EDMONTON, Alberta - Committee Bay
Resources Ltd. (CBR: TSXV) ("Committee Bay" or the
"Company") today announced the conclusion of the transaction
whereby Focus Minerals Ltd (FML: ASX), will acquire Committee Bay's 50% interest
in the Coolgardie Gold Project, Western Australia.
In addition to the AU$1 million
deposit already received under the previously announced Exclusivity
Agreement (See CBR press
release dated January 30, 2008), settlement of this transaction
concluded on April 30, 2008, with Committee Bay having received AU$19
million in cash, a AU$2 million convertible note and 140 million shares of
Focus Minerals Ltd.
"A portion of these proceeds will
be dedicated to advancing Committee Bay's high-grade gold project in
Nunavut. In addition, the Company will continue monitoring the market for
under-valued assets," said Committee Bay President & CEO, John
Williamson.
With closing of this transaction,
Committee Bay has a very strong cash position and zero debt, leaving the
Company well-positioned to take advantage of today's volatile market.
On behalf of the Board
Committee Bay
Resources Ltd.
/s/"John
Williamson"
John Williamson, P.Geol.
President
For further information about Committee Bay Resources Ltd. or
this news release, please visit our website at www.committeebay.com
or contact:
Derek Iwanaka
Manager, Investor Relations
Email: info@committeebay.com
Dial 604-646-4524 or toll-free 1-888-331-2269
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release. Certain
disclosures in this release, including management's assessment of Committee
Bay's plans and projects, constitute forward-looking statements that are
subject to numerous risks, uncertainties and other factors relating to
Committee Bay's operation as a mineral exploration company that may cause
future results to differ materially from those expressed or implied in such
forward-looking statements. Readers are cautioned not to place undue
reliance on forward-looking statements. Committee Bay expressly disclaims
any intention or obligation to update or revise any forward-looking
statements whether as a result of new information, future events or
otherwise.