Consolidated Pacific Bay Minerals Ltd.
TSX VENTURE : CBP

Consolidated Pacific Bay Minerals Ltd.

May 23, 2006 09:00 ET

Consolidated Pacific Bay Minerals Ltd.: Additional 10 Claims Added to Pacific Bay's Mont-Laurier, Quebec Uranium Property

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 23, 2006) - Mr. George Sanders, President, Consolidated Pacific Bay Minerals Ltd. (TSX VENTURE:CBP), (the "Company") is pleased to announce that an additional 10 claims have been granted to PacBay by the Quebec government in the Mont-Laurier uranium district. This brings the total of PacBay's holdings to over 63 km2 (24 mi2) of 100% owned mineral claims along a trend of extensive uranium mineralization in the Mont Laurier area. These 10 claims are strategically important and tie together all of PacBay's claims on the east and north sides of the trend. They lie immediately adjacent to the historic Andy Lake, Adrian Pond, Road, Cliff and Lac Marion uranium showings identified by Canadian Johns Manville Company Ltd. and several other companies during the mid to late 70's. PacBay geologists are currently undertaking ground scintillometer surveys, geochemical sampling and geological mapping initially on a reconnaissance basis over this large claim block in order to define potential target zones for trenching and drilling later in the field season. Nova Uranium Corporation is currently drilling less than 4 Km south of PacBay's claim block on the original Renard Creek (Nova) showing where Canadian Johns Manville outlined significant uranium oxide mineralization in the 1970's in Precambrian metamorphosed intrusive and sedimentary rocks of the Grenville Supergroup which continue onto PacBay's claims. Strateco Resources, Inc. is also actively exploring the south-western portion of the Mont-Laurier trend.

George Sanders, President of PacBay and a Qualified Person under National Instrument 43-101 for the purposes of this News Release, states, "We are pleased that these 10 key claims, requested quite some time ago, have been granted to us. Quebec's high ranking in the recent Fraser Institute Annual Survey confirms our belief that this Canadian province is one of the best destinations for our exploration dollars. PacBay's portfolio of exploration properties in Canada and Argentina, which also ranks relatively high in the Fraser Institute Annual Survey, provides an excellent balance of exploration risk in two of the most favourable areas in the world for the discovery of uranium and precious metals."

Pacific Bay Minerals has significant land holdings in uranium and precious metals exploration plays in North and South America. The company is actively exploring for uranium in the Mont-Laurier and Otish Mountains regions of Quebec, the Cerro Solo Basin region of the Argentine Patagonia and in the Paganzo Basin of northern Argentina at the Cueva del Chacho property. PacBay is also exploring for gold and silver on the Cerro Negro property in the Famatina District of northern Argentina. Please visit our website pacificbayminerals.com for more information on all our exploration properties.

ON BEHALF OF THE BOARD OF DIRECTORS

George Sanders, President

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Consolidated Pacific Bay Minerals Ltd.
    Investor Relations
    (604) 682-2421 or Toll Free: 1-800-670-6570 (Canada)
    Toll Free: 1-800-665-5101 (USA)
    (604) 682-7576 (FAX)
    www.pacificbayminerals.com