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Company has aquired Option for Nugget Mtn. Property
Vancouver, British Columbia, May 16, 2002. Guilford H. Brett President of Consolidated Pacific Bay Minerals Ltd. (the Company) wishes to announce that it has acquired an option to earn 100% interest on the Nugget Mountain Gold Property owned by Mike Danroth. The gold property is in the Barkerville/Caribou mining district; south and adjacent to properties being actively developed by International Wayside Gold Mines Ltd. The claims have undergone fairly extensive exploration work by previous operators such as Rio Canex, and others; which have demonstrated the existence of a number of high grade gold quartz veins, silver veins, and disseminated type gold mineralization. The property is on the "favorable corridor" of rock assemblages similar to those gold structures being actively developed by International Wayside Ltd. The work completed by International Wayside Gold Mines Ltd. over the last few years has added significantly to the understanding of this important gold camp. A number of drill targets exist on Nugget Mountain. The Company, under the terms of the option agreement are to issue 400,000 shares of Consolidated Pacific Bay Minerals Ltd. and complete $300,000 worth of work over two years, $100,000 to be spent year one. Upon completing $300,000 in work and issuing the 400.000 the Company will have earned a 51% interest. To complete the option agreement the Company must issue an additional 200,000 shares of Consolidated Pacific Bay Minerals Ltd., and complete an additional $200,000 work program, (Phase III). The property is subject to a 2 1/2% N.S.R.
On Behalf Of The Board Of Directors
Guilford H. Brett
President
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