September 08, 2009 09:00 ET
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 8, 2009) - David H. Brett, President and CEO, Pacific Bay Minerals Ltd. (TSX VENTURE:PBM) (the "Company") reports that Strateco Resources Inc. ("Strateco") (TSX:RSC) has commenced core drilling on the Company's uranium claims in the Otish Mountains district of Quebec. The 2,000 meter program will focus on two key targets. The first target is 4KM north of Strateco's Matoush Deposit where a potential extension of the mineralized Matoush fault structure is indicated by airborne and ground geophysics. The second target lies 2.7 KM east of the Matoush Deposit, where re-interpretation of airborne and ground geophysics, as well as prospecting for radioactive boulder trains, indicates the potential for Matoush - Style uranium mineralization.
"The Otish Mountains remains one of Canada's premier locations to explore for high-grade uranium, and Quebec remains the number one jurisdiction worldwide to conduct mineral exploration," says Pacific Bay CEO David H. Brett. "Pacific Bay has an exceptional land position in the region which it is exploring through strong partnerships with companies like Strateco."
Strateco can earn a 60% interest in the Company's Otish Mountains claims by spending $3 million, paying the Company $500,000, 200,000 Strateco shares and other consideration, over four years. 2009 is the second year of the option agreement.
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, a consultant to the Company.
Pacific Bay Minerals Ltd.
David H. Brett, MBA, President & CEO
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
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)www.pacificbayminerals.com
See all RSS Newsfeeds