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October 31, 2007
Final 2007
Three Bluffs Drilling Results:
9.29 g/t Au over 8.34 metres and
8.02 g/t Au over 4.03
metres
Committee Bay
Greenstone Belt Project,
Nunavut, Canada
EDMONTON, Alberta – Committee
Bay Resources Ltd. (CBR: TSXV) (“Committee Bay”) today announced drill results from
the final twelve holes of the 2007 extended drill program at the Three
Bluffs Deposit, Committee Bay Greenstone Belt Project in Nunavut, Canada. These
results, in conjunction with the previously released fifteen drill holes
from the 2007 program, confirm the consistent widths and high grades of the
Three Bluffs gold deposit and will be used to upgrade the current Inferred
Resource of 487,000 ounces*.
Key
Highlight Points:
- Total
of 4,546
metres completed in 27 drill holes during the
2007 season
- High
grade gold intercepts within southern limb extend known high-grade
mineralization, including
9.29 g/t Au over 8.34 metres
and 8.02 g/t Au over 4.03 metres
- Upgraded resource model
pending
“Overall we view the 2007 Three Bluffs
Program as being highly successful, having met the stated objectives of
upgrading the existing resource and adding new inferred ounces peripheral
to the core Three Bluffs resource area,” stated Committee Bay CEO and
President, John Williamson. “We believe that the 2007 program will
result in an overall upgrade to the Three Bluffs Resource.”
These final holes complement the initial results
from Committee
Bay’s CDN$5.5
million 2007 program (See CBR press releases dated September 6, 2007, and
September 13, 2007). During the program a total of 4,546 metres in 27
holes were completed at Three Bluffs, including three additional holes
which were completed from late September to early October before winter
conditions forced closure of the project.
As a result of the program, the Company has
recently initiated an updated resource estimate for the Three Bluffs
Deposit. It is anticipated that infill drilling at 30m by 30m intervals
within the core resource area will result in upgrading of the current
resource to an Indicated Resource status, while the 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 defined gold mineralization for at least 1 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 300m below
surface, which remains open to depth along the 1 kilometre of
identified strike length. Furthermore, additional exploration potential
exists to the west and at the high grade hinge zone which plunges shallowly
east, and may extend eastwards below a flat lying diorite intrusion.
“Drilling within the high grade hinge area
has confirmed the continuity of the outstanding grades and widths and the
step out drilling, which targeted the limbs, has now identified additional
high grade mineralization within the Three Bluffs fold structure”
said Committee Bay VP of Exploration, Peter Kleespies.
*A high-grade Inferred Mineral Resource of 1.9 millions tonnes grading 8.0 g/t Au for 487,000 ounces
was calculated in 2004, using data from 49 drill holes. Using a lower
cutoff grade, the Inferred Mineral Resource is increased to 5.1 million tonnes grading 4.0 g/t Au for 657,000 ounces. (See
Company press release dated November 29, 2004)
Table 1. Three Bluffs Drill Results-
Final 2007 Results **
|
DDH
|
From (m)
|
To (m)
|
Interval (m)
|
Au g/t
|
Grade-Thickness
|
Limb
|
|
07TB060
|
55.80
|
57.23
|
1.43
|
8.10
|
11.57
|
S-limb
|
|
|
93.95
|
108.40
|
14.45
|
1.65
|
23.85
|
S-limb
|
|
including
|
93.95
|
96.34
|
2.39
|
8.75
|
20.91
|
S-limb
|
|
|
114.00
|
126.45
|
12.45
|
1.23
|
15.32
|
N-limb
|
|
including
|
118.15
|
119.48
|
1.33
|
4.56
|
6.07
|
N-limb
|
|
07TB061
|
107.00
|
115.34
|
8.34
|
9.29
|
77.48
|
S-limb
|
|
including
|
111.00
|
113.00
|
2.00
|
33.25
|
66.50
|
S-limb
|
|
07TB062
|
39.00
|
45.00
|
6.00
|
2.10
|
12.60
|
S-limb
|
|
|
54.00
|
64.00
|
10.00
|
1.98
|
19.80
|
N-limb
|
|
including
|
57.55
|
62.80
|
5.25
|
2.74
|
14.39
|
N-limb
|
|
|
71.70
|
79.46
|
7.76
|
1.73
|
13.42
|
N-limb
|
|
07TB063
|
127.00
|
139.00
|
12.00
|
2.36
|
28.32
|
S-limb
|
|
including
|
129.63
|
131.38
|
1.75
|
4.53
|
7.93
|
S-limb
|
|
and
|
135.00
|
138.20
|
3.20
|
4.71
|
15.07
|
N-limb
|
|
|
174.08
|
178.18
|
4.10
|
2.78
|
11.40
|
N-limb
|
|
|
193.00
|
194.73
|
1.73
|
2.78
|
4.81
|
N-limb
|
|
07TB064
|
70.00
|
84.00
|
14.00
|
2.85
|
39.90
|
S-limb
|
|
including
|
70.43
|
74.00
|
3.57
|
4.24
|
15.14
|
S-limb
|
|
|
111.00
|
115.29
|
4.29
|
1.59
|
6.82
|
N-limb
|
|
07TB065
|
50.33
|
58.00
|
7.67
|
4.63
|
35.51
|
S-limb
|
|
including
|
51.42
|
55.45
|
4.03
|
8.02
|
32.32
|
S-limb
|
|
|
62.00
|
63.10
|
1.61
|
4.14
|
6.67
|
S-limb
|
|
|
88.90
|
94.62
|
5.72
|
4.24
|
24.25
|
N-limb
|
|
including
|
88.90
|
90.38
|
1.48
|
10.76
|
15.92
|
N-limb
|
|
07TB066
|
131.00
|
142.50
|
11.50
|
1.53
|
17.60
|
S-limb
|
|
including
|
134.50
|
137.50
|
3.00
|
2.50
|
7.50
|
S-limb
|
|
07TB067
|
198.52
|
203.45
|
4.88
|
2.54
|
12.40
|
S-limb
|
|
including
|
200.00
|
201.90
|
1.90
|
4.17
|
7.92
|
S-limb
|
|
07TB068
|
|
No Significant Intercepts
|
|
|
|
|
07TB069
|
142.86
|
145.00
|
2.14
|
3.46
|
7.40
|
S-limb
|
|
|
160.00
|
166.00
|
6.00
|
1.83
|
10.98
|
S-limb
|
|
including
|
160.50
|
162.00
|
1.50
|
4.35
|
6.53
|
S-limb
|
|
07TB070
|
121.50
|
126.50
|
5.00
|
2.25
|
11.25
|
S-limb
|
|
|
158.50
|
160.00
|
1.50
|
2.32
|
3.48
|
N-limb
|
|
07TB071
|
91.00
|
97.50
|
6.50
|
2.93
|
19.05
|
S-limb
|
|
including
|
94.65
|
97.50
|
2.85
|
5.18
|
14.76
|
S-limb
|
**Note:
Grade-Thickness calculated utilizing down hole lengths
Table
2. Three Bluffs Drill Results- Previously Released 2007 Results **
|
Hole
|
From (m)
|
To (m)
|
Interval (m)
|
Au g/t
|
Grade-Thickness (gxm)
|
Limb
|
|
07TB045
|
62.04
|
103.00
|
40.96
|
5.10
|
208.9
|
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
|
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
|
21.9
|
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
|
S-limb
|
|
and
|
118.00
|
128.00
|
10.00
|
1.05
|
10.46
|
N-limb
|
|
07TB051
|
46.00
|
74.00
|
28.00
|
2.09
|
58.5
|
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
|
|
07TB053*
|
92.00
|
123.17
|
31.17
|
3.14
|
97.87
|
S-limb
|
|
including
|
92.00
|
94.00
|
2.00
|
12.42
|
24.84
|
S-limb
|
|
07TB054
|
26.00
|
63.00
|
37.00
|
6.59
|
243.83
|
hinge
|
|
including
|
33.24
|
61.00
|
27.76
|
8.37
|
232.35
|
hinge
|
|
including
|
38.00
|
50.00
|
12.00
|
13.69
|
164.28
|
hinge
|
|
including
|
38.00
|
42.00
|
4.00
|
23.79
|
95.16
|
hinge
|
|
07TB055
|
67.00
|
87.00
|
20.00
|
1.82
|
36.4
|
S-limb
|
|
including
|
71.61
|
78.00
|
6.39
|
3.94
|
25.18
|
S-limb
|
|
|
111.00
|
115.00
|
4.00
|
1.97
|
7.88
|
N-limb
|
|
07TB056
|
86.83
|
112.00
|
25.85
|
5.21
|
134.68
|
S-limb
|
|
including
|
101.85
|
108.00
|
6.15
|
17.31
|
106.46
|
S-limb
|
|
|
153.00
|
156.00
|
3.00
|
23.41
|
70.23
|
N-limb
|
|
07TB057
|
135.49
|
158.46
|
22.97
|
2.46
|
56.51
|
S-limb
|
|
including
|
150.00
|
156.71
|
6.71
|
7.17
|
48.11
|
S-limb
|
|
|
198.00
|
209.00
|
11.00
|
0.96
|
10.56
|
N-limb
|
|
07TB058
|
122.00
|
133.00
|
11.00
|
5.25
|
57.75
|
S-limb
|
|
including
|
124.00
|
132.00
|
8.00
|
6.83
|
54.64
|
S-limb
|
|
|
189.00
|
193.00
|
4.00
|
0.77
|
3.08
|
N-limb
|
|
07TB059
|
122.00
|
132.00
|
10.00
|
5.17
|
51.7
|
S-limb
|
|
including
|
126.75
|
131.00
|
4.25
|
9.82
|
41.74
|
S-limb
|
|
|
166.65
|
172.96
|
6.31
|
1.82
|
11.48
|
N-limb
|
|
|
197.00
|
202.00
|
5.00
|
1.13
|
5.65
|
N-limb
|
**Note:
Grade-Thickness calculated utilizing down hole lengths
About
Committee Bay Project
The
Committee Bay Greenstone Belt is 300 km long, 5 to 50 km wide and
geologically comparable to 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) Au for 487,000 contained ounces (*See CBR press release
– November 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% interest in approximately 640,000 acres of
land with prospective geology along the Committee Bay belt.
About
Committee Bay Resources Ltd.
Committee
Bay controls major greenstone belts in Nunavut and Western Australia and
has the opportunity to conduct year-round exploration on three continents
in order to build on its existing gold resources.
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, P.Geol. who is the Qualified
Person as defined by NI 43-101. A detailed description of Committee
Bay’s QA/QC program is provided on the Company’s website at www.committeebay.com.
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 and 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.
|