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Pacific Bay to Aquire Cariboo Property
Vancouver, British Columbia, March 27, 2002. Guilford H. Brett President of Consolidated Pacific Bay Minerals Ltd. (the Company) wishes to announce that it has signed a Memorandum of Understanding with Mike Danroth, owner of the Nugget Mountain Gold property, located 26 km south of Wells, BC, in the Carabou Gold (Wayside Gold Camp.)
The Company can earn 100% interest in the property by completing a $500,000 work program over three years, and issuing 600,000 shares of Consolidated Pacific Bay Minerals Ltd., subject to terms and conditions and regulatory approval.
The property has received serious exploration attention over the years by Reo Canex and others, and displays similar geological characteristics to the Wayside Resources property to the north. A number of Gold Quartz veins exist on the property, with assay ranging between .06 oz/ton to 2.5 oz/ton in several locations. The possibility exists that replacement style gold mineralization could be present on the property, however, none has been found to date.
On Behalf Of The Board Of Directors
Guilford H. Brett
President
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