Consolidated Pacific Bay Minerals Ltd.
TSX VENTURE : CBP

Consolidated Pacific Bay Minerals Ltd.

June 23, 2008 09:00 ET

Consolidated Pacific Bay Minerals Ltd.: Encouraged by New Geophysical Findings, Uranium Rich Boulder Trains, Strateco Starts Ground Program on Pacific Bay Otish Properties

VANCOUVER, BRITISH COLUMBIA,--(Marketwire - June 23, 2008) - Mr. David H. Brett, President and CEO, Consolidated Pacific Bay Minerals Ltd. (TSX VENTURE:CBP) (the "Company") reports that Strateco Resources Inc. ("Strateco") has commenced a ground exploration program on the Company's Otish Mountains Uranium Claims following up encouraging results from a reinterpretation of prior geophysical surveys.

Strateco reports that the South Rabbit Ears EM, Magnetic and Radiometric trends have proved much more continuous and well defined than previously thought, and demonstrate a signature very similar to the nearby Matoush structure that hosts a significant high-grade uranium resource. Strateco is currently tracking radioactive boulders with notable alteration patterns (measuring up to 4,000 counts per second, consistent with other notable trends) on the Company's claims, and ongoing work indicates that the boulders likely originated from the anomalous areas. Strateco ground crews are now prospecting the areas in an effort to pinpoint ideal drill targets for Matoush-type mineralization as part of an estimated $750,000 summer/fall 2008 program to include at least 1,500 meters of drilling.

"We believe the South Rabbit Ears area has the potential to host another Matoush style high-grade uranium resource, and the new information underscores the significance of that potential," said Pacific Bay CEO David H. Brett. "We are looking forward to seeing the exploration program unfold over the next few months."

A map outlining the location of the radioactive boulder trains and a redrawing of the geophysical anomalies can be found on the Company's web site, pacificbayminerals.com.

Strateco is earning up to 60% in the Company's Otish Mountains claim package, and is required to spend $3,000,000 over 4 years, including 10,000 meters of drilling, and making certain cash and stock payments to the Company. Strateco also subscribed for 1,000,000 shares of the Company at $0.30.

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

Consolidated Pacific Bay Minerals Ltd.

David H. Brett, 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