VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 21, 2013) - David H. Brett, President and CEO, Pacific Bay Minerals Ltd. (TSX VENTURE:PBM) (the "Company") reports that the Company has arranged a non-brokered private placement financing for gross proceeds of $500,000 (the "Offering"). The Offering will, subject to TSX Venture Exchange acceptance, consist of 5,000,000 units at a price of $0.10 per unit (a "Unit"), where each Unit will consist of one common share, one common flow-through common share and two share purchase warrants (a "Warrant"). Each Warrant will entitle the holder to purchase one common share for a period of two years at $0.10 per share in the first year and at $0.15 per share during the second year. The securities to be under the Offering will be subject to a four-month hold period and the Company may, in appropriate circumstances, pay finder's fees in connection with the Offering.
The proceeds from the flow-through shares will be used as exploration funds for its 100%-owned Haskins-Reed silver, copper, bismuth, zinc and lead project in the Cassiar Mining District, BC. The Haskins-Reed property, located on Highway 37, has over 22,000 metres of exploratory and definition drilling, multiple well known mineralized zones, and significant exploration potential. The polymetallic "B-Zone" also has 1,500 metres of underground workings on two levels that were developed in the 1970's to better define the extent of the mineralization and provide access for mining. The non-flow-through proceeds will provide working capital.
"I believe refocusing on the Haskins-Reed project provides Pacific Bay the best avenue to maximize shareholder value at this time," said Pacific Bay CEO, David H. Brett. "As well as being the Company's most advanced project, management's deepest knowledge and experience is in the Cassiar area. Management believes the outlook for base metals is strong and the project has potential to advance."
Pacific Bay's uranium portfolio in Quebec and Argentina remains a significant asset. In Quebec, further exploration with partner Strateco in the Otish region is awaiting the outcome of the Strateco's regulatory process regarding its Matoush Uranium project. In Argentina, Pacific Bay is awaiting clarification of the proposed new mining law in Chubut Province before proceeding with further exploration.
The Company also reports that the terms of the previously reported $200,000 loan from a director have been amended to extend the maturity date of the loan one year to December 31, 2013.
The technical disclosures in this news release were reviewed and approved by Doug Blanchflower, P.Geo., a Qualified Person, as defined by National Instrument 43-101.
Pacific Bay Minerals Ltd.
David H. Brett, MBA, President & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.