Committee Bay Announces Closing of $8.0 Million Financing

Edmonton, Alberta - Committee Bay Resources Ltd. (the "Company") (TSX-V: CBR) announces that it has closed its previously announced brokered private placement.  The Company received gross proceeds of $8.0 million through the sale of 8,000,000 flow-through common shares at a price of $0.75 per share and 2,666,666 non-flow-through units at a price of $0.75 per unit.  Each unit is comprised of one common share and one transferable common share purchase warrant, each whole warrant exercisable into one additional common share at a price of $1.00 per share until July 29, 2007.

The private placement was completed through a syndicate of agents led by Canaccord Capital Corporation and including Pacific International Securities Inc., Dundee Securities Corporation and First Associates Investments Inc.  The agents received a cash commission of $560,000 (equal to 7.0% of the gross proceeds of the private placement) and agent's warrants to purchase 1,066,666 common shares (equal to 10% of the number of flow-through common shares and non-flow-through units sold) at a price of $0.80 per share until July 29, 2007.  Canaccord Capital Corporation also received a corporate finance fee payable in 33,333 corporate finance units, each such corporate finance unit comprised of one common share and one common share purchase warrant exercisable into one additional common share at a price of $1.00 per share until July 29, 2007.

The securities are subject to a hold period and may not be traded until November 30, 2005, except as permitted by Canadian securities legislation and the TSX Venture Exchange.

The net proceeds of the private placement will be used for exploration of the Company's mineral projects in Northern Canada and for general working capital.

On behalf of the Board

COMMITTEE BAY RESOURCES LTD
/s/ "John Williamson"
P.Geol., President

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release

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