Consolidated Pacific Bay Minerals Ltd.
TSX VENTURE : CBP

Consolidated Pacific Bay Minerals Ltd.

May 14, 2008 09:00 ET

Pacific Bay Strikes USA Uranium Partnership with Golden Eagle

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 14, 2008) - Mr. David H. Brett, President and CEO, Consolidated Pacific Bay Minerals Ltd. (TSX VENTURE:CBP) (the "Company") reports the signing of an agreement with Golden Eagle Minerals Corp. of Denver, Colorado, to negotiate rights to and develop known uranium resources and significant uranium exploration potential on several hundred thousand acres on a particular Native American Indian Reservation in the south-western United States. Golden Eagle is in charge of the negotiations with the stakeholders, and detailed disclosure of these negotiations and the terms of definitive agreements will be made upon completion of the talks. The agreement with Golden Eagle provides that upon the successful completion of negotiations with the tribe, the Company will have the right to earn a 60% interest in uranium production from the reserve in partnership with Golden Eagle.

"This agreement with Golden Eagle is designed to find an innovative and equitable way to tap the mineral potential of a vastly underexplored part of the south-western United States," said Pacific Bay President and CEO David H. Brett. "I am very impressed with the Golden Eagle team's geological, technical and legal expertise and am pleased to partner with a group dedicated to fruitful stakeholder engagement."

"Success in Indian Country goes beyond the knowledge of economics and mineral resources. Understanding the sensitivity and concerns of indigenous people are paramount for successful business relationships," said Sean Muller, P.G., President of Golden Eagle. "We are committed to adding value and sustainability for the tribes beyond the mineral development cycle."

The Company is optimistic that the above described negotiations will be successful, but cautions that the agreements are preliminary in nature and that there is no guarantee that the hoped for exploration rights will be granted.

About Golden Eagle

Golden Eagle (www.goldeneagleminerals.com) is an organization comprised of ex-scientists, biologists and engineers who were formally with the Council of Energy Resource Tribes during the last uranium boom. Their long standing relationship with over 60 tribes in the US and Canada and brings an ability to craft mineral agreements where few companies have had comparable success. Golden Eagle is also developing several mineral resource properties on Indian lands in Central America and Canada.

Consolidated Pacific Bay Minerals Ltd.

David Brett, 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