Committee Bay Announces $1.5 Million Bought Deal.

Business Editors

EDMONTON, Alberta--(BUSINESS WIRE)--Sept. 8, 2003

On behalf of the Board of Directors for Committee Bay Resources Ltd. (CBR:TSXV) ("CBR"), John Williamson is pleased to announce that CBR has entered into an agreement (the "Agreement") with Canaccord Capital Corporation ("Canaccord") to underwrite the sale of an aggregate of 2 million units ("Units") at a price of $0.75 per Unit for gross proceeds of $1.5 million.

Each Unit will be comprised of one common share of CBR ("Common Share") and one half of a non-transferable share purchase warrant ("Warrant"). Each whole Warrant will entitle the holder to acquire one Common Share at a price of $0.85 within eighteen months of issuance.

The Agreement is subject to certain terms and conditions, including due diligence, approval of the TSX Venture Exchange, and the right of Canaccord to substitute, prior to closing, purchasers resident in Canada and outside North America, who are qualified to purchase the Units pursuant to applicable securities legislation.

Canaccord shall be entitled to receive a cash commission of $120,000, representing 8% of the proceeds from the sale of the Units and underwriter's warrants to acquire an aggregate of 200,000 Common Shares at a price of $0.75 per Common Share within eighteen months of closing. CBR will also issue to Canaccord 40,000 Units in payment of a corporate finance fee.

In addition to the bought deal, CBR will sell an aggregate of 500,000 Units to insiders of the Corporation. Pursuant to a pre-existing right granted by CBR to Gold Fields Guernsey Limited ("Gold Fields"), upon the election of Gold Fields, CBR is also required to sell up to an aggregate of 247,500 Units to Gold Fields, representing 9.9% of the aggregate placements.

The proceeds from the sale of the Units will be used by CBR for general corporate purposes and working capital. The securities issuable under the private placement are subject to a four-month hold period from the closing date. The private placement is subject to approval by the TSX Venture Exchange.

Gold Fields Limited, through a subsidiary, is funding all gold exploration on the Committee Bay Project as part of its option to earn a 55 % interest in the property by spending US$5.0 million over the next 4 years. Committee Bay Resources Ltd. is the operator.

The Committee Bay Greenstone Belt is believed to represent one of the largest unexplored greenstone belts in North America with excellent gold potential. CBR holds approximately 500,000 acres of land with prospective geology in the Committee Bay area west of Melville Peninsula, Nunavut, which will form the Area of Mutual Interest for the Joint Venture.

On behalf of the Board
Committee Bay Resources Ltd.
/s/ "John Williamson"
John Williamson, President and CEO

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