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Niblack Mineral Development Inc.

Publié le 09 octobre 2007

Upgraded Resource Within the "Tindals Gold Mining Centre"

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Mots clés associés :   Canada | Nickel |
Committee Bay Resources Ltd News Release

October 9, 2007

Upgraded Resource Within the "Tindals Gold Mining Centre"
Decline Development Completed Under Budget
Redemption Joint Venture 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 an updated resource estimate of 92,066 Indicated ounces and 35,075 Inferred ounces for the Perseverance Gold Deposit, located within the Tindals Mining Centre at the Coolgardie Gold Project.

Key Highlight Points

  • Increased overall resource at Perseverance;
    • New Indicated Resource: 447,757 tonnes at 6.40 g/t for 92,066 contained ounces Au
    • New Inferred Resource: 406,458 tonnes at 2.68 g/t for 35,075 contained ounces Au
       
  • Completed decline ahead of schedule and 20% under budget  
  • Bankable Feasibility Study for Tindals Mining Centre due at year end

"The Tindals Mining Centre has become the nucleus of the Coolgardie Project," stated Committee Bay's CEO, John Williamson. "Perseverance is a key deposit within the Tindals area, based on its near term production potential, and because our exploration drilling has continued to add high grade gold ounces to the project's resource inventory."

Tindals Mining Centre

The new Perseverance resource upgrade increases the combined Tindals Mining Centre inventory to 288,468 Indicated ounces and 234,085 Inferred ounces. The Tindals Mining Centre consists of the Perseverance, Dreadnought, Tindals East, Countess, Empress, Big Blow and Empress Alicia ore bodies, which historically have produced more than half a million ounces of gold from open pit and underground sources.

As of September 30, 2007 the RJV has completed over 500 metres of decline development from the Tindals ramp towards the Perseverance Deposit.  The decline was completed one month ahead of schedule and $0.5 million under budget. 

An underground delineation drill program has commenced from the Perseverance decline to support the final mine design and to convert the resource to a reserve. The RJV has also commenced underground drilling at the Countess zone, to expand and upgrade the existing Inferred Resource of 246,000 tonnes at 4.26 g/t Au for 33,700 ounces.

A bankable feasibility study targeting the commencement of mining at the Perseverance deposit, and other Tindals Mining Centre deposits, is progressing and should be completed by the end of 2007. (See Company Press Release August 2007 )

Perseverance Resource Upgraded

The updated resource model is based on 10,000 metres of drilling in 22 diamond core and 23 reverse circulation drill holes.  The Perseverance resource is comprised of two zones; a main quartz-sulphide lode (QSL) containing an Indicated Resource of 324,598 tonnes grading 7.79 g/t Au for 81,296 ounces and an Inferred Resource of 157,000 tonnes grading 2.77 g/t Au for 13,985 ounces and a diorite stockwork zone (DSZ) hosting an Indicated Resource of 123,159 tonnes grading 2.72 g/t Au for 10,770 ounces and an Inferred Resource of 249,422 tonnes grading 2.63 g/t Au for 21,090 ounces.

Table 1 - Tindals Gold Mining Centre Resources 

Indicated

 

 

 

Resource

Tonnes

Au g/t

Ounces

Dreadnought

3,023,819

2.02

196,402

Perseverance QS

324,598

7.79

81,296

Perseverance Di

123,159

2.72

10,770

Total Indicated

3,471,576

2.58

288,468

 

 

 

 

Inferred

 

 

 

Resource

Tonnes

Au g/t

Ounces

Dreadnought

434,342

1.76

24,580

Perseverance QS

157,036

2.77

13,985

Perseverance Di

249,422

2.63

21,090

Tindals East

367,000

5.54

65,367

Empress 

129,500

4.68

19,485

Countess UG

246,000

4.26

33,692

Big Blow

268,000

2.72

23,406

Empress Alicia

550,000

1.55

27,320

Happy Jack

107,000

1.5

5,160

 

 

 

 

Inferred Total

2,508,300

2.90

234,085

Table 2 - Perseverance Resource 

Zone

Category

Volume

Tonnes

Au g/t

Au g/t Cut 1  

Uncut Ozs

Cut 1 Ozs

Quartz -Sulphide

Inferred

54,988

157,036

2.79

2.77

14,086

13,985

 

Indicated

109,984

324,598

9.35

7.79

97,576

81,296

 

 

 

 

 

 

 

Diorite

Inferred

86,285

249,422

3.06

2.63

24,538

21,090

 

Indicated

42,469

123,159

3.94

2.72

15,601

10,770

 

 

 

 

 

 

 

Total Indicated

152,453

447,757

7.86

6.4

113,176

92,066

Total Inferred

141,273

406,458

2.96

2.68

38,624

35,075

Resource reported at 1.0 g/t Au lower cutoff grade

1 Upper cut of 35 g/t Au used for quartz sulphide zone, Upper cut of 15 g/t Au used for Diorite zone

Coolgardie Project , Western Australia  

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 564,631 ounces gold* (8.53 million tonnes at 2.06 g/t gold), and Inferred Resources of 1,038,292 ounces gold* (11.52 million tonnes at 2.80 g/t gold).  The RJV also has a 100% interest in the fully permitted, 1.2mtpa, Three Mile Hill Mill processing plant.*

Committee Bay Project, Nunavut, Canada

Committee Bay currently holds a 100% interest in approximately 640,000 acres of land with prospective geology along the Committee Bay belt. The Committee Bay Project hosts the Three Bluffs gold deposit, 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).

*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.

- -

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Niblack Mineral Development Inc.

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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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