Committee Bay Commences 2005 Drilling Program C$8.0 Million Budget Approved.CALGARY, Alberta -- Committee Bay Resources Ltd. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:CBR (1) (Computer-Based Reference) Reference materials accessible by computer in order to help people do their jobs quicker. For example, this database on disk! (2) (Constant Bit Rate) A uniform transmission rate. ) is pleased to announce the approval of an aggressive C$8.0 million exploration budget for 2005 at the Committee Bay project located northeast of Baker Lake, Nunavut Baker Lake or Qamani’tuaq (where the river widens) (2006 Population 1,728) (Inuktitut syllabics:ᖃᒪᓂᑦᑐᐊᖅ), is a hamlet in Nunavut on mainland Canada. . Drilling has commenced at the Raven discovery and will be followed by drilling at Inuk, Three Bluffs, West Plains, Anuri and Betwixt be·twixt adv. & prep. Between. Idiom: betwixt and between In an intermediate position; neither wholly one thing nor another. . CBR recently announced a deal with Gold Fields Gold Fields Limited is one of the world’s largest unhedged producers of gold, providing investors with maximum leverage to the gold price. The company was formed in 1998 with the amalgamation of the gold assets of Gold Fields of South Africa Limited and Gencor Limited. that provides the opportunity for CBR to gain a 100% of the project (see CBR press release - April 20, 2005). The 2005 program follows a very successful 2004 exploration program where an inferred resource of 1.9 million tonnes @ 8.0 g/t Au for 487,000 ounces was established at Three Bluffs (see CBR press release - November 29, 2004). A number of new high grade discoveries were made along the belt in 2004 bringing the total number of known regions within the belt with demonstrated gold potential to 53. The 2005 exploration program will comprise a spring and a summer program. The spring program (April to May) will include 5,000 line-kilometers of airborne geophysical (EM and Magnetic) surveys to cover at least 10 significant project areas. Detailed gridding and ground magnetic surveying are planned for high priority targets. The spring program will also include approximately 1,500m of drilling that will comprise the initial drill testing of the Raven discovery. During 2004 surface mapping and sampling identified a mineralized min·er·al·ize v. min·er·al·ized, min·er·al·iz·ing, min·er·al·iz·es v.tr. 1. To convert to a mineral substance; petrify. 2. To transform a metal into a mineral by oxidation. 3. zone characterized by intense silicification si·lic·i·fy v. si·lic·i·fied, si·lic·i·fy·ing, si·lic·i·fies v.tr. To convert into or impregnate with silica. v.intr. To become converted into or impregnated with silica. and abundant quartz-tourmaline-arsenopyrite veining vein·ing n. Distribution or arrangement of veins or veinlike markings. with brecciation brec·ci·ate tr.v. brec·ci·at·ed, brec·ci·at·ing, brec·ci·ates To form (rock) into breccia. brec that assayed up to 212.6 g/t Au along a strike length of approximately 500m (see CBR press release - October 26, 2004). Follow up drilling is also planned for the Inuk prospect where drilling in 2003 intersected mineralized iron formation assaying up to 16.04 g/t Au over 12.60m (see CBR press release - September 2, 2003). The summer program will include a minimum of 5,000m of drilling including at least 3,000m of drilling at Three Bluffs to test shallow targets along strike, as well as deeper targets beneath the reported inferred resource delineated in 2004 (see CBR press release - November 29, 2004). Drilling is also planned for the Anuri discovery where surface sampling in 2004 returned assays of up to 288.85 g/t Au and 1,769.5 g/t Ag (see CBR press release - October 19, 2004). Initial drill testing of several other prospects including West Plains, Anuri and Betwixt are also planned and will be prioritized following the completion and analysis of the spring airborne geophysical program. The aggressive summer field program will continue regional mapping and prospecting along the entire belt with detailed mapping along the Raven-Anuri trend, which is believed to be a highly prospective metamorphic met·a·mor·phic adj. 1. also met·a·mor·phous Of, relating to, or characterized by metamorphosis. 2. Geology Changed in structure or composition as a result of metamorphism. Used of rock. "pressure-shadow" located northeast of a large tonalitic intrusion. CBR maintains an extensive quality control program in the preparation, shipping and checking of all samples from the property. The program is supervised by Dean McDonald, P.Geo. Ph.D., Vice President of the company, who is the Qualified Person as defined by NI 43-101. 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. Committee Bay is one of the longest and least explored greenstone belts in Canada. CBR holds greater than 1,620,000 acres of land with prospective geology in the Committee Bay area and controls 85% of the belt. Committee Bay Resources Ltd. also holds the rights to 21 additional prospecting permits north of the Committee Bay project on the Boothia Peninsula and on Baffin Island totaling 1,350,185 acres. CBR has also commenced an exploration programs in the San Juan and Santa Cruz provinces of Argentina. On behalf of the Board COMMITTEE BAY RESOURCES LTD /s/ "John Williamson" P.Geol., President The TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Committee Bay Resources Ltd. (TSX VENTURE:CBR) |
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