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Niblack Mineral Development Inc.

Publié le 31 octobre 2007

Final 2007 Three Bluffs Drilling Results: 9.29 g/t Au over 8.34 metres and 8.02 g/t Au

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Committee Bay Resources Ltd News Release

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.

Niblack Mineral Development Inc.

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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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