Consolidated Pacific Bay Minerals Ltd.

Consolidated Pacific Bay Minerals Ltd.

September 29, 2005 09:00 ET

Consolidated Pacific Bay Minerals Ltd.: Pacific Bay Files New Claim Near Los Colorados Uranium Mine in Northern Argentina

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Sept. 29, 2005) - Mr. Guilford Brett, President, Consolidated Pacific Bay Minerals Ltd. (TSX VENTURE:CBP) (the "Company") is pleased to announce the filing of a 3,000 hectare (11.5 square mile) claim on-trend with the Los Colorados uranium mine, a former producer located in highly accessible, low-lying country in the northern province of La Rioja. This new claim, the "Cueva del Chacho", lies 8 kms north of the Los Colorados Mine on the same regional sedimentary reduction-oxidation boundary where approximately 55,000 kg of uranium concentrates were produced from classic sedimentary roll-fronts between 1992 and 1996 by a local Argentine company from the Los Colorados mine under contract to the Argentine National Atomic Energy Commission (CNEA).

PacBay previously announced the staking of a significant land package which includes known sedimentary roll-front type uranium occurrences in two separate areas within the Cerro Solo Basin uranium play in the Patagonia region of southern Argentina. With the acquisition of the Cueva del Chacho property, the Company now has a geographically diversified portfolio of uranium properties in Argentina with over 726 sq kms (280 square miles) under claim. The Cueva del Chacho claim in La Rioja province lies along a paved road within an hour's drive of the capital city and can be explored year round.

The Los Colorados Mine and the Cueva del Chacho claim lie in the middle third of a series of gently dipping continental sediments of Carboniferous age (Saladillo Formation) which, together with redbeds of the Permian Patquia Formation, overly Paleozoic granite that is the likely source of the uranium. During the time that the Los Colorados Mine was in production, reconnaissance for additional roll-front type uranium deposits along a north-south trending redox trend is reported to have discovered ground radiometric anomalies and visible yellow uranium minerals on the Cueva del Chacho ground. Here a band of gently dipping Carboniferous age sediments up to 60 m thick outcrops over 600 m along strike. In this zone there is a succession of strongly altered arkosic sandstones with intercalated carbonaceous shales which are reported to host radiometric anomalies all along the zone.

The Company believes that the Cueva del Chacho property has the potential to host a major uranium deposit and PacBay geologists are gearing up for the start of an immediate exploration program here and elsewhere in northern Argentina.

George Sanders, M.Sc., P.Geo, is a Qualified Person under National Instrument 43-101 and has reviewed and approved the technical content of this news release.


Guilford H. Brett, President

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