Consolidated Pacific Bay Minerals Ltd.

Consolidated Pacific Bay Minerals Ltd.

December 11, 2007 09:00 ET

PacBay Outlines Papaskwasati Anomalies, Signs Claims Agreement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 11, 2007) - Mr. David Brett, CEO, Consolidated Pacific Bay Minerals Ltd. (TSX VENTURE:CBP) (the "Company") reports that preliminary results of a recent helicopter borne radiometric and magnetic survey show significant elevated radiation in the northern and eastern portions of the Papaskwasati Uranium Property in Northern Quebec. Also, the Company has signed a definitive Purchase and Sale Agreement for 150 claims in the Papaskwasati Basin for a total consideration of $17,500, subject to a 2% NSR on these claims that can be purchased at any time for $2M. The Papaskwasati Property now comprises 772 claims totalling 413 square klilometres (159 square miles).

The Papaskwasati Property now covers the bulk of the Papaskwasati Formation. Like the Athabasca Basin and the nearby Otish Basin, the Papaskwasati (Pepeshquasati) Formation is predominantly a sandstone/conglomerate sequence of Proterozoic age. Uranium potential lies in the deep sandstones and conglomerates at the center of the basin that were drilled during earlier uranium exploration cycles beginning in the late 1950's. Drill logs in historical 1969 assessment documents reported anomalous radiation confirmed by uranium assays in 3 holes drilled to basement in sandstones and conglomerates in the south-central portion of the Papaskwasati Basin. In addition, PacBay's claims cover significant portions of the basin rim and areas of thin sedimentary cover with known uranium anomalies, and include a hole drilled in 1959 that reported intersecting a radioactive conglomerate unit between 18 and 72 feet.

Investors should be cautioned that while encouraging, the above airborne geophysical anomalies are based on preliminary analysis of the data which must be confirmed by further analysis and follow-up ground exploration. The Company is now designing a program of exploration on the Papaskwasati claims planned for summer, 2008.

George Sanders, P.Geo, President, is a Qualified Person under National Instrument 43-101 for the technical portion of this News Release.

Consolidated Pacific Bay Minerals Ltd.

David Brett, 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)