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Niblack Mineral Development Inc.

Publié le 30 janvier 2008

Enters Exclusivity Agreement Redemption Joint Venture Project, Western Austr

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Committee Bay Resources Ltd News Release

January 30, 2008

Committee Bay Resources' Enters Exclusivity Agreement
Redemption Joint Venture Project, Western Australia

 

EDMONTON, Alberta - Committee Bay Resources Ltd. (CBR: TSXV) ("Committee Bay" or the "Company") today announces that it has entered into Exclusivity Agreement to negotiate the terms of the proposed sale of Committee Bay's 50% interest in the Redemption Joint Venture Project ("RJV") with its joint venture partner, Focus Minerals Ltd. (FML: ASX) ("Focus Minerals").  In consideration for entering this agreement, Committee Bay will receive a $1.0 million non-refundable cash payment from Focus Minerals which may be deducted from any subsequent purchase price.

A key element of the Exclusivity Agreement is to effectively suspend the Redemption Joint Venture between January 1st 2008 and March 31st 2008. During this period, Focus Minerals accepts full responsibility for the Coolgardie Project. This will enable development for the commencement of mining at Perseverance to continue, unaffected by the negotiations that will occur with Committee Bay to purchase the remaining 50% of the project. Both the Boards of Focus Minerals and Committee Bay have met and approved the commencement of mining. 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 1st 2008 and March 31st 2008 (which is the date when the Exclusivity Agreement expires), excluding any expenditures made in January, being part of an earlier RJV cash call.

Consideration for the proposed acquisition is likely to be a mixture of cash and equity, resulting in Committee Bay joining the Focus Minerals' share register as a significant shareholder. If the terms of the Proposed Acquisition are finalized, Committee Bay will retain exposure to the future upside arising from the Focus Minerals' transition to gold production and the broader development of the Coolgardie Project.

Execution of the Exclusivity Agreement and negotiations in respect of the Proposed Acquisition reflect Committee Bay's decision to concentrate on its portfolio of international mineral assets in Nunavut, Latin America and elsewhere in Australia. Committee Bay remains strongly supportive of Focus Minerals' development strategy for the Coolgardie asset.

Focus Minerals is gearing up to commence initial gold production at Coolgardie in April at the high-grade Perseverance Project (Indicated Resource of 92,066oz at an average grade of 6.4g/t Au) after completing a positive Feasibility Study in December 2007. This Project is forecast to yield base case production of 64,187 ounces over 21 months, with an upside of producing more ounces and a higher gold price.

Committee Bay will provide further details to the market regarding the acquisition terms and funding arrangements as they are finalized.

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
Manager, 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.

 

Niblack Mineral Development Inc.

PRODUCTEUR
CODE : NIB.V
ISIN : CA65365X1096
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Niblack Mineral est une société de production minière de zinc et d'or basée au Canada.

Niblack Mineral détient divers projets d'exploration au Canada et en Australie.

Ses principaux projets en production sont 3 BLUFFS au Canada et JAURDI HILLS en Australie et ses principaux projets en exploration sont BORDEN et NIBLACK au Canada et JAURDI HILLS (BLACK CAT) en Australie.

Niblack Mineral est cotée au Canada, aux Etats-Unis D'Amerique et en Allemagne. Sa capitalisation boursière aujourd'hui est 15,5 millions CA$ (15,5 millions US$, 11,6 millions €).

La valeur de son action a atteint son plus haut niveau récent le 23 janvier 2004 à 9,95 CA$, et son plus bas niveau récent le 23 décembre 2011 à 0,16 CA$.

Niblack Mineral possède 35 977 000 actions en circulation.

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Rapports annuels de Niblack Mineral Development Inc.
2008 Annual Report
Financements de Niblack Mineral Development Inc.
04/01/2012Announces Private Placement
Projets de Niblack Mineral Development Inc.
12/01/2012Announces Security holder Approval for Arrangement with Heat...
01/12/2011(Niblack)Supports As Heatherdale Explores Niblack Project Partnership...
31/08/2011(Niblack)Joint Venture Partner Completes Requirments To Secure 60% In...
22/08/2011Joint Venture Receives Priority Permitting Approval From US ...
16/03/2011(Niblack)Larger Niblack Mine Estimates Released
13/07/2010(Niblack)Expands Precious Metals-Enriched VMS Deposit
06/05/2008(Commitee Bay)Exploration Program Set for 2008 Committee Bay Greenstone Be...
30/04/2008(Coolgardie)Concludes Sale of Coolgardie Gold Project for Total Consider...
15/04/2008(Coolgardie)Focus Minerals Shareholders Approve Acquisition of Committee...
13/03/2008(Commitee Bay)Significant Resource Upgrade for Three Bluffs Deposit Commit...
19/02/2008(Coolgardie)Further Resource Upgrade For High-Grade Perseverance Gold De...
30/01/2008(Redemption)Enters Exclusivity Agreement Redemption Joint Venture Proje...
20/12/2007(Redemption)Perseverance Feasibility Study Yields Positive Result Base C...
12/12/2007Further High Grade Drill Results from Perseverance Deposit
31/10/2007(Commitee Bay)Final 2007 Three Bluffs Drilling Results: 9.29 g/t Au over 8...
09/10/2007Upgraded Resource Within the "Tindals Gold Mining Centre"
13/09/2007(3 Bluffs)Three Bluffs Drilling Continues to Expand Resource Potential
05/09/2007New High Grade Intersections Increase Size Potential of Inuk...
Communiqués de Presse de Niblack Mineral Development Inc.
19/01/2012Announces Acquisition by Heatherdale Resources Ltd.
16/12/2011Mails Information Circular
29/11/2011(Niblack)Joint Venture Announces 31% Increase To Total Mineral Resour...
26/10/2011(Niblack)Definitive Agreement Reached between Niblack and Heatherdale
28/07/2011(Niblack)Drilling Continues To Intersect & Expand Mineralization At N...
07/03/2011Announces 54% Increase to Mineral Resources
06/05/2010Amends Warrant Terms
30/07/2008Acquire Key Areas on Borden Project Airborne Magnetics Surve...
20/06/20082008 Committee Bay Exploration Program Initiated
06/02/2008 Will Be Exhibiting at the 2008 Phoenix Resource Investment ...
06/11/2007 Present at the 2007 Money Talks Conference
05/11/20072007 President'sLetter and Corporate Update
18/10/2007 to present at Toronto and New Orleans Investment Conference...
14/09/2007Drill Program Extended at Three Bluffs Deposit
06/09/2007Three Bluffs Drilling Delivers Outstanding Intercepts 19.44 ...
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