4.0 grams per tonne gold for 657,000 ounces (see company press release dated Nov. 29, 2004).


   THREE BLUFFS DRILL RESULTS -- 2007 SUMMER PROGRAM (ii)

                                                  Grade      
                                                  thick-      
                                                   ness        
Hole      From (m)  To (m) Interval (m) Au g/t      (gxm)   Limb

07TB045     62.04  103.00        40.96    5.10    208.90   hinge
including   67.09   88.03        20.94    9.54    199.77   hinge
including   78.22   88.03         9.81   19.07    187.08   hinge
including   79.12   84.17         5.05   16.51     83.38   hinge
07TB046     53.00  103.00        50.00    3.84    192.00   hinge
including   63.00  102.00        39.00    4.76    185.74   hinge
including   73.00   83.00        10.00   11.64    116.35   hinge
including   75.00   79.00         4.00   18.12     72.48   hinge
07TB047    115.00  121.00         6.00    1.73     10.38  S-limb
and        153.66  159.60         6.24    3.51     21.90  N-limb
including  156.00  159.60         3.60    5.73     20.64  N-limb
07TB048     34.33   58.00        23.67   19.44    460.14   hinge
including   36.00   50.50        14.50   30.72    445.44   hinge
07TB049     87.00   96.34         9.34   38.59    360.43  S-limb
07TB050     81.00   83.00        12.00    2.25     27.00  S-limb
and        118.00  128.00        10.00    1.05     10.46  N-limb
07TB051     46.00   74.00        28.00    2.09     58.50   hinge
including   57.00   59.00         2.00    6.55     13.09   hinge
and         70.00   73.00         3.00    4.23     12.69   hinge
07TB052    102.00  126.09        24.09    2.53     60.91  S-limb
including  117.00  123.00         6.00    7.37     44.21  S-limb
          144.00  156.00        12.00    3.98     47.76  N-limb
including  152.00  155.00         3.00    9.27     27.81  N-limb

(ii) Note: Grade-Thickness calculated using downhole lengths


The Committee Bay greenstone belt is 300 kilometres long, five to 50 kilometres wide and geologically comparable with, the great Canadian gold producing greenstone belts of Red Lake, Timmins and Kirkland Lake. Drilling at the Three Bluffs prospect in 2004 defined an inferred resource of 1.9 million tonnes at 8.0 grams per tonne gold for 487,000 contained ounces (see news issued in Stockwatch dated Nov. 29, 2004). 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-per-cent interest in approximately 640,000 acres if land with prospective geology along the Committee Bay belt.

We seek Safe Harbor.

ordentlich sein.

Nur beeindrucken kannst du damit sicher nur wenige.

2007-09-13 09:53  0.42  News Release  Committee Bay drills 12 m of 13.69 gpt Au at Three Bluffs  

2007-09-06 09:53  0.41  News Release  Committee Bay drills 19.44 g/t Au over 23.67 m  

2007-09-05 10:48  0.31  News Release  Committee Bay drills 5.44 m of 13.56 g/t Au at Inuk  

2007-09-14 09:30  0.44  News Release  Committee Bay to drill 2,000 more m at Three Bluffs  

2007-09-13 09:53  0.42  News Release  Committee Bay drills 12 m of 13.69 gpt Au at Three Bluffs  

2007-09-06 09:53  0.41  News Release  Committee Bay drills 19.44 g/t Au over 23.67 m  

2007-09-05 10:48  0.31  News Release  Committee Bay drills 5.44 m of 13.56 g/t Au at Inuk  

As of Sept. 30, 2007, the RJV has completed over 500 metres of decline development from the Tindals ramp toward the Perseverance deposit. The decline was completed one month ahead of schedule and $500,000 below budget.

An underground delineation drill program has commenced from the Perseverance decline to support the final mine design and to convert the resource to a reserve. The RJV has also commenced underground drilling at the Countess zone, to expand and upgrade the existing inferred resource of 246,000 tonnes at 4.26 g/t Au for 33,700 ounces.

A bankable feasibility study targeting the commencement of mining at the Perseverance deposit, and other Tindals mining centre deposits, is progressing and should be completed by the end of 2007 (see the company's news in Stockwatch August, 2007).

Perseverance resource upgraded

The updated resource model is based on 10,000 metres of drilling in 22 diamond core and 23 reverse circulation drill holes. The Perseverance resource comprises two zones: a main quartz-sulphide lode (QSL) containing an indicated resource of 324,598 tonnes grading 7.79 g/t Au for 81,296 ounces and an inferred resource of 157,000 tonnes grading 2.77 g/t Au for 13,985 ounces; and a diorite stockwork zone (DSZ) hosting an indicated resource of 123,159 tonnes grading 2.72 g/t Au for 10,770 ounces and an inferred resource of 249,422 tonnes grading 2.63 g/t Au for 21,090 ounces.


          TINDALS GOLD MINING CENTRE RESOURCES

Resource                   Tonnes      Au g/t        Ounces        

Indicated
Dreadnought             3,023,819        2.02      
Perseverance QS           324,598        7.79        
Perseverance Di           123,159        2.72        10,770
                       ---------        ----       -------
Total indicated         3,471,576        2.58       288,468
Inferred
Dreadnought               434,342        1.76        24,580
Perseverance QS           157,036        2.77        13,985
Perseverance Di           249,422        2.63        21,090
Tindals East              367,000        5.54        65,367
Empress                   129,500        4.68        19,485
Countess UG               246,000        4.26        33,692
Big Blow                  268,000        2.72        23,406
Empress Alicia            550,000        1.55        27,320
Happy Jack                107,000         1.5         5,160
                       ---------        ----       -------
Inferred total          2,508,300        2.90       234,085




                        PERSEVERANCE RESOURCE

                                               Au Au g/t    Uncut   Cut(1)
Zone             Category   Volume   Tonnes    g/t  Cut(1)      Oz      Oz

Quartz-sulphide  Inferred   54,988  157,036   2.79   2.77   14,086  13,985
               Indicated  109,984  324,598   9.35   7.79   97,576  81,296
Diorite          Inferred   86,285  249,422   3.06   2.63   24,538  21,090
               Indicated   42,469  123,159   3.94   2.72   15,601  10,770
                          -------  -------   ----   ----  -------  ------
Total indicated            152,453  447,757   7.86    6.4  113,176  92,066
Total inferred             141,273  406,458   2.96   2.68   38,624  35,075

Note: This resource is reported at a lower cut-off grade of one gram per tonne
gold.

(1) An upper cut of 35 g/t Au was used for quartz sulphide zone, and an
upper cut of 15 g/t Au was used for the diorite zone.


We seek Safe Harbor.

Noch viel Luft nach oben?

Resources have been upgraded at several key deposits, increasing the overall resources by nearly 20 per cent, and additional drilling is continuing to expand them further. At present, 37 per cent of the gold resources are in the indicated category or greater, representing a higher confidence level for the defined resources.

Three key RJV personnel, including general manager, exploration manager and underground manager were added in a highly competitive job environment, which speaks to the quality and progression of the project.

The new project management team selected Barminco Ltd. as the underground mining contractor to oversee the development of the underground decline, which was completed ahead of schedule and under budget.

In order to maintain flexibility and support near-term production, ore treatment can be processed through the proximal Greenfields mill while work is continuing to refurbish the RJV's Three Mile Hill mill for long-term production.

A bankable feasibility study and a mine design using a combination of cut and fill with long-hole stope mining for the Tindals Mining Centre is in progress and scheduled for completion by the end of November, 2007.

The RJV project is on schedule to commence mining by March, 2008.

Committee Bay project, Nunavut, Canada

Committee Bay completed a successful $6-million exploration program on its 100-per-cent-owned Committee Bay project.

Drilling at the Inuk high-grade gold prospect intersected 11.18 grams per tonne (g/t) Au over 11 metres, confirming the continuity of wide lower grade portions.

Three Bluffs drilling confirmed continuity of the wide high-grade hinge zone and identified additional high grade in the fold limbs.

A Three Bluffs resource estimate has been initiated and is expected to be completed in the first quarter of 2008. An overall upgrade to the indicated category and the addition of new inferred gold ounces is anticipated.

Regional exploration significantly upgraded the Anuri-Muskox-Maro target areas.

A major exploration program expansion is warranted for 2008.

2008 global initiatives

Committee Bay Resources is continuously evaluating new worldwide gold projects and will continue advancing each asset in Canada, Australia and Argentina.

We seek Safe Harbor.

A total of 26 drill holes have been completed out of an initial 49-hole program designed to test the grade and width interpretations for the Perseverance deposit. To date, all 20 drill holes assayed have either confirmed the width of the main quartz-sulphide lode or have intersected wider parts of this lode, with the better intersections summarized.


                         SELECTED RESULTS
                                          Gold
            From       To  Interval      grade
Hole      (metres) (metres)  (metres)      (g/t)  Comments

PEGC0002       83     94.7      11.7      16.31   Main QzSu lode
including      93     94.7       1.7      65.97
PEGC0003     85.5       97      11.5      27.09   Main QzSu lode
including      93     95.7       2.7      65.64
PEGC0004     91.5    100.6       9.1      87.28   Main QzSu lode
including    94.9     96.2       1.3     273.02
PEGC0007       83    100.5      17.5       7.49   Main QzSu lode
including   94.87    95.78      0.91      64.12
PEGC0008     88.3    101.4      13.1      16.23   Main QzSu lode
including    89.3       93       3.7      56.85
PEGC0009     94.5    104.2       9.7       9.15   Main QzSu lode
and         115.4    116.2       0.8       50.5   Lower diorite unit
PEGC0012     89.8     94.2       4.4      58.23   Main QzSu lode
PEGC0015       87       89       2.0       6.03   Hangingwall diorite unit
and         91.31       95      3.69      11.15   Main QzSu lode
PEGC0016       85       88       3.0      12.46   Main QzSu lode

QzSu equals quartz sulphide.


"These new Perseverance results have been better than expected and results from the southern extremities of the economic mineralization have been very encouraging as they are higher grade than previous exploration drill holes," stated Committee Bay president and chief executive officer John Williamson. "This could be a reflection of either the 'nuggetty' nature of the orebody or the existing exploration drill holes do not truly reflect the grade of the quartz-sulphide lode at the southern extremities," Mr. Williamson added.

The grade-control drilling has also confirmed the presence of a new footwall quartz-sulphide zone approximately 10 metres below the main lode. This is much narrower and less continuous than the main lode, but results indicate there is potential for some high-grade zones. Geology and assay results have also confirmed the presence of the diorite lode, with some results indicating the potential presence of some high-grade zones within the diorite mineralization.

The underground grade-control drill program has the potential to further upgrade the resource at Perseverance deposit, which will be the first of several key central orebodies to be mined at the Coolgardie project. The program is being conducted from the Perseverance decline development, of which the first 500 metres were completed one month ahead of schedule and $500,000 (Australian) (20 per cent) under budget.

The Perseverance orebody is one of several key deposits comprising the Tindals mining centre, which is centrally located within the Coolgardie gold project. Work is also continuing within the Tindals mining centre at the Empress and Cyanide (Tindals East) deposits, in order to fast-track further delineation and development of the greater area.

Coolgardie project, Western Australia

Committee Bay Resources, through the Redemption joint venture (Committee Bay in a 50-per-cent partnership with Focus Minerals), has the mineral rights to more than 210 square kilometres of underexplored greenstone tenements, located in one of the world's most significant gold and nickel mining regions. These tenements contain measured resources of 31,014 ounces gold (i) (550,000 tonnes at 1.77 g/t gold), indicated resources of 564,631 ounces gold (i) (8.53 million tonnes at 2.06 g/t gold) and inferred resources of 1,038,292 ounces gold (i) (11.52 million tonnes at 2.8 g/t gold). The RJV also has a 100-per-cent interest in the fully permitted, 1.2-million-tonne-per-year Three Mile Hill mill processing plant (i).

(i) For more information on the stated gold resources and historic drill results of Committee Bay Resources, Coolgardie project, please refer to the detailed National Instrument 43-101-compliant technical report filed on SEDAR by Committee Bay on Feb. 26, 2007.

Committee Bay Resources maintains an extensive quality control program in the preparation, shipping and checking of all samples from the property as detailed in Committee Bay Resources' "Technical Report for the Coolgardie Gold Project, Coolgardie, Western Australia," by Dean Besserer, May 27, 2005, pages 76 to 80. The program is supervised by Peter Kleespies, MSc, PGeol and vice-president of exploration, who is the qualified person as defined by NI 43-101.


         GRADE-CONTROL DRILLING (FIRST 20 HOLES)

           From      To  Interval  Au grade
Hole          (m)     (m)       (m)     (g/t)   Comments

PEGC0001    82.4    83.4       1.0     25.46    Main QzSu lode
PEGC0002      83    94.7      11.7     16.31    Main QzSu lode
including     93    94.7       1.7     65.97
and          100     104       4.0     10.36    Footwall QzSu zone
including  100.9   102.1       1.2     30.29
and        110.6   111.4       0.8      7.29    Lower diorite unit
PEGC0003    85.5      97      11.5     27.09    Main QzSu lode
including     93    95.7       2.7     65.64
and          100   102.8       2.8      4.94    Footwall QzSu zone
and        107.1     110       2.9     17.69    Lower diorite unit
PEGC0004    91.5   100.6       9.1     87.28    Main QzSu lode
including   94.9    96.2       1.3    273.02
PEGC0005    99.8     106       6.2      3.19    Main QzSu lode
and          132     135       3.0      2.51    Lower diorite unit
and          140     143       3.0      3.24    Lower diorite unit
PEGC0006     103   103.6       0.6      8.44    Main QzSu lode
and          135     141       6.0      2.12    Lower diorite unit
PEGC0007      83   100.5      17.5      7.49    Main QzSu lode
including  94.87   95.78      0.91     64.12
and        109.9   110.4       0.5     14.15    Footwall QzSu zone
and       116.58  117.48       0.9     62.29    Footwall QzSu zone
PEGC0008    88.3   101.4      13.1     16.23    Main QzSu lode
including   89.3      93       3.7     56.85
and        112.1   119.7       7.6      9.39    Lower diorite unit
PEGC0009    94.5   104.2       9.7      9.15    Main QzSu lode
and        115.4   116.2       0.8      50.5    Lower diorite unit
PEGC0010    99.8   108.2       8.4      2.66    Main QzSu lode
and          146     148       2.0      4.52    Lower diorite unit
PEGC0011      95      98       3.0      5.35    Main QzSu lode
and          102     105       3.0      3.23    Lower diorite unit
PEGC0012    89.8    94.2       4.4     58.23    Main QzSu lode
and          104   105.3       1.3      10.8    Lower diorite unit
PEGC0013      90      97       7.0      1.69    Main QzSu lode
and          101     103       2.0     10.48    Lower diorite unit
and          106     108       2.0      3.32    Lower diorite unit
and          114   121.9       7.9      2.32    Lower diorite unit
PEGC0014   74.67    83.1      8.43     10.68    Main QzSu lode
PEGC0015      87      89       2.0      6.03    Hangingwall diorite unit
and        91.31      95      3.69     11.15    Main QzSu lode
and          125     128       3.0      3.18    Lower diorite unit
PEGC0016      85      88       3.0     12.46    Main QzSu lode
and           96      97       1.0     13.41    Footwall QzSu zone
and          134     136       2.0     12.92    Lower diorite unit
PEGC0017    95.7     101       5.3      7.19    Main QzSu lode
and       107.55     108      0.45     16.74    Footwall QzSu zone
and        114.3  118.67      4.37      6.58    Footwall QzSu zone
and          136     141       5.0      3.28    Lower diorite unit
PEGC0018      89   95.67      6.67      4.85    Main QzSu lode
and          119     125       6.0      1.72    Lower diorite unit
PEGC0019     109     110       1.0      4.04    Main QzSu lode
PEGC0020      71      73       2.0      2.31    Main QzSu lode
and       102.66   107.6      4.94      4.43    Footwall QzSu zone adja

"We are extremely pleased with the outcome of the Perseverance feasibility study," stated Committee Bay president and chief executive officer, John Williamson. "The base-case scenario of the project's economics are quite robust and, given our ongoing exploration and recently released grade-control drilling results, I believe the project will outperform the base case, particularly with respect to grade. Utilizing a combination of cut and fill and long-hole stope mining methods, the project will develop early cash flow which will be used for continued development of the project," Mr. Williamson added.


         SUMMARY OF FEASIBILITY STUDY ON PERSEVERANCE DEPOSIT

Assumptions                                       Base case     Upside case

Gold price (Australian dollars)                         900             900
Gold royalty                                           2.5%            2.5%

Production

Ore milled (tonnes)                                 315,000         315,000
Average monthly production rate (tonnes/month)       15,000          15,000
Operating life (months)                                  21              21
Grade (g/t Au)                                          6.9             8.5
Mining recovery %                                        90              90
Mining dilution %                                        20              20
Metallurgical recovery %                                 92              92
Gold recovered (life of mine) (thousand ounces)        64.2            79.2

Cash operating costs (Australian dollars per ounce)     533             432
Total cost (Australian dollars per ounce)               577             468
Capital costs (million Australian dollars)              2.8             2.8
Net cash flow (million Australian dollars)             19.3            32.4
Return on funds employed %                               52              88
Development months                                       11              11
Payback period (months)                                  14              10


Feasibility study

Objectives

The Redemption joint venture's objective in completing a feasibility study on the Perseverance deposit is to facilitate the development of high-return gold production on the Coolgardie project that would generate significant cash flow to finance continued development and exploration of the Tindals mining centre, and general exploration over the Coolgardie tenements.

Continued development and exploration drilling in the Tindals area indicates that the potential to discover additional Perseverance-type orebodies is high. Continuing exploration at the Tindals and Empress deposits, along with delineation at the Countess deposit, all within existing underground infrastructure, provide potential for additional near-term ore sources.

Mineral resources

Derwent Geoscience Pty. Ltd. issued the current mineral resource estimate for the Perseverance deposit. The resource is based on surface drilling comprising 52 reverse-circulation and 25 diamond drill holes. The resource has been estimated using ordinary krigging within the main quartz sulphide zone and inverse-distance-squared interpolation in the peripheral diorite zone. The disclosed mineral resources for the Perseverance deposit are summarized in the Perseverance resource table in the company's news release in Stockwatch dated Oct. 9, 2007.

Mineral reserves

Using the base-case scenario, a fully diluted minable ore reserve of 315,073 tonnes grading 6.89 g/t Au has been calculated for the Perseverance lode, based upon the following parameters:


The application of a break-even (operating) cut-off grade of 3.2 g/t to determine the stope outline.
Cut-offs have been applied on a lode-and-level basis consistent with the geological resource block breakdown.
The application of identified ore loss and dilution factors for each of the lodes and mining methods.
Only JORC-compliant indicated resources have been considered in determining an underground reserve.

Mining

The Perseverance deposit will be mined entirely by underground methods and the orebody will be accessed on 25-metre vertical level intervals via a spiral incline/decline developed from the existing exploration decline.

The mining method selected for the feasibility study is a combination of cut and fill and shorter long-hole stoping within each mining panel. This combined method gives good exposure to early ore production from the cut and fill, but limits the higher cost of cut and fill by long-holing a substantial portion of each panel. Cut-and-fill stoping assumes a minimum mining width of 3.5 metres with 0.5-metre dilution applied to both the footwall and hangingwall. Long-hole stopes will be limited to 10 metres vertical, and have a minimum mining width of three metres with 0.75 metre of dilution applied to both the footwall and hangingwall.

Mineral processing

Negotiations are at an advanced stage for the treatment of the Perseverance ore at a local toll-treatment facility located eight kilometres from the project site at a rate of $22 (Australian) per tonne. This reduces the exposure to operational issues as the project will use an established operation that has previously treated similar ores. The agreement with the treatment facility fixes the price paid for milling the ore. When concluded, this agreement will leave very little exposure to changes in the milling costs for the project. Cartage costs from the mine to the treatment facility are estimated at $5 (Australian) per tonne.

Infrastructure

One of the highlights of the proposed Perseverance project is that good-quality infrastructure is already established in the area. This is particularly relevant for the underground infrastructure, as this includes decline access to within 60 metres of the orebody.

It is expected that there will be very low risk associated with the infrastructure as there is a long operational history for the area.

Exploration

The RJV is continuing to aggressively explore the Tindals mining centre and the Redemption fault corridor proximal to the Perseverance deposit and is currently conducting an extensive ground electromagentic survey over the area targeting additional high-sulphide Perseverance-style mineralization. Exploration drilling is continuing at Perseverance, targeting down-hole EM conductors immediately on strike of and down-dip of existing mineralization.

Mining reserves at Perseverance are based only on the indicated portion of the mineral resource. Results from underground grade control drilling conducted by the RJV from the exploration decline are not included in the current mineral resource. An updated resource is expected to be completed by the end of the first quarter of 2008 which will incorporate the underground drilling, and is reasonably expected to result in the upgrading of additional ounces to the measured and indicated categories.

Operating costs

A mining contractor will be engaged to carry out all work associated with the operation of the underground mine. As was done recently with the development of the Perseverance exploration access decline, a schedule-of-rates contract will be used for the project. This has the advantage of being able to fix key operating-cost parameters and thus limit the project to fluctuations associated with other contract styles. Operating costs have been based upon formal tender estimates for underground contract mining as at October, 2007. Other cost estimates have been supplied by the RJV or sourced, where specified, from budget quotations, industry benchmarking, in-house databases and evaluations.


                                   OPERATING COSTS

                    Estimated operating cost               Estimated operating cost
Cost centre       (million Australian dollars)  (Australian dollars per tonne milled)

Mining                                  23.43                                  74.36
Milling/cartage                          8.51                                  27.00
Administration                           2.29                                   7.27
Total                                   34.23                                 108.63


Capital costs

Due to the existence of a significant portion of the infrastructure for the project, there is only a relatively small requirement for new capital works. This is estimated at $2.8-million (Australian) and primarily covers additional dewatering and ventilation requirements not currently available at the Perseverance deposit. As infrastructure requirements are minimal, the project does not have a significant exposure to construction issues experienced at other resource development projects.

Acknowledgments

This technical information in this news release has been prepared in accordance with JORC and National Instrument 43-101. The following qualified persons have contributed to the study:


Darren Gibcus -- BEng in mining, MAusIMM;
Brett Ustick -- BEng in mining, MAusIMM;
Dr. Garry Adams -- PhD, BSc (honours) in geology, MAusIMM, MAIG, FSEG;
Mark Rigby -- BSc in geology, MAusIMM;
Brian Eaton -- BEng in mining, Assoc. Min. Eng., FAusIMM, CPEng;
Stewart Capp -- BSc (honours) in geology, MAusIMM
Coffey Consulting -- hydrogeological, geotechnical and environmental;
Ammtec Ltd. -- metallurgical.

We seek Safe Harbor.

www.committeebay.com/

keine Umsätze

bei diesem äußerst negativen Umfeld als eine der wenigen nicht in den Keller rauscht.

meine Meinung

Börsenumfeld. Leider habe ich jedoch immer noch keine Daten bekommen, die mich zu einem Kauf veranlassen sollten.

Committee Bay sells Redemption JV for $30-million


2008-03-06 11:59 ET - News Release

Mr. John Williamson reports

COMMITTEE BAY SELLS COOLGARDIE GOLD PROJECT FOR $30 MILLION

Committee Bay Resources Ltd. has signed a definitive agreement for the sale of its 50-per-cent interest in the Redemption joint venture project to Focus Minerals Ltd.

All figures within this release are stated in Canadian dollars unless otherwise indicated.

Key points include the following:


Committee Bay will receive total consideration of $30-million, comprising approximately $20.25-million in cash and $9.75-million in shares of Focus.
Committee Bay retains upside potential of Australian near-term gold and nickel production potential through Focus shareholding.
Added funds will be used for expanding Nunavut exploration programs and further acquisitions.

"This is a major milestone for the company. Since acquiring the RJV project in August, 2005, Committee Bay has invested approximately $13.4-million (at today's exchange rate) and leveraged the company's exploration expertise to increase the value of the project substantially. Today we are receiving over twice our investment in cash and shares, while retaining the upside exposure to the success of the project through our shareholding in Focus," said Committee Bay president and chief executive officer, John Williamson. "The timing of this deal capitalizes on the robust commodities market, irrespective of the recent volatility in the equities markets," commented Mr. Williamson.


The remainder is available to Stockwatch subscribers.
If you would like to give the Stockwatch system a try, click here for a free 30 day trial subscription.

Total Gegenleistung für den Erwerb des Ausschusses Bay's 50% Interesse an der RJV, im Wert von etwa $ 30 Millionen, besteht aus 20,25 Mio. $ in bar und die Emission von 140 Millionen voll bezahlten ordentlichen Focus Aktie. Diese Transaktion kann unter den geltenden rechtlichen und, falls erforderlich, Aktionär Genehmigungen seitens der beiden Unternehmen.

"Diese Transaktion wird Committee Bay mit einer starken Bilanz, die es uns ermöglicht aggressiv erkunden den Ausschuss Bay Projekt verfolgen und neue Möglichkeiten, ohne nennenswerte Verwässerung für Aktionäre", kommentiert Bay Committee Chairman, John Robins. "Das Cash-Infusion setzt Ausschuss Bay in einer sehr starken Position, um zu wachsen."

Equity Focus

Die heutige Transaktion wird vorbehaltlich der Focus' Zustimmung der Aktionäre am oder um den 14. März 2008, anwendbar behördlichen Genehmigung und die erfolgreiche Anhebung der nötigen Finanzen zu geben, indem Focus Focus100% Eigentum des 210km2 Wohnhaus Paket in Coolgardie (einschließlich der Three Mile Gold Hill Verarbeitung Anlage).

Focus hat ein erklärtes Ziel, sich zu einem 100000 Unzen Gold pro Jahr bei Coolgardie Hersteller in den nächsten drei Jahren und arbeitet an der "Fast-Track-die Bewertung und die Entwicklung der Gesellschaft zu 100% im Eigentum Nepean Nickel-Projekt befindet sich 25 km südlich von Coolgardie.

"Over all, we view the 2008 Three Bluffs gold resource upgrade as being highly successful, having achieved the objectives of upgrading the existing resource and adding new inferred ounces peripheral to the core resource," stated Committee Bay chief executive officer and president, John Williamson. "The drilling conducted during 2005 and 2007 has confirmed the continuity of the grades and widths of the Three Bluffs deposit and step-out drilling has identified potential for additional high-grade structures on the limbs within the Three Bluffs fold. Committee Bay Resources will aggressively pursue the development of the Three Bluffs deposit and has initiated a scoping study, and plans to continue to explore the deposit and surrounding potential to add quality ounces to the project."

The 2008 Three Bluffs resource estimate has been prepared by Dave Rennie, PEng, with independent resource consultants Scott Wilson Roscoe Postle Associates Inc., in accordance with Canadian regulatory requirements set out in National Instrument 43-101 and CIM resource definitions. A detailed 43-101 compliant technical report will be filed on SEDAR within 45 days.

Three Bluffs deposit

The Three Bluffs deposit is in the central portion of the Committee Bay greenstone belt, which is northeast of Baker Lake, Nunavut. The deposit is hosted within a folded-iron formation. Drilling at Three Bluffs has defined gold mineralization for at least one kilometre along strike, with the greatest concentration of gold situated in a shallow east-plunging fold hinge of iron formation. High-grade gold mineralization has also been identified in the limbs of the fold, to over 300 metres below surface, and remains open to depth along the one kilometre of identified strike length. Furthermore, additional exploration potential exists to the west and the high-grade hinge zone which plunges shallowly east, may extend eastward below a flat-lying diorite intrusion.

The 2008 Three Bluffs resource estimate is based on 14,780 metres of drilling in 84 holes, which includes 7,245 metres in 35 holes, which were drilled during 2005 and 2007, subsequent to the 2004 resource estimate. The deposit is modelled as three domains; a high-grade hinge zone, and south and north limbs. A top cut of 100 grams per tonne gold was applied to the hinge zone, while assays were capped at 60 grams per tonne gold within the limb domains. The 2008 resource is based on block modeling using inverse distance cubed estimation, and resources are reported on a minimum block cut-off grade of 2.0 grams per tonne gold, which reflects a viable grade cut-off for open cut mining.


       SUMMARY OF 2008 THREE BLUFFS RESOURCE ESTIMATE(I)

                        INDICATED RESOURCE

Minimum block grade g/t Au     Tonnage   Grade g/t Au   Contained ounces Au

4.0                          1,238,000           8.93               355,600
3.0                          1,756,000           7.32               413,300
2.0                          2,451,000           5.94               468,400

                          INFERRED RESOURCE

Minimum block grade g/t Au     Tonnage   Grade g/t Au   Contained ounces Au

4.0                            551,000           8.98               159,200
3.0                            813,000           7.23               189,100
2.0                          1,344,000           5.34               230,900

(i) Tonnage figures rounded to nearest thousand, ounce figures rounded to
   nearest hundred.
   2004 Three Bluffs inferred resource of 488,000 ounces(i) (1.9 million
   tonnes at 8.0 grams per tonne gold) reported at minimum block cut-off
   grade of 3.0 grams per tonne gold.

About Committee Bay project

The Committee Bay greenstone belt is 300 kilometres long, five to 50 kilometres wide and geologically comparable with the great Canadian gold-producing greenstone belts of Red Lake, Timmins and Kirkland Lake. Drilling at the Three Bluffs prospect in 2004 defined an inferred resource of 1.9 million tonnes at 8.0 grams per tonne (g/t) gold for 488,000 contained ounces ((ii) see the news issued in Stockwatch dated Nov. 29, 2004). 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-per-cent interest in approximately 640,000 acres of land with prospective geology along the Committee Bay belt.

We seek Safe Harbor.

nimmt in Canada immer mehr zu. Was wird kommen?

The main objective of the 2008 program will be to continue expanding the current gold resource through targeted drill programs and to follow up on specific high-grade gold occurrences discovered during previous regional programs along this highly mineralized belt. The company is in the process of finalizing the scope and budget for this year's program.

Update on sale of Coolgardie gold project

The sale of Committee Bay's 50-per-cent interest in the Coolgardie gold project is expected to close shortly after April 14, 2008, when the shareholders of Focus Minerals Ltd. (FML), Committee Bay's partner in the redemption joint venture, are scheduled to approve the deal. In addition to the $1-million deposit received from FML under an exclusivity agreement (See CBR news issued in Stockwatch dated Jan. 30, 2008), Committee Bay will receive on closing: $19-million (Australian) in cash; a one-year $2-million (Australian) convertible note at 8.25-per-cent per year; and 140 million shares of FML.

In conjunction with the sale, Committee Bay has acquired approximately $2-million (Australian) in drilling equipment from the redemption joint venture for a price of $586,000 (Australian), and retained the exclusive right to provide drilling services to FML for a two-year period. Further, Committee Bay retains the priority right to process a minimum of 200,000 tonnes of ore per year at FML's Three Mile Hill plant for a period of two years. Thus the sale and related agreements will provide a platform for Committee Bay to pursue other exploration opportunities in Australasia.

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, PGeo, who is the qualified person as defined by National Instrument 43-101. A detailed description of Committee Bay's QA/QC program is provided on the company's website.

We seek Safe Harbor.

Committee Bay to sell 50% interest in Coolgardie


2008-04-15 09:38 ET - News Release

Mr. John Williamson reports

FOCUS MINERALS SHAREHOLDERS APPROVE ACQUISITION OF COMMITTEE BAY'S INTEREST IN COOLGARDIE GOLD PROJECT, WESTERN AUSTRALIA

At the annual general meeting held on April 14, 2008, the shareholders of Focus Minerals Ltd. approved the acquisition of Committee Bay Resources Ltd.'s 50-per-cent interest in the Coolgardie gold project.

In addition to the $1-million (Australian) deposit received under the previously announced exclusivity agreement (see CBR press release in Stockwatch dated Jan. 30, 2008), settlement of this transaction is expected to conclude on April 24, 2008, with Committee Bay receiving $19-million (Australian) in cash, a $2-million (Australian) convertible note and 140 million shares of FML.

Upon closing of this transaction, Committee Bay will have a very strong cash position and zero debt, leaving the company well positioned to take advantage of today's volatile market.

Time Ex Price Change Volume Buyer Seller Markers
12:39:50  V  0.29  +0.025  23,000  7  TD Sec  68  Leede  K  

12:37:33  V  0.29  +0.025  20,000  7  TD Sec  1  Anonymous  K  

12:36:01  V  0.29  +0.025  7,000  7  TD Sec  1  Anonymous  K  

12:33:37  V  0.29  +0.025  8,000  7  TD Sec  1  Anonymous  K  

12:33:37  V  0.29  +0.025  7,000  7  TD Sec  9  BMO Nesbitt  K  

12:33:37  V  0.285  +0.02  5,000  7  TD Sec  85  Scotia  K  

12:10:31  V  0.28  +0.015  160,000  62  Haywood  62  Haywood  K  

11:48:45  V  0.28  +0.015  500,000  62  Haywood  62  Haywood  K  

11:37:56  V  0.28  +0.015  5,000  62  Haywood  33  Canaccord  K  

11:15:42  V  0.28  +0.015  5,500  2  RBC  1  Anonymous  K  

Committee Bay closes sale of Coolgardie interest


2008-04-30 08:24 ET - News Release

Mr. John Williamson reports

COMMITTEE BAY CONCLUDES SALE OF COOLGARDIE GOLD PROJECT FOR TOTAL CONSIDERATION OF AU$30 MILLION

Committee Bay Resources Ltd. has completed the transaction whereby Focus Minerals Ltd. will acquire Committee Bay's 50-per-cent interest in the Coolgardie gold project, Western Australia.

In addition to the $1-million (Australian) deposit already received under the previously announced exclusivity agreement (see Stockwatch news dated Jan. 30, 2008), settlement of this transaction concluded on April 30, 2008, with Committee Bay having received $19-million (Australian) in cash, a $2-million (Australian) convertible note and 140 million shares of Focus Minerals.

"A portion of these proceeds will be dedicated to advancing Committee Bay's high-grade gold project in Nunavut. In addition, the company will continue monitoring the market for undervalued assets," said Committee Bay president and chief executive officer, John Williamson.

With closing of this transaction, Committee Bay has a very strong cash position and zero debt, leaving the company well positioned to take advantage of today's volatile market.

"With the successful divestment of our Coolgardie project we are now in the position to concentrate on our core asset, the Committee Bay greenstone belt," stated Committee Bay chief executive officer and president, John Williamson. "With the recent upgrading of the Three Bluffs resource, we plan to thoroughly assess the exploration and development potential of the Three Bluffs project area and will aggressively pursue these opportunities during the 2008 program. In addition, as part of our longer-term exploration strategy, CBR will also be conducting extensive field studies primarily in the southwest portion of the belt to develop quality drill targets for the 2009 program."

The 2008 exploration program will initially concentrate on adding new resources within a 10-kilometre radius of the Three Bluffs deposit and will comprise exploration drilling to evaluate high-priority exploration targets, including the Antler, Hayes and Bluff Seven targets. Additional drilling is planned to evaluate potential parallel auriferous structures identified by previous surface sampling, drill intercepts and geophysics in the immediate Three Bluffs area.

The 2008 program will incorporate an intensive evaluation of the southwest portion of the Committee Bay greenstone belt, which hosts numerous shear zone and iron-formation-hosted gold occurrences. The objective of these programs is to develop exploration drill targets which will then form the focus of the 2009 Committee Bay belt exploration program.

Committee Bay 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, MSc, PGeol, who is the qualified person as defined by National Instrument 43-101.

We seek Safe Harbor.

 Time     Ex Price  Change     Volume Buyer Seller Markers
13:47:40  V  0.285  +0.015     25,000  85  Scotia  27  Dundee  K  

13:38:40  V  0.285  +0.015     10,000  54  Global  27  Dundee  K  

13:38:40  V  0.285  +0.015     10,000  54  Global  79  CIBC  K  

13:34:09  V  0.28   +0.01       2,000   9  BMO Nesbitt  80  National Bank  K  

12:54:48  V  0.28   +0.01       1,000   9  BMO Nesbitt  79  CIBC  

11:12:33  V  0.275  +0.005     20,000  59  PI  11  MacQuarie  

11:12:25  V  0.275  +0.005  8,113,000  59  PI  11  MacQuarie  

11:12:25  V  0.275  +0.005     20,000  59  PI  33  Canaccord  

10:27:27  V  0.265  -0.005      4,000  9  BMO Nesbitt  1  Anonymous  

10:27:27  V  0.265  -0.005     16,000  33  Canaccord  1  Anonymous  

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