Committee Bay hits more gold

Vancouver — Partners Committee Bay Resources (CBR-V) and Gold Fields (GFI-N) have completed the first three holes of this year’s drill program on the Committee Bay gold project, northeast of Baker Lake in Nunavut.

The impressive results extend the high-grade gold mineralization discovered last year at the Three Bluffs occurrence.

The six holes drilled in 2003 and the three just completed cover several hundred metres of strike along the gold-mineralized iron formation.

The latest round of holes confirms previous results and extends the gold zone along strike and at depth. A wide mineralized intercept in the easternmost hole substantiates the trend of increasing sulphidization, silicification and gold grades eastward.

Results include:

— hole 7, which intersected 39.31 metres (from 70.44 metres) grading 4.66 grams gold per tonne, including higher-grade intercepts of 11.53 metres grading 13.51 grams gold and 7.92 metres grading 17.7 grams; and

— hole 9, which cut 78.37 metres (from 55.6 metres) averaging 4.55 grams gold, including higher-grade sections of 31.75 metres grading 9.37 grams gold and 7 metres grading 23.26 grams.

The companies plan to drill 8,000 metres in 55 holes this season. The property comprises 2,100 sq. km on the 300-km-long Committee Bay greenstone belt.

Gold Fields is earning a 55% interest in the project by spending $7.5 million on exploration over four years; it can increase this to 65% by spending an additional $7.5 million.

Committee Bay’s share price rose 15 on the news on June 2, closing at $2.05 on volume of 115,100. The company has 22.6 million shares outstanding.