On April 30, 2008, Committee Bay Resources Ltd. sold its 50% interest in the Redemption Joint Venture Project (“RJV”) to Focus Minerals Ltd. (FML: ASX) (“Focus”).

Reasons for Sale:  

• Committee Bay will received total consideration of $30 million, comprised of approximately $20.25 million in cash and $9.75 million in shares of Focus shares  
• Committee Bay retains upside potential of Australian near-term gold and nickel production potential through Focus shareholding  
• Added funds will be used for expanding Nunavut exploration programs and to make further acquisitions

In conjunction with the sale, Committee Bay acquired approximately AU$2 million in drilling equipment from the Redemption Joint Venture for AU$586,000 and retained the exclusive right to provide drilling services to FML for a two year period.  Further, Committee Bay retains the priority right to process a minimum of 200,000 tonnes of ore per annum at Focus' Three Mile Hill plant for a period of two years. Thus the sale and related agreements will provide a platform for Committee Bay to pursue other exploration opportunities in Australasia.