Consolidated Pacific Bay Minerals Ltd.
TSX VENTURE : CBP

Consolidated Pacific Bay Minerals Ltd.

February 22, 2007 09:00 ET

Consolidated Pacific Bay Minerals Ltd.: $1.44 Million Financing Arranged for Otish Uranium Projects

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Feb. 22, 2007) - Mr. George Sanders, President, Consolidated Pacific Bay Minerals Ltd. (TSX VENTURE:CBP) (the "Company"), reports that the Company has arranged a non-brokered, 4,000,000 unit, non-flow through private placement at $0.36 per unit for gross proceeds of $1.44 million with a syndicate of institutional investors. Each unit consists of one common share and one half common share purchase warrant. Each whole warrant will entitle the holder to purchase one common share of the Company at a price of $0.50 for a period of one year from the closing of the offering. The proceeds of the financing will be used to further the Company's ongoing uranium exploration activity in the Otish Mountains of Quebec, and for general working capital purposes.

Cash compensation of 7% of the proceeds and 7% broker warrants will be payable to M Partners Inc. As final approval of the TSX Venture Exchange has already been granted, the Company expects to close the financing shortly.

About the Company

The Company explores for uranium and precious metals in North and South America, with major projects underway in Quebec and Argentina. Please visit our web site 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)
    Website: www.pacificbayminerals.com