Committee Bay Resources to merge with Niblack Mining Corp.

Committee Bay Resources Ltd. and Niblack Mining Corp. have announced that the two companies have entered into a Letter of Agreement providing for a business combination whereby Committee Bay will acquire all of the issued securities of Niblack on the share exchange ratio of one share of Committee Bay for every one share of Niblack.

The Letter of Agreement also provides that Committee Bay has agreed, subject to certain conditions, to provide financing to Niblack for up to C$10,000,000 by way of secured convertible debenture.

These funds will be advanced to further exploration and development work on Niblack’s wholly owned advanced stage precious metal-bearing volcanogenic massive sulphide (VMS) project in southeast Alaska.

The Niblack assets are particularly attractive due to their high precious metals content, year round tidewater access and near term production potential. states John Robins, P.Geo, Chairman of Committee Bay Resources Ltd.

Upon completion of this transaction, shareholders of the combined entity will have exposure to an experienced management and technical team, a diversified portfolio of projects, and a company with a strong balance sheet.

Paddy Nicol, President and CEO of Niblack states, we are pleased to be associated with a group who has a track record of success to explore, develop, and finance high-profile mineral projects and who share our commitment to the Niblack project.

With this agreement, we can accelerate the exploration and development of the property.