Pacific Bay Minerals Ltd.

Pacific Bay Minerals Ltd.

March 04, 2010 09:00 ET

Pacific Bay Minerals Ltd.: Partner UrAmerica Outlines Drill Targets on Cerro Solo Area Uranium Claims

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 4, 2010) - David H. Brett, President and CEO, Pacific Bay Minerals Ltd. (TSX VENTURE:PBM) (the "Company") reports that partner UrAmerica Ltd has outlined drill targets on Pacific Bay's uranium Cerro Solo area claims in Chubut Province, Argentina . UrAmerica is in the first year of an option agreement to earn a 60% interest in the Property by incurring USD$1,200,000 in exploration expenditures and paying Pacific Bay USD$140,000 over 4 years.

Nine drill locations have been outlined to target potential paleo-channels favourable for uranium mineralization similar to the Cerro Solo deposit of the region. Field observations by UrAmerica indicate that the favourable "Los Adobes" formation may lie below the rocks of the Chubut Group which outcrop on the Property. UrAmerica is scheduled to commence a 20,000 meter drill program in October 2010 on its various claims in the district, including some drilling on the Pacific Bay/UrAmerica property.

About UrAmerica Ltd. UrAmerica Ltd is a private UK-based exploration company with offices in Buenos Aires, focused on uranium discovery in Argentina. UrAmerica's seasoned team includes: Omar Adra, CEO of UrAmerica, Neil Herbert, Chairman, and Ian Stalker, Director, former CFO and CEO of Uramin. Uramin was sold in 2007 to Areva of France for $2.5 billion.

About Pacific Bay. Led by mining veterans Guilford and David Brett, Pacific Bay has a diverse portfolio of uranium properties, including extensive holdings in Quebec's Otish Mountains Uranium region and the San Jorge uranium basin in Chubut Province, Argentina. The Company also has an office in Namibia, Africa, seeking uranium opportunities. Pacific Bay's strategy is to explore its properties mainly through strong partnerships, such as Strateco Resources Inc. (Quebec) and UrAmerica (Argentina).

The technical information contained in this news release has been reviewed and approved by Ernie Black, P.Eng., a consultant to the Company and a Qualified Person under policy NI43-101.

Pacific Bay Minerals Ltd.

David H. Brett, MBA
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

  • 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)