Pacific Comox Resources Ltd.

Pacific Comox Resources Ltd.

March 16, 2005 10:19 ET

Pacific Comox Options Former Copper-Molybdenum Producer Near Matachewan Ontario


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: PACIFIC COMOX RESOURCES LTD.

TSX VENTURE SYMBOL: PCM

MARCH 16, 2005 - 10:19 ET

Pacific Comox Options Former Copper-Molybdenum
Producer Near Matachewan Ontario

TORONTO, ONTARIO--(CCNMatthews - March 16, 2005) - Pacific Comox
Resources Ltd. (TSX VENTURE:PCM) is pleased to report that it has
acquired a two year option to purchase the Ryan Lake copper-molybdenum
property which consists of 10 claims totaling 513 acres, located near
Matachewan, Ontario. Ryan Lake Mines Ltd. staked the property in 1947
and put it into production in 1950 at a 150 ton/day rate with a shaft
sunk to 459 feet with development on 4 levels. The development extended
for 1,000 feet on an east-west direction and about 500 feet north-south.
The J. F. Ariz report dated October 20, 1978 gave the production during
the 1950-1957 period as 163,490 tons grading 1.5% copper, 0.008 oz of
gold and 0.21 oz of silver. A successor Company was also reported to
have mined 6,000 tons grading 1.3% copper and 0.4% molybdenite in 1964.
No production or significant exploration is reported on the property
since 1966.

To acquire a 100% interest in the mining rights of the property, Pacific
Comox over the two year period would make cash payments of C$600,000,
issue 2,000,000 shares to the Vendors and fulfill a $300,000 work
commitment. The Vendors retain a 1% NSR and Pacific Comox may purchase
50% of the NSR for $1,000,000 in the period expiring two years after
commercial production is attained. Pacific Comox has a two year option
to acquire the mill building located on the property and certain
equipment for C$100,000.

Drilling results available from the 1947-1966 period include the
following two holes on Section 10073E which was prepared by Pax
International Ltd., and dated March 1964:

For Hole #12, assays were reported for several intervals totaling 105
feet of a 589 feet core length giving an average grade of 1.5% copper.
Molybdenum assays were reported for 3 samples totaling 5.5 feet of core
length with an average grade of 1.0% molybdenite (MoS2).

For Hole #21, assays were reported for several intervals totaling 89
feet of a 447 feet core length giving an average grade of 1.3% copper.
Molybdenum assays were reported for one sample totaling 1.0 feet of core
length with an average grade of 3.6% molybdenite.

The M. D. Kierans report dated May 1964 reported a channel sample on the
third level of the mine on Section 10080E of 275 feet grading 0.7%
copper and 0.10% molybdenite.

The historical production, drilling and sampling results given above
were collected prior to 1967 and therefore are not in compliance with
N.I. 43-101. Pacific Comox's geologist, James Janzen has reviewed the
above mentioned reports. The acquisition of the Ryan Lake claims is
subject to TSXV approval.

More information about Pacific Comox's properties, summaries of the
results and maps are available on the Company web site located at
www.pacificcomox.com .

Donald Empey

President

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Pacific Comox Resources Ltd.
    Donald Empey or James Janzen
    416 977 4653
    416 977 8335 (FAX)
    dempey@pacificcomox.com
    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.