Niblack Mining Corp. (TSX VENTURE:NIB) ("Niblack") announces that further to the
joint news release of August 22, 2008, Committee Bay Resources Ltd. ("Committee
Bay") (TSX VENTURE:CBR) has acquired all of the issued shares of Niblack by way
of plan of arrangement. The plan of arrangement, which was approved by Niblack
shareholders at the special meeting held on September 18, 2008 and by the
Supreme Court of British Columbia on September 26, 2008, closed today.


Pursuant to the arrangement, holders of Niblack shares are entitled to receive
one (1) Committee Bay share for each Niblack share surrendered. Outstanding
options and warrants to purchase Niblack shares are to be exchanged for options
and warrants to purchase Committee Bay shares on the same share exchange ratio
at the same exercise prices.


The effect of the arrangement is that Niblack and 0830928 B.C. Ltd., a
wholly-owned subsidiary of Committee Bay, have merged and the merged company is
a wholly-owned subsidiary of Committee Bay named "CBR Alaska Holdings Inc." An
application will be made to have Niblack's shares delisted from the TSX Venture
Exchange as soon as practicable. Registered shareholders of Niblack will receive
letters of transmittal providing instructions on how to exchange their share
certificates and receive certificates representing their shares of Committee
Bay.


About Committee Bay

Committee Bay is a well-funded Canadian based exploration company with 100%
ownership in two advanced exploration projects in North America and several
early stage projects including the Jaurdi Hills Project in Western Australia.
With the recently completed merger, Committee Bay will focus on advancing both
the Niblack VMS Project in southeastern Alaska and the Committee Bay Greenstone
Belt Project in Nunavut, Canada, host to the high grade Three Bluffs gold
deposit. The Company conducts year round exploration and development to advance
its projects and will continue to monitor the market for undervalued acquisition
opportunities.


Drilling at Three Bluffs during the 2008 program (See CBR press release dated
September 30, 2008) focused on identifying additional potential tonnage in
proximity to the current 43-101 compliant resource of 468,400 indicated ounces
(2,451,000 tonnes @ 5.94 g/t gold) and 230,900 inferred ounces (1,344,000 tonnes
@ 5.34 g/t gold) (See CBR press release dated March 12, 2008), based on a 1.5
g/t gold block cutoff grade. Two drill fences were completed 60 metres and 500
metres west of the resource area along trend of Three Bluffs targeting
coincident magnetic and grab/sample/till anomalies.


The drilling completed subsequent to resource definition matched some of the
best results ever with an intercept of 23.53 g/t gold over 13.59 metres in hole
08TB077, which extends the known strike length of the Three Bluffs mineralized
trend by over 500 metres to the west.


This drilling indicates that significant gold mineralization is present at
shallow levels over a much greater strike length than previously indicated, and
that excellent potential exists to expand the potentially open pittable Three
Bluffs Resource. Additionally, the mineralization trend remains open and
untested for at least another 900 metres westward where historic drilling at the
Antler Showing has also identified significant widths of mineralized iron
formation.


Committee Bay maintains an extensive quality control program in the preparation,
shipping and checking of all samples from its projects. The program is
supervised by Peter Kleespies, M.Sc., P.Geol. who is the Qualified Person as
defined by NI 43-101. A detailed description of Committee Bay's QA/QC program is
provided on the Committee Bay website at www.committeebay.com.


About Niblack Mining

Niblack Mining Corp. is a mineral exploration company engaged in advanced stage
exploration of the copper-zinc-gold-silver Niblack volcanogenic massive sulphide
(VMS) property located on Prince of Wales Island in southeast Alaska. Niblack is
carrying out underground exploration programs that are designed to expand the
Lookout Zone at depth.


Niblack recently reported a new NI 43-101 compliant independent resource
estimate (see news release dated September 10, 2008) for the project. Using a
NSR cut-off of $50/tonne, a nearer surface indicated resource of 1,424,000
tonnes grading 2.86 grams per tonne (g/t) gold, 41.73 g/t silver, 1.04% copper
and 2.14% zinc and a deeper inferred resource of 1,893,000 tonnes grading 2.07
g/t gold, 29.21 g/t silver, 1.65% copper, and 2.71% zinc have been calculated.


Subsequent to resource definition (see NIB press release dated September 17,
2008), Niblack announced assay results for the first 12 holes of an underground
drill program at the Company's copper-zinc-gold-silver Niblack VMS property
located in southeast Alaska. Among the best results was drill hole U017, which
intersected 7.71 metres (25.3 feet) of massive sulphide grading 4.23 g/t gold, 9
g/t silver, 1.65% copper, and 30.55% zinc. The intersection includes an
exceptionally zinc rich 2.93 metre (9.6 foot) sub-interval grading 1.63 g/t
gold, 9 g/t silver, 1.65% copper, and 48.83% zinc. A separate, visible gold
bearing sub-interval grades 52.6 g/t gold over 0.3 meters (1.0 feet). The
intersection, part of the L2 mid-zone horizon, is located 60 metres (198 feet)
east of the main drift, and is accessible to future development.


The latest drill results expand the Lookout Zone at depth below the limits of
the new mineral resource by a distance of 200 metres (660 feet) down dip. The
Niblack property has excellent exploration potential and is particularly
attractive due to its high precious metals content, and year round tidewater
access.


A rigorous quality control and quality assurance protocol is utilized on the
project including blank, duplicate and reference samples with each batch of
assays. All samples were analyzed by fire assay and ICP at ALS Chemex Labs in
Vancouver, B.C., Canada. Darwin Green, Vice President of Exploration for Niblack
Mining Corp., is the Qualified Person for this exploration project.


To find out more about Niblack Mining Corp (TSX VENTURE:NIB), visit our website
at www.niblackmining.com.


ON BEHALF OF THE BOARD OF NIBLACK MINING CORP.

Paddy Nicol, MBA, President

The statements made in this Press Release may contain forward-looking statements
that may involve a number of risks and uncertainties. Actual events or results
could differ materially from the Company's expectations and projections.