NUNAVUT COMMITTEE BAY RESOURCES has signed an arms-length letter of intent with GOLD FIELDS EXPLORATION for a joint venture to explore Committee Bay's 500,000 acres in Nunavut. The Committee Bay Greenstone Belt is believed to be one of the largest unexplored such formations in North America. The company has been exploring west of the Melville Peninsula for 10 years and discovered more than 45 gold occurrences across the 300-km length of the belt.
The agreement calls for an affiliate of Gold Fields to invest $3 million by purchasing Committee Bay stock and warrant units first. Then it may earn up to a 65% interest by spending an additional $15 million. Committee Bay will continue to operate the venture until Gold Fields earns an initial 55% participating interest. Gold Fields may then nominate the operator.
Committee Bay president John Williamson can be contacted in Edmonton at 780-437-6624 or explore the web site www.committeebay.com.