Consolidated Pacific Bay Minerals Ltd.
TSX VENTURE : CBP

Consolidated Pacific Bay Minerals Ltd.

April 24, 2007 09:00 ET

Pacific Bay Options Key Claims Near Cerro Solo Uranium Deposit, Patagonia, Argentina

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 24, 2007) - Mr. George Sanders, President, Consolidated Pacific Bay Minerals Ltd. (TSX VENTURE:CBP) ("Pacific Bay"), is pleased to report that it has entered into a Letter Agreement with Portal Resources Ltd. (TSX VENTURE:PDO) (www.portalresources.net) ("Portal"), a leading explorer in Argentina, whereby Portal can earn a 60% interest in 3 contiguous uranium exploration concessions totalling 300 square kilometres (115 square miles) in the highly prospective Cerro Solo basin in Chubut province, Patagonia region, Argentina by spending a total of $1.2M over 4 years. The agreement calls for staged cash payments totalling $145,000 with $15,000 on signing, and a work commitment of $150,000 in the first year.

The "Cerro Solo Basin" is the uranium-bearing western portion of the Mesozoic age San Jorge Gulf Basin, where several known economic, open-pit uranium deposits occur as tabular lenses in organic rich facies, comparable to the uranium deposit type in the Grants uranium belt of New Mexico. The Pacific Bay claims lie approximately 30 kilometres east of the largest known uranium occurrence in this cluster, the government-owned Cerro Solo deposit. According to a 1997 report by the Argentine National Atomic Energy Commission (CNEA), Cerro solo has a non-43-101 compliant historical resource of 10 million pounds of U3O8 at a grade of 0.30% and 3.3 million pounds of molybdenum at a grade of 0.20%.

Ore control in the Cerro Solo district is related to paleo-river channels where the host rock unit, the Arroyo Pajaritos conglomerate of the lower Cretaceous Los Adobes Formation, tends to be thickest. Based on historical drill hole data evaluation and shallow seismic technology, Mega Uranium, Ltd. recently delineated a paleo-channel whose arcuate east-west trend projects through the center of the Pacific Bay concessions. Moreover, a few test holes of the Mega Uranium model intersected significant uranium mineralisation in 2006 drilling within this paleo-channel about 5 kilometers from the boundary of the Pacific Bay concessions.

George Sanders, P.Geo, President of Consolidated Pacific Bay Minerals, Ltd. and Qualified Person for the technical portion of this News Release, states, "This Letter Agreement unlocks value in a strategic Pacific Bay claim block in one of Argentina's most exciting uranium exploration plays. Portal Resources Ltd. is an excellent partner who has also worked in Argentina for many years. We look forward to advancing the exploration program on the Cerro Solo Basin claims."

A new graphic of Pacific Bay's Cerro Solo Basin claims has been posted to our website. Pacific Bay explores for uranium and precious metals in Quebec and Argentina. Please visit pacificbayminerals.com for more information.

ON BEHALF OF THE BOARD OF DIRECTORS

George Sanders, President, CEO

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