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Encouraging Results from the Cariboo Gold District
Vancouver, British Columbia, June 26, 2002. Guilford H. Brett President of Consolidated Pacific Bay Minerals Ltd. (the Company) is encouraged by the recent drilling results announced by International Wayside Gold Mines Ltd. on the BC vein structure, Bonanza Ledge, (51 feet of 0.67 oz/ton). This Intersection bodes well for the Caribou gold district. In light of these encouraging results the Company is doubling its efforts to finance and is seeking to accelerate its plans to develop the Nugget Mountain property. The Companys property, which is situated approximately 16 kilometers south of the International Wayside Gold Mines Ltd. Bonanza Ledge, demonstrates similar geological conditions, and is in the "Productive Corridor". The property contains a number of high-grade veins which require mapping and systematic sampling. After completion of this work, a drilling program is planned.
The Company has not been able to meet the cash payments or work commitment to Diamond X LLC of Colorado, and the option on the diamond properties has been allowed to lapse. However, the Company is actively participating in a staking syndicate to acquire a land position in the North West Teritories, east of Lac de Gras.
On Behalf Of The Board Of Directors
Guilford H. Brett
President
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