announcement from cbr

http://www.committeebay.com/investors/news/index.php?&content_id=208


UPGRADED RESOURCE WITHIN THE “TINDALS GOLD MINING CENTRE”
DECLINE DEVELOPMENT COMPLETED UNDER BUDGET
REDEMPTION JOINT VENTURE PROJECT, WESTERN AUSTRALIA

October 9, 2007

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