Pacific Comox Resources Ltd.
TSX VENTURE : PCM

Pacific Comox Resources Ltd.

January 26, 2006 03:00 ET

Pacific Comox Resources Ltd.: Near Surface Zone of 2.0 lbs/ton Molybdenum Reported in 6 Holes

TORONTO, ONTARIO--(CCNMatthews - Jan. 26, 2006) -

- Assays reported for 7 diamond drill holes testing the extension of the past producing molybdenum open pit deposit at the Ryan Lake copper/molybdenum property,

- Hole PC-05-10 returned an intersection of 9 meters (30 feet) grading 2.9 lbs/ton (0.15%) molybdenum & 2.9 lbs/ton (0.14%) copper.

- 6 of the 8 holes intersected a near surface zone of higher grade molybdenum with an average of 2.0 lbs/ton (0.10%) molybdenum & 2.7 lbs/ton copper (0.14%) over an average length of 14 meters (47 feet).

Pacific Comox Resources Ltd. (TSX VENTURE:PCM) reports the assays for seven diamond drill holes testing the extension of the past producing molybdenum open pit deposit at its optioned Ryan Lake copper/molybdenum property. This open pit is located about 1,000 feet north of the past producing underground copper/molybdenum mine and the currently operating mill. The holes tested for mineralization immediately west, north and east of the pit walls. The assays for the seven new holes and two holes previously reported are given below in Table 1. Assays have not been received for five additional holes in this area and two holes which tested a separate anomaly about one mile north.

Hole PC-05-10 returned an intersection of 9 meters(m) from 3m, grading 2.9 lbs/ton molybdenum (0.15%) and 2.9 lbs/ton copper (0.14%) followed by an additional 15m grading 0.8 lbs/ton molybdenum (0.04%) plus copper. Overall, hole PC-05-10 returned an average of 0.9 lbs/ton molybdenum and 0.9 lbs/ton copper for 61m (198 feet) from 1.5m (5 feet).

The near surface intersections of the higher grade mineralization in six of the holes are summarized in the following table:



--------------------------------------------------------------------
SUMMARY OF NEAR SURFACE
HIGHER GRADE MOLYBDENUM INTERSECTIONS
--------------------------------------------------------------------

--------------------------------------------------------------------
Intersection In Hole
--------------------------------------------------------------------
Hole Start Length Length Grade of Mo Grade of Cu
Number (meters) (meters) (feet) (lbs/ton) (lbs/ton)
--------------------------------------------------------------------
PC-05-06 4.0 12 39 2.0 0.7
--------------------------------------------------------------------
PC-05-07 7.5 18 59 1.3 1.3
--------------------------------------------------------------------
PC-05-09 4.5 24 79 1.6 0.4
--------------------------------------------------------------------
PC-05-10 3.0 9 30 2.9 2.9
--------------------------------------------------------------------
PC-05-11 6.0 11 34 1.7 3.6
--------------------------------------------------------------------
PC-05-12 2.1 12 41 2.2 7.4
--------------------------------------------------------------------
AVERAGE 4.5 14 47 2.0 2.7
--------------------------------------------------------------------


The weighted average grade for the above near surface intervals is 2.0 lbs/ton molybdenum and 2.7 lbs/ton copper. The average length of the above intersections is 14 meters (47 feet) and starts at 4.5 meters (15 feet) from surface.

The results to-date indicate the drill intersected mineralization extends 100m NE-SW, 65m NW-SE and to a depth of at least 80m in the area of the open pit. The potential remains open in all directions and at depth.

With these results in the past producing open pit molybdenum mine area and the previously reported 5 holes drilled in the area of the former underground copper/molybdenum mine, Pacific Comox has reported drill intersected mineralization in both areas. Pacific Comox plans further work on both areas. The zones extending 1,000 feet south from the molybdenum open pit to the underground copper/molybdenum mine area and 1,000 feet north from the molybdenum open pit are both highly prospective. A previous operator reported significant drill intersected molybdenum mineralization about 300 feet north of the molybdenum open pit.

The optioned Ryan Lake copper-molybdenum property consists of 10 claims totaling 513 acres, located near Matachewan, and Kirkland Lake, Ontario. The property was 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. No production or significant exploration is reported on the property since 1966.

As previously reported Comox also has an option to acquire the mill on the property which is currently processing barite. The mill has crushing and grinding capacity of several hundred tonnes per day and would be a major asset going forward to facilitate the resumption of copper/molybdenum production on the property.

Robert Hill P. Eng. serves as the qualified person (QP) for the sampling and exploration program under the definitions of National Instrument 43-101, reviewed this release and supervised the drilling program. The geologist on this program was James Janzen V.P. exploration for Pacific Comox. The samples were assayed by Swastika Laboratories Ltd. at Swastika, Ontario.

Donald Empey

President

View the Company web site at www.pacificcomox.com or the Company filings on SEDAR at www.sedar.com .



--------------------------------------------------------------------
PACIFIC COMOX RESOURCES LTD.
--------------------------------------------------------------------
Table 1: SUMMARY OF NORTH ZONE DRILLING RESULTS
--------------------------------------------------------------------

--------------------------------------------------------------------
--------------------------------------------------------------------
Drill Hole From To Length Cu Cu Mo Mo
PC-05- (m) (m) (m) % lbs/ % lbs/
ton ton
--------------------------------------------------------------------
--------------------------------------------------------------------

--------------------------------------------------------------------
6 UTM 17TO522526, 5313673, Length 46.5m (153 ft),
Azimuth 315 degrees, Dip -50 degrees
--------------------------------------------------------------------
4.0 16.0 12 0.03 0.7 0.10 1.97
--------------------------------------------------------------------
20.5 46.5 26 0.05 1.0 0.06 1.15
--------------------------------------------------------------------

--------------------------------------------------------------------
7 UTM 17TO522526, 5313613, Length 46.6m (153 ft),
Azimuth 225 degrees, Dip -50 degrees
--------------------------------------------------------------------
7.5 25.5 18 0.06 1.3 0.07 1.32
--------------------------------------------------------------------
25.5 30.5 5 0.04 0.8 0.02 0.34
--------------------------------------------------------------------
30.5 39.5 9 0.12 2.3 0.14 2.70
--------------------------------------------------------------------

--------------------------------------------------------------------
9 UTM 17TO522512, 5313680, Length 94.9m (311 ft),
Azimuth 320 degrees, Dip -50 degrees
--------------------------------------------------------------------
4.5 28.5 24 0.02 0.4 0.08 1.60
--------------------------------------------------------------------
49.5 70.5 21 0.02 0.5 0.08 1.62
--------------------------------------------------------------------

--------------------------------------------------------------------
10 UTM 17TO522531, 5313695, Length 66.9m (219 ft),
Azimuth 320 degrees, Dip -50 degrees
--------------------------------------------------------------------
1.5 62.0 61 0.04 0.9 0.04 0.89
--------------------------------------------------------------------
Including 3.0 12.0 9 0.14 2.9 0.15 2.92
--------------------------------------------------------------------
12.0 27.0 15 0.03 0.7 0.04 0.84
--------------------------------------------------------------------
31.5 39.0 8 0.01 0.3 0.03 0.51
--------------------------------------------------------------------
45.0 49.5 5 0.02 0.5 0.09 1.78
--------------------------------------------------------------------

--------------------------------------------------------------------
11 UTM 17TO522506, 5313702, Length 103.0m (338 ft),
Azimuth 320 degrees, Dip -70 degrees
--------------------------------------------------------------------
6.0 16.5 11 0.18 3.6 0.09 1.72
--------------------------------------------------------------------
16.5 48.5 32 0.08 1.7 0.03 0.54
--------------------------------------------------------------------
70.5 93.0 23 0.01 0.2 0.04 0.72
--------------------------------------------------------------------

--------------------------------------------------------------------
12 UTM 17TO522500, 5313706, Length 82.9m (272 ft),
Azimuth 140 degrees, Dip -50 degrees
--------------------------------------------------------------------
2.1 14.5 12 0.37 7.4 0.11 2.19
--------------------------------------------------------------------
23.5 56.5 33 0.04 0.8 0.03 0.60
--------------------------------------------------------------------

--------------------------------------------------------------------
13 UTM 17TO522500, 5313706, Length 115.9m (380 ft),
Azimuth 220 degrees, Dip -50 degrees
--------------------------------------------------------------------
35.0 98.0 63 0.05 1.1 0.03 0.69
--------------------------------------------------------------------

--------------------------------------------------------------------
14 UTM 17TO522500, 5313706, Length 82.9m (272 ft),
Azimuth 40 degrees, Dip -50 degrees
--------------------------------------------------------------------
14.0 53.5 40 0.06 1.2 0.03 0.53
--------------------------------------------------------------------

Low gold and silver values were returned
Hole # 8 did not return significant values.
Holes # 6 & 7 were previously reported on September 21, 2005.
January 19, 2006


The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Pacific Comox Resources Ltd.
    Donald Empey
    (416) 977-4653
    (416) 977-8335 (FAX)
    dempey@pacificcomox.com
    www.pacificcomox.com
    or
    Pacific Comox Resources Ltd.
    One Dundas Street West, Suite 2300, Box 13,
    Toronto, Ontario Canada M5G 1Z3