Committee Bay Resources Ltd.: Drilling Extends Gold Discovery at Three Bluffs.

Business Editors

CALGARY, Alberta--(BUSINESS WIRE)--June 2, 2004

Committee Bay Resources Ltd. (TSX VENTURE:CBR):

    DH 4TB009 intercepts 4.55 g/t Au over a length of 78.37m
                Including 16.54g/t gold over 13.00m
  DH 4TB007 intercepts 4.66 g/t Au gold over a length of 39.31m
          Including 15.67 g/t gold over a length of 9.68m

Committee Bay Resources Ltd. announces the first three drill holes of the 2004 drill program at the Three Bluffs occurrence in Committee Bay located northeast of Baker Lake, Nunavut. Assay results from the first 560m are part of a more extensive drill program designed to follow-up the high-grade gold discovery at Three Bluffs (CBR press release - September 2, 2003). There are currently two drills on site and two additional drills being mobilized. The 2004 drill program will consist of 8,000m of drilling in approximately 55 holes. Initially two drills will focus on the Three Bluffs area and a third drill on the Four Hills-Cop area 80 km to the west. Later in the program a series of new targets (including Shamrock and Prospector) will be evaluated by drilling.

From late April through May the Hayes camp was upgraded with equipment, supplies and fuel being mobilized to the various camps and drill sites. Detailed ground magnetic surveys were completed over a number of drill target areas and preparations are complete for additional ground and airborne magnetics/EM surveys.

Three Bluffs Drilling: The Three Bluffs area is located in the central part of the greenstone belt and represents a series of iron formations that are interbanded with sediments. Six drill holes from 2003 and the three holes from 2004 cover a strike length of 700m of strong, gold-bearing mineralization along one of the iron formation trends. Sulphidization and silicification progressively increase in the iron formation to the east with increasing gold grades.

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Area             Hole #     From       To   Length      Gold     Gold
                             (m)      (m)      (m)(i)  (g/t)   (oz/t)
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Three Bluffs     4TB007    70.44   109.75    39.31      4.66     0.14
              including    77.47    89.00    11.53     13.51     0.39
              including    77.47    87.15     9.68     15.67     0.46
              including    77.47    85.39     7.92     17.70     0.52
Three Bluffs     4TB008   169.50   174.10     4.60      3.88     0.11
                    and   196.00   198.00     2.00      9.10     0.27
Three Bluffs     4TB009    55.60   133.97    78.37      4.55     0.13
              including    92.00   123.75    31.75      9.37     0.27
              including    94.10    97.34     3.24     16.72     0.49
              including   106.00   123.75    17.75     13.08     0.38
              including   107.00   120.00    13.00     16.54     0.48
              including   113.00   120.00     7.00     23.26     0.68
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(i) true width has not been determined
Note: All assays capped at 100 g/t Au

The first three holes of 2004 have confirmed the continuity of the gold bearing mineralization and extended gold mineralization along strike to the east and at depth. Diamond drill hole 4TB007 located 60m between both 3T005 and 3T006 intersected a wide mineralized zone containing 4.66 g/t Au over 39.31m including 15.67 g/t Au over 9.68m. Below 4TB007 the mineralization intersected in 4TB008 is a wide low grade zone containing intervals of 9.10 g/t Au over 2.00m and 3.88 g/t Au over 4.60m. The eastern-most hole 3TB009 carries the strongest mineralization and contains 4.55 g/t Au over 78.37m including 16.54 g/t Au over 13.00m and 16.72.g/t Au over 3.24m. All three holes intersected multiple zones of disrupted and brecciated oxide iron formation that are silicified and replaced by irregular bands of pyrrhotite with lesser arsenopyrite and pyrite. Distinct clusters of coarse gold occur in the translucent or grey quartz veining that overprint sulphides in all three holes.

Four Hills Drilling: At the Four Hills-Cop area 31 surface samples from a total of 66 grade over 2 g/t Au. A number of high-grade zones in a series of folded iron formations (surface sampling of 48.07 g/t Au, 28.10 g/t Au and 14.37 g/t Au) are coincident with magnetic and airborne EM (Electromagnetic) anomalies and will be the first locations to be targeted by drilling. The EM anomaly defined at Four Hills is over 2 km long and is three times the size of the Three Bluffs EM anomaly. At Three Bluffs the EM anomaly coincides with strong gold mineralization.

Boothia Project: The Boothia project comprises 12 permits totaling 821,737 acres and is located on the Boothia Peninsula, 100km west of Kugaaruk (Pelly Bay), Nunavut. These 100 per cent owned permits overlay a greenstone belt that is similar to the Committee Bay greenstone belt and geologically comparable to other gold producing greenstone belts such as Red Lake, Timmins and Kirkland Lake. About 30 surface grab samples from a previous reconnaissance program returned a sample of 4.1 g/t Au, 7.6 g/t Ag and 20.8% Zn. In July a gold exploration program including surface sampling and till sampling will commence.

Baffin Project: The Baffin project includes 9 permits totaling 528,448 acres and is located in the northern part of Baffin Island directly east of the Brodeur Peninsula. The Baffin permits are felt to have significant diamond potential. They are situated directly east of the Arctic Bay kimberlite at Kim Lake and directly north of a large land package held by De Beers Canada Exploration Inc. Diamond rights for the Boothia, Baffin and Committee Bay belt have been optioned to Indicator Minerals (see press release of April 28, 2004).

Committee Bay Resources Ltd 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. All samples are assayed at TSL Laboratories Saskatoon on a 50 gram fire assay using standard sample preparation and fire assay procedures with a gravimetric finish. All samples with visible gold or assaying over 20 g/t Au are re-assayed with a standard metallics procedure. Check assays are being prepared by ALS Chemex in Vancouver.

Committee Bay Resources holds greater than 2.8 million acres of prospective ground in the eastern arctic. In addition to the $C7.1 million to be spent with joint venture partner Gold Fields Limited on the Committee Bay project another $C2.0 million will be spent on diamond and gold exploration this year. 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.

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

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