Consolidated Pacific Bay Minerals Ltd.

Consolidated Pacific Bay Minerals Ltd.

December 05, 2007 16:28 ET

Pacific Bay, Aquiline Renegotiate Regalo Option

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 5, 2007) - David H. Brett, CEO, Consolidated Pacific Bay Minerals Ltd. (TSX VENTURE:CBP) (the "Company"), reports that the Company and Aquiline Resources Inc. ("Aquiline") (TSX:AQI), have reached an agreement in principle to renegotiate the option agreement between the two companies relating to the Regalo property in Chubut Province, Argentina (the "Property"), subject to the competition of a definitive agreement. Aquiline holds an interest in the option agreement as trustee for the ultimate owner pursuant to the terms of the Interim Project Development Agreement dated October 16, 2006 entered into between Aquiline and IMA Exploration Inc. which gave effect to the July 14, 2006 judgment of the Supreme Court of British Columbia (Vancouver Registry Action No. S041353) awarding ownership in the Regalo property to Aquiline. Whereas the Company had previously been earning up to a 70% interest in the Property, the parties have now agreed in principal that Aquiline may earn a 70% in the Property. To earn the 70% interest, Aquiline must pay for the airborne survey that is presently being conducted, return the previously paid 900,000 shares of the Company at the commencement of the option, complete 3,000 meters of drilling on the Regalo Property within a 2 year period, and pay the Company $100,000 cash upon signing of a definitive agreement. Upon Aquiline exercising the option, the parties will form a joint venture according to their 70/30 working interests.

Consolidated Pacific Bay Minerals Ltd.

David H. Brett, CEO

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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)