Committee Bay Announces $7.35 million Bought Deal

April 1, 2004.  Edmonton, Alberta.  On behalf of the Board of Directors for Committee Bay Resources Ltd. (CBR:TSXV) ("CBR"), John Williamson is pleased to announce that CBR has entered into an agreement (the "Agreement") lead by Canaccord Capital Corporation and including Pacific International Securities Inc. (the "Underwriters") for the sale, on a bought deal underwritten basis, (the "Offering") of an aggregate of 3.5 million units ("Units") at a price of $2.10 per Unit for gross proceeds of $7.35 million. 

Each Unit will be comprised of one common share of CBR ("Common Share") and one half of a non-transferable share purchase warrant ("Warrant").  Each whole Warrant will entitle the holder to acquire one Common Share at a price of $2.75 within twelve months of issuance. Pursuant to the Agreement, the Underwriters are entitled to substitute, prior to closing, purchasers who are qualified to purchase the Units pursuant to applicable securities legislation.  The proceeds from the sale of the Units will be used by CBR for exploration and investigation of opportunities, general corporate purposes and working capital. 

The Underwriters shall be entitled to receive a cash commission of $514,500, representing 7% of the proceeds from the sale of the Units and underwriter's warrants to acquire an aggregate of 350,000 Common Shares, representing 10% of the Units sold, at a price of $2.25 per Common Share within twelve months of closing. 

Pursuant to a pre-existing right granted by CBR to Gold Fields Guernsey Limited ("Gold Fields"), if Gold Fields holds not less than 5% of the issued and outstanding Common Shares (subject to adjustment), it may elect to require CBR to sell additional Units to Gold Fields in proportion to Gold Fields' existing holdings in CBR, up to a maximum participation level of 9.9% of the Offering.  There is no commission payable on Units sold to Gold Fields.

The Offering is subject to approval by the TSX Venture Exchange. THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN.

The Committee Bay greenstone belt is 300 km long, 5 to 50 km wide and geologically comparable to the great Canadian gold producing greenstone belts of Red Lake, Timmins and Kirkland Lake.  The Committee Bay Joint Venture holds greater than 1,480,000 acres of land with prospective geology in the Committee Bay area west of Melville Peninsula, Nunavut. CBR recently announced the acquisition of 21 additional prospecting permits north of the Committee Bay project on the Boothia Peninsula and on Baffin Island totaling 1,350,185 acres.  CBR has commenced field preparations for the $C7.1 million gold exploration program planned for 2004 on its Committee Bay Joint Venture Project with Gold Fields Exploration northeast of Baker Lake, Nunavut.

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

For further information, please contact the Company at 780-437-6624
 http://www.committeebay.com/ 

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

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