CBR to Regain 100% of the Committee Bay Project.

CALGARY, Alberta -- - Definitive Agreement Signed with Gold Fields -

Committee Bay Resources Ltd (TSX VENTURE:CBR) ("CBR") is pleased to announce that, subject to regulatory approval, Gold Fields Exploration ("GF") has agreed to convert its 55% interest in the Committee Bay Joint Venture ("CBJV") into common shares of CBR, giving CBR the opportunity to regain 100% of the Committee Bay Project ("Project"). At the earlier of two years or CBR providing notice of having incurred C$10million in Project expenditures ("Trigger Date"), GF will have a one-time right to forgo the equity conversion and retain its undivided interest in the CBJV by committing to fund new exploration and development equivalent to 150% of the Project expenditures incurred by CBR.

"The Committee Bay Project remains an outstanding exploration project," said Craig Nelsen, Gold Fields' Executive Vice President of Exploration and Development. "We are confident that Committee Bay Resources will continue to aggressively advance the exploration in this extensive belt and this arrangement allows us flexibility for future participation".

Under the terms of the agreement CBR will reserve 7,000,000 common shares of CBR ("Common Shares") to be issued at a deemed price of C$1.25 per share to acquire GF's undivided 55% interest in the CBJV. GF may elect to trigger the acquisition at any time before the Trigger Date and will have the right to maintain its post-acquisition interest in CBR by participating in certain future financings, to the extent that its post-placement holdings remain less than 20% of the outstanding Common Shares. The right to participate will terminate if there is a change of control of GF's ultimate holding company, or if GF's holdings fall below 10% of the outstanding Common Shares.

If GF fails to notify CBR within 60 days of the Trigger Date that it has elected to stay in the CBJV, GF will be deemed to have sold its interest to CBR as set forth above. If GF elects to stay in the CBJV, but fails to meet its expenditure commitments, GF's undivided 55% interest in the CBJV will be diluted to zero and it will have no further interest in the Property, except for the Diamond Royalty Agreement of August 4, 2004.

"We are excited about this reorganized structure. It will allow us to fast track the Project in 2005 with a program that will be very aggressive with significant drilling and field work," said John Williamson, Committee Bay's President. "We believe there is tremendous potential for the discovery of additional gold deposits on the Committee Bay belt."

CBR intends to launch an aggressive exploration program that will include drilling at Three Bluffs and Inuk and the new discovery areas, Raven and Anuri. Exploration will also include extensive regional and detailed sampling and mapping programs. High-grade gold potential has been demonstrated in 53 distinct discovery areas within the 300 km Committee Bay Greenstone Belt. CBR is well-funded and has working capital of approximately $11.6 million with 28,741204 share outstanding (as at December 31, 2004).

On behalf of the Board
COMMITTEE BAY RESOURCES LTD
/s/ "John Williamson"
P.Geol., President

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release

Committee Bay Resources Ltd. (TSX VENTURE:CBR)