AUSTRALIA - COMMITTEE BAY RESOURCES of Vancouver has closed a $15.1-million financing with which to fund the refurbishment of its Three Mile Hill processing plant in the Coolgardie district. The Three Mile Hill Mill plant is wholly owned and fully permitted.
Committee Bay has been consolidating its position in Australia through the Redemption joint venture. Twenty resources areas have been found. The current resource estimate is 1.54 million oz of gold. That estimate includes indicated resources of 5.32 million t grading 1.8 g/t Au, and inferred resources of 13.7 million t grading 2.5 g/t Au. Within a distance of 60 km of the mill, the company estimates there may be as many as 7.10 million oz of gold in deposits.
Visit www.CommitteeBay.com for more information on the companys projects in Canada and Argentina as well as Australia.