Niblack Mineral Development Inc.

Published : February 19th, 2008

Further Resource Upgrade For High-Grade Perseverance Gold Deposit, Coolgardie Project, Western Austr

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Keywords :   Australia | Diamond | Gold | Gold Production | Nickel |
Committee Bay Resources Ltd News Release

February 19, 2008

FURTHER RESOURCE UPGRADE FOR HIGH-GRADE PERSEVERANCE GOLD DEPOSIT, COOLGARDIE PROJECT, WESTERN AUSTRALIA

EDMONTON, Alberta - Committee Bay Resources Ltd. (CBR: TSXV) ("Committee Bay" or the "Company") and Australian Redemption Joint Venture ("RJV") partner Focus Minerals Ltd. (FML: ASX) today announced a further increase in Indicated Resources at the advanced Perseverance Gold Project, located within the Tindals Mining Centre at the Coolgardie Gold Project, Western Australia.

Key Highlight Points  

  • 28% Increase in Indicated Resource to 490,700t @ 7.5g/t for 118,500oz.
  • Indicated Resource for combined Tindals Mining Centre increases to 312,900oz
  • Updated Perseverance resource model based on 13,974m of Diamond and RC drilling over 5 defined ore zones.
  • Grade control drilling significantly enhances understanding of Perseverance geological model with the deposit remaining open to the north and south.

A recently completed grade control drilling has resulted in a 28% increase in the Indicated Resource from 448,000t @ 6.4g/t for 92,100 contained ounces to 490,700t @ 7.5g/t for 118,500 ounces , as a result of the conversion of additional ounces to the Indicated category. The updated Inferred Resource is 195,800t @ 3.4g/t for 21,200 ounces , compared with 406,000t @ 2.7g/t for 35,300 contained ounces previously (see CBR press release October 9, 2007)

The updated resource incorporates the recently released grade control results (see CBR press release December 12, 2007), which has further reinforced the potential of the Perseverance Project, where the RJV is preparing to commence initial gold production in April after completing a positive Feasibility Study in December 2007.

The updated Perseverance Resource model (Table 1) is based on 13,974m of drilling in 49 Diamond core and 23 Reverse Circulation (RC) drill holes. The Resource comprises 5 distinct zones - the quartz-sulphide east zone, quartz-sulphide west zone, footwall west zone, upper diorite zone and the lower diorite zone.

The updated Perseverance resource was prepared by Mark Rigby BSc., MAusIMM, Senior Resource Geologist, Redemption Joint Venture. Ordinary Kriging (OK) estimation was used on the Quartz Sulphide East and West and Footwall West Zones, while Inverse Distance Squared (ID2) was used on the Diorite Zones. Top cuts of 52 g/t Au, 30 g/t Au and 20 g/t Au were utilized for the Quartz Sulphide East, Quartz Sulphide West and Footwall West Lodes respectively, and a top cut of 10 g/t Au was used for the Diorite Lodes

The Perseverance Resource upgrade has increased the current Tindals Mining Centre resource inventory (Table 2) to an Indicated Resource of 3.5 million tonnes at 2.8g/t Au for 312,900 ounces and an Inferred Resource of 2.3 million tonnes at 3.0g/t Au for 220,100 ounces .. Historically the deposits comprising this centre have produced a total of 500,000 ounces from both open pit and underground operations.

The recent grade control drilling has had a significant impact on the new geological model, confirming the presence of the footwall lode, which is now more extensive than initially thought. The understanding of the main lode has also been enhanced, with the new information highlighting the fact that the main lode is actually two lodes that merge together near the centre of the deposit.

The deposit remains open to the north and south and the RJV plans to conduct further step-out drilling in order to increase the resource.

Table 1 - Perseverance Resource

Zone

Category

Tonnes

Au g/t

Ounces

Quartz-Sulphide East

Inferred

92,700

3.1

9,100

 

Indicated

265,000

9.9

84,600

 

 

 

 

 

Quartz-Sulphide West

Inferred

20,700

3.6

2,400

 

Indicated

103,600

5.9

19,500

 

 

 

 

 

Footwall West

Inferred

51,700

3.7

6,200

 

Indicated

95,900

4.2

13,000

 

 

 

 

 

Upper Diorite

Inferred

13,300

2.6

1,100

 

Indicated

26,200

1.6

1,400

 

 

 

 

 

Lower Diorite

Inferred

17,400

4.3

2,400

 

 

 

 

 

Total Inferred

 

195,800

3.4

21,200

Total Indicated

 

490,700

7.5

118,500

Resource reported at 0g/t lower cut-off grade
Upper cut of 52g/t used for Quartz-Sulphide East zone, Upper cut of 30g/t used for Quartz-Sulphide West zone, Upper cut of 28g/t used for Footwall West zone, Upper cut of 10g/t used for Diorite Lower zone, and no Upper cut was applied to the Diorite Upper zone as all grade were below 10g/t

Table 2 - Tindals Mining Centre Resources

Indicated

 

 

 

Prospect

Tonnes

Grade (g/t)

Ounces

Dreadnought

3,024,000

2.0

194,400

Perseverance Quartz-Sulphide East

265,000

9.9

84,600

Perseverance Quartz-Sulphide West

103,600

5.9

19,500

Perseverance Footwall West

96,000

4.2

13,000

Perseverance Upper Diorite

26,200

1.6

1,400

Total Indicated

3,514,800

2.8

312,900

 

 

 

 

Inferred

 

 

 

Dreadnought

434,500

1.8

24,600

Perseverance Quartz-Sulphide East

92,700

3.0

8,900

Perseverance Quartz-Sulphide West

20,700

3.6

2,400

Perseverance Footwall West

51,700

3.7

6,200

Perseverance Upper Diorite

13,300

2.6

1,100

Perseverance Lower Diorite

17,400

4.3

2,400

Cyanide - Underground

367,000

5.5

65,400

Empress - Underground

129,500

4.7

19,500

Countess Underground

246,000

4.3

33,700

Big Blow Surface

180,000

1.6

9,300

Big Blow UG

88,000

5.0

14,100

Empress/Alicia

550,000

1.5

27,300

Happy Jack

107,000

1.5

5,200

Total Inferred

2,297,800

3.0

220,100

Coolgardie Project , Western Australia

Committee Bay Resources Ltd. entered into Exclusivity Agreement to negotiate the terms of the proposed sale of Committee Bay's 50% interest in the Redemption Joint Venture Project with its joint venture partner, Focus Minerals Ltd (see CBR press release January 30, 2008). 

A key element of the Exclusivity Agreement is to effectively suspend the Redemption Joint Venture between January 1, 2008 and March 31, 2008. During this period, Focus Minerals accepts full responsibility for the Coolgardie Project. This enables development for the commencement of mining at Perseverance to continue, unaffected by the negotiations underway with Focus Minerals to purchase the remaining 50% of the project. If subsequent commercial terms for the purchase of Committee Bay's 50% of the RJV cannot be concluded, Committee Bay will resume its active role in the management of the RJV and will reimburse Focus Minerals for 50% of expenditures incurred on the Coolgardie Project between January 1, 2008 and March 31, 2008 (which is the date when the Exclusivity Agreement expires), excluding any expenditures made in January, being part of an earlier RJV cash call.

Committee Bay Resources Ltd., through the Redemption Joint Venture (Committee Bay in a 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 31,014 ounces gold* (0.55 million tonnes at 1.77 g/t gold), Indicated Resources of 591,065 ounces gold* (8.58 million tonnes at 2.14 g/t gold), and Inferred Resources of 1,024,417 ounces gold* (11.31 million tonnes at 2.82 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., Coolgardie Project please refer to the detailed NI 43-101 compliant technical report filed on SEDAR by Committee Bay on February 26, 2007. 

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., and Vice President of Exploration, who is the Qualified Person as defined by NI 43-101.

On behalf of the Board
Committee Bay Resources Ltd.
/s/"John Williamson"
John Williamson, P.Geol.
President

For further information about Committee Bay Resources Ltd. or this news release, please visit our website at www.committeebay.com or contact:

Derek Iwanaka
Investor Relations
Email: info@committeebay.com
Dial 604-646-4524 or toll-free 1-888-331-2269

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.

- -

Data and Statistics for these countries : Australia | All
Gold and Silver Prices for these countries : Australia | All

Niblack Mineral Development Inc.

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CODE : NIB.V
ISIN : CA65365X1096
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Niblack Mineral is a zinc and gold producing company based in Canada.

Niblack Mineral holds various exploration projects in Australia and in Canada.

Its main assets in production are 3 BLUFFS in Canada and JAURDI HILLS in Australia and its main exploration properties are BORDEN and NIBLACK in Canada and JAURDI HILLS (BLACK CAT) in Australia.

Niblack Mineral is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 15.5 millions as of today (US$ 15.5 millions, € 11.6 millions).

Its stock quote reached its highest recent level on January 23, 2004 at CA$ 9.95, and its lowest recent point on December 23, 2011 at CA$ 0.16.

Niblack Mineral has 35 977 000 shares outstanding.

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