NWT Mineral Exploration

[Tackler]

Committee forms joint venture with Gold Fields

2004-09-14 09:57 ET - News Release

Mr. John Williamson reports

GOLDFIELDS EXTENDS EXPLORATION PROGRAM AT COMMITTEE BAY: JOINT VENTURE FORMED

Committee Bay Resources Ltd.'s joint venture partner, Gold Fields Exploration Ltd., has vested to a 55-per-cent interest in the Committee Bay project located northeast of Baker Lake in Nunavut after having made exploration expenditures exceeding $5-million (U.S.) within the earn-in period. In addition, Committee Bay and Gold Fields have increased this year's $7.1-million program by $880,000 to expand the drilling program at Three Bluffs and advance a number of new exploration targets identified from recent activities.

Drilling this summer has significantly expanded the high-grade zone at Three Bluffs (see news in Stockwatch Aug. 9, 2004, and Sept. 8, 2004) and the additional drilling will be used to expand this zone to the west prior to establishing a resource estimate later this year. Elsewhere, surface exploration has identified new target areas including Raven, Burro and Castle Rock, and extended known mineralized systems at Shamrock, Ledge, Ridge and Prospector (see news in Stockwatch Aug. 19, 2004). The remaining field programs include ground magnetic and electromagnetic geophysical surveys, as well as detailed mapping and sampling. This work will refine the targets to a drill-ready state for next year.

Based upon the results to date, Gold Fields has notified Committee Bay that it intends to proceed with an aggressive exploration program in 2005 and maintain its 55-per-cent interest in the project.

"The Committee Bay project remains one of Gold Fields' top exploration projects worldwide, and significant funds will continue to be spent to advance the exploration in this extensive belt," said Craig Nelsen, Gold Fields' executive vice-president of exploration and development. "We have been impressed with the work of the Committee Bay technical team and will continue to rely on them to manage the program until such time as a prefeasibility study becomes evident."

The current project will have crews remain in the belt until October. A significant amount of drilling and surface data is pending and a mineral resource estimate is anticipated in the later part of October.

"We are pleased to see Gold Fields vesting their option well ahead of schedule and look forward to continued exploration of priority targets in the future," states John Williamson, Committee Bay's president.

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, PGeo, PhD, vice-president of the company, who is the qualified person as defined by NI 43-101.