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November 5, 2007
Committee Bay
2007 President's Letter and Corporate Update
Key
Point Summary
- Completed largest equity financing in Company’s history
of CAD$15.1 million
- Major advancements made toward commencing gold production in
Australia
- Drilling expanded the known Three Bluffs resource area
Corporate Highlights
This year has represented a period of intense
exploration and development activity. In February, Committee Bay completed
a CAD$15.1 million equity financing, the largest capital raising in the
Company’s history. This capital underpins the major growth in the
2007 and 2008 exploration and development programs.
In the first 10 months of 2007, significant
advancements have positioned the Company to commence gold production in
Australia by early 2008. In addition, significant progress has been made on
the flagship Committee Bay Project in Nunavut, Canada.
REDEMPTION JOINT VENTURE PROJECT
(“RJV”), COOLGARDIE, AUSTRALIA
In April Committee Bay completed its 50% earn-in
for the RJV project 18 months ahead of schedule by expending AUD$8 million.
Subsequent to the earn-in, the Joint Venture
budgeted an additional AUD$8 million for exploration and development,
demonstrating a strong commitment to advancing the project.
Ongoing
exploration utilizing modern integrated geological and geophysical
techniques have led to new discoveries to underpin a longer term operation.
Resources
have been upgraded at several key deposits, increasing the overall
resources by nearly 20%, and additional drilling is ongoing to expand them
further. At present, 37% 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 ongoing to
refurbish the RJV’s Three Mile Hill Mill for long term production.
A Bankable
Feasibility Study and a mine design utilizing 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, NUNVAT, CANADA
Committee
Bay completed a successful CAD$6 million exploration program on its 100%
owned Committee Bay Project.
Drilling at
the Inuk high grade gold prospect intersected 11.18 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 Q1 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 Ltd. is continuously evaluating new worldwide gold projects
and will continue advancing each asset in Canada, Australia and Argentina.
On behalf of the Board
Committee Bay Resources Ltd.
/s/”John Williamson”
John Williamson, P.Geol.
President, CEO & Director
For further information, please contact Investor Relations:
Derek Iwanaka or John Pickersgill
Dial 604-646-4527 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.
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