Strateco Resources Inc.
OTC Bulletin Board : SRSIF
FRANKFURT : RF9
TSX : RSC

Strateco Resources Inc.
Consolidated Pacific Bay Minerals Ltd.
TSX VENTURE : CBP

Consolidated Pacific Bay Minerals Ltd.

January 15, 2008 10:16 ET

Strateco and Pacific Bay Complete Final Agreement on Otish Uranium Claims

MONTREAL, QUEBEC and VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 15, 2008) - Mr. Guy Hebert, President, Strateco Resources Inc. (TSX:RSC)(OTCBB:SRSIF)(FRANKFURT:RF9) ("Strateco") and Mr. David Brett, CEO, Consolidated Pacific Bay Minerals Ltd. (TSX VENTURE:CBP) (Pacific Bay) are pleased to announce the execution of a definitive agreement whereby Strateco can earn a 60% interest in 277 Pacific Bay mineral claims located in the Matoush District of Quebec's Otish Mountains (the "Property"). The agreement calls for Strateco to pay Pacific Bay a total of Cdn$500,000 and issue 200,000 Strateco shares over 4 years and incur Cdn$3 million in exploration expenditures over 4 years, including a minimum of 10,000 meters of drilling. As part of the transaction, Strateco has acquired 1 million units of Pacific Bay at a price of $0.30 per unit. Each unit consists of one common share and one warrant to purchase one common share of Pacific Bay at $0.60 per share for a period of 24 months. The shares and warrants are subject to a 12-month resale restriction period expiring January 14, 2009.

On October 29, 2007, Strateco assumed direction of exploration activities on the Property. The Property comprises an area of 145 square kilometres (56 square miles) in the Otish Mountains where Strateco has been drilling the Matoush high-grade uranium orebody.

A map of "Uranium Projects - Otish Mountains" is available at http://www.ccnmatthews.com/docs/map0115.pdf.

ON BEHALF OF THE BOARD OF DIRECTORS

Contact Information

  • Strateco Resources Inc.
    Guy Hebert
    President and CEO
    450-641-0775 or 1-866-774-7722
    or
    Strateco Resources Inc.
    Jean-Pierre Lachance
    Executive Vice President
    450-641-0775 or 1-866-774-7722
    or
    Strateco Resources Inc.
    Alain Beland
    Investor relations
    450-641-0775 or 1-866-774-7722
    www.stratecoinc.com
    or
    Consolidated Pacific Bay Minerals Ltd.
    David Brett
    CEO
    or
    Consolidated Pacific Bay Minerals Ltd.
    Investor Relations
    604-682-2421 or toll free:
    1-800-670-6570 (Canada) / 1-800-655-5101 (USA)
    604-682-7576 (FAX)
    www.pacificbayminerals.com