Consolidated Pacific Bay Minerals Ltd.
TSX VENTURE : CBP

Consolidated Pacific Bay Minerals Ltd.

May 29, 2006 13:25 ET

Pacific Bay Closes $1 Million Private Placement

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 29, 2006) - Mr. George Sanders, President, Consolidated Pacific Bay Minerals Ltd. (TSX VENTURE:CBP) (the "Company") is pleased to report that the Company has closed the $1 million private placement announced March 29, 2006. The private placement was slightly oversubscribed with the Company selling 1.6 million flow-through units priced at 40 cents and 1,145,428 non-flow-through units priced at 35 cents, for total gross proceeds of $1,040,900. Each 40 cent flow-through unit consists of one common share and one warrant to purchase a non flow-through common share at a price of 45 cents for a period of one year.

Each 35 cent non-flow-through unit consists of one common share and one non-transferable share purchase warrant exercisable for one year to purchase one common share at 40 cents. All shares issued under the private placement are subject to a hold period expiring September 20, 2006. Flow-through funding in the amount of $360,000 (900,000 units) was provided by the MineralFields Group.

Pacific Bay Minerals explores for uranium and precious metals in North and South America, with major projects underway in Quebec and Argentina. Please visit our website www.pacificbayminerals.com for more information on all our exploration properties.

ON BEHALF OF THE BOARD OF DIRECTORS

George Sanders, President, CEO


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