Consolidated Pacific Bay Minerals Ltd.
TSX VENTURE : CBP

Consolidated Pacific Bay Minerals Ltd.

November 07, 2006 09:00 ET

Pacific Bay Outlines Matoush, Quebec Uranium Exploration Plans

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 7, 2006) - Mr. George Sanders, President, Consolidated Pacific Bay Minerals Ltd. (TSX VENTURE:CBP) (the "Company") reports that winter ground geophysics programs are planned on its claims in the Matoush area of the Otish Mountains uranium basin, Quebec. Strateco Resources, Inc. continues to release high-grade uranium assay data from their current diamond drilling program, which is defining a high-grade uranium resource along the Matoush Fault, to the south of PacBay's claims.

The Matoush high grade uranium occurrence was originally discovered by Uranerz Exploration and Mining, Ltd. in 1984, and extensive ground geophysical surveys have been conducted over the trace of the Matoush Fault. Uranerz concluded that the Matoush Fault showed up very well using several different ground-based geophysical methods. Preliminary interpretation of an August, 2006 Strateco/PacBay low-altitude helicopter-borne geophysical survey has revealed northeasterly trends in both the magnetic and radiometric data, suggesting that the Matoush Fault projects into PacBay's claims approximately 3-4 km north of Strateco's high grade uranium discovery. Although the airborne geophysics contractor, Aeroquest International, has not yet delivered the final survey results, on the strength of what is known to date, PacBay has made the decision to commit to a winter ground geophysical program, based on the probability of successfully locating drill targets along the trace of the Matoush Fault. The ground geophysical method, to be chosen, will depend on interpretation of the final airborne geophysical results, expected to be delivered within the next 7 days.

George Sanders, P.Geo, President, a Qualified Person under National Instrument 43-101 for the purposes of this News Release, states, "PacBay will be moving forward on our Matoush claims this winter, and we are in contact with drill contractors, and hope to be able to solve logistical and rig availability issues in order to mobilize a drill to the area before the spring breakup. Final airborne geophysical results and subsequent ground geophysical surveys should generate drill targets for PacBay in the Matoush Fault zone this winter."

Graphics illustrating PacBay's claims, the Matoush structure and preliminary total count airborne radiometric survey results can be viewed on our website (pacificbay.com). Pacific Bay Minerals is exploring for uranium and precious metals deposits in Quebec and Argentina. Please visit our website at pacificbayminerals.com for more information on all our programs.

ON BEHALF OF THE BOARD OF DIRECTORS

George Sanders

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