In 2004, Committee Bay Resources Ltd commenced gold exploration in Argentina with the recognition of the country’s geological potential and its under-explored nature.  After a review of opportunities in Argentina, a wholly owned subsidiary, Minera La Huella S.A. (“MLHSA”) was established to acquire interests in the Cordón El Peñon, Cañón Oculto, and Río Bonete projects of the Argentine PreCordillera. 

In September of 2006, the Company increased its land holdings on its 100% owned Cordón El Peñon Project to 9,895 hectares. Through its wholly owned subsidiary, Committee Bay Resources Ltd. now holds over 85,000 hectares of prospective ground in three areas within San Juan and La Rioja Provinces, which are comprised of the Cordón El Peñon (9,895 ha) and Cañón Oculto (14,887 ha) Projects in the PreCordillera of San Juan Province, and the Río Bonete (61,000 ha) Project within the Famatina Magmatic Arc Terrane in La Rioja Province.

The Cordón El Peñon Project is located in the PreCordillera region of Argentina, and encompasses a sequence of thrust faulted Ordovician aged platformal carbonate rocks which have been intruded by Tertiary porphyritic quartz diorites. This geologic environment contains the majority of gold deposits identified in the PreCordillera of Argentina including Gualcamayo, Virgen de Lourdes, Salamanca and Gualilan. These deposits are characterized by mantos, skarns, and breccia zones hosted within carbonate rocks proximal to quartz diorite intrusions. Committee Bay also believes these rocks have the potential to host more distal, disseminated type gold mineralization analogous to deposits of the Carlin and Battle Mountain trends in Nevada.

The Company is planning a follow-up sampling and geological mapping program at the Cordón El Peñon property scheduled to commence in mid November 2006, and will also be investigating opportunities to increase its land holdings over areas prospective for bulk tonnage, open pittable gold resources in Argentina, focused primarily within San Juan Province.