Consolidated Pacific Bay Minerals Ltd.
TSX VENTURE : CBP

Consolidated Pacific Bay Minerals Ltd.

October 10, 2006 20:04 ET

Pacific Bay Closes $1,270,000 Private Placement

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 10, 2006) - Mr. George Sanders, President, Consolidated Pacific Bay Minerals Ltd. (TSX VENTURE:CBP) (the "Company"), is pleased to report that the Company has closed the $1,270,000 private placement announced on September 29, 2006. Sold under the offering were 3,240,000 flow-through units priced at 25 cents and 2,300,000 non-flow-through units priced at 20 cents, for total gross proceeds of $1,270,000. The proceeds of the financing will be used to fund the Company's ongoing uranium exploration programs in the Province of Quebec, and for general working capital proposes.

Each 25 cent flow-through unit consists of one common share and one half of a non-transferable share purchase warrant with each whole warrant exercisable to purchase a non flow-through common share at a price of 30 cents for a period of one year. Each 20 cent non-flow-through unit consists of one common share and one non-transferable share purchase warrant exercisable for one year to purchase one common share at 25 cents. All shares issued under the private placement are subject to a hold period expiring February 11, 2007.

Cash commissions paid under the offering were $63,600 to Max Capital Markets, Ltd., $26,000 to Bolder Investment Partners, Ltd and $12,000 to Dundee Securities Corp. Agents Compensation Options totalling 554,000 were granted to Max Capital Markets, Ltd. Each Agent's Compensation Option is exercisable into one Agent's Compensation Share for a period of 24 months following the date of issuance of the Agent's Compensation Options at an exercise price $0.25 per Agent's Compensation Share.

Pacific Bay Minerals explores for uranium and precious metals in North and South America, with major projects underway in Quebec and Argentina. Please visit our website 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