Consolidated Pacific Bay Minerals Ltd.
TSX VENTURE : CBP

Consolidated Pacific Bay Minerals Ltd.

September 20, 2007 09:00 ET

Pacific Bay Discovers Radioactive Boulders on New Matoush Uranium Targets, Additional Ground Geophysics Underway

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 20, 2007) - Mr. George Sanders, President, Consolidated Pacific Bay Minerals Ltd. (TSX VENTURE:CBP) ("Pacific Bay") is pleased to announce that Pacific Bay geologists have discovered 4 significant radioactive boulder showings within known target areas and in new priority areas on its Matoush claims in the Otish Mountains of Quebec. These discoveries are being followed up immediately by a ground geophysical survey (VLF/magnetics).

The newest feature to be identified from analysis of this summer's airborne survey data is a north-south trending magnetic linear with a coincident radiometric anomaly in "Block B" located approximately 10 kilometers southeast of the Matoush deposit. Here, Pacific Bay geologists have discovered radioactive sandstone boulders ranging from 800 to 1000 counts-per-second down-ice from the "Block B" magnetic linear (background radiation levels in the sandstone boulders in the Matoush area of the Otish Mountains plateau typically ranges from 100 to 200 counts per second).

Prospecting down ice from the "Rabbit Ears" magnetic linear feature approximately 12 kilometres northeast of the Matoush deposit has also found boulders ranging from 1000 to 1400 counts per second. Closer by, a radioactive boulder reading 1000 counts per second that contained the silicate mineral fuchsite, an important alteration mineral in the Matoush-type of uranium deposit, was discovered 6 kilometers southwest of the Matoush deposit in Grid 5, in an anomaly area identified by Uranerz Exploration and Mining in the 1980's. The most important radioactive showing to date is a large sandstone boulder that was found in-between the C-1 and C-3 VLF conductors in Grid 6, less than 3 kilometers east of the Matoush deposit, which read 6000 counts per second.

Camp Alfred, the Company's base camp in the region, is being winterized to enable the Company to execute a heli-portable drilling program as soon as a rig becomes available.

In other news, the Company has agreed to grant incentive 1,500,000 stock options to directors and employees at $0.21 per share for a period of 2 years, subject to regulatory approval.

A new detailed graphic of the "Block B" magnetic and radiometric anomaly has been posted to our website at pacificbayminerals.com along with a property-wide map showing the location of all the anomaly areas that are being prospected on our claims in the vicinity of the Matoush deposit. Consolidated Pacific Bay Minerals Ltd. explores for uranium and precious metals, with major projects underway in Quebec and Argentina. Please visit our website for more information.

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