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Nugget Mountain/Craze Creek Project
Vancouver, British Columbia, August 26, 2002. Guilford H. Brett President of Consolidated Pacific Bay Minerals Ltd. (the Company) wishes to announce that it has completed an initial orientation diamond drill program on the Nugget Mountain/Craze Creek Property South-West of Wells BC in the Cariboo Region of British Columbia.
Four (4) NQ Diamond drill holes totaling 302.3m (992) were drilled to test strike extensions and down dip extensions of the B-Zone and the Jewelry Shop, two (of several) vein systems originally discovered, trenched and drilled by Loki Gold Corporation in 1989. The initial Loki programs while yielding promising results, were very limited in extent.
Gold veining in the Nugget Mountain Area consists of structurally complex systems of northwest striking, sub-vertical dipping, gold bearing quartz veins offset by north-south trending sub-vertical offsetting faulting. These zones are interpreted as being proximal to the Rainbow/Baker Contact which is recognized as being an important target in the region. The Mosquito Creek, Island Mountain, and Cariboo Gold Quartz deposits at Wells are associated with this contact. These deposits have a recorded production of some 3 million tons of ore grading 0.4 oz/T Au (T.J. Termuende, 1990).
B-Zone
Initial Loki Gold trenching of the zone exposed some 60m of the system. Loki chip sampling yielded values that include 18.6 g/T Au over 5m and 17.9 g/T Au over 2m. Loki drill results from 2 pairs of holes on 25 m spaced sections central to the zone yielded results that included:
| Hole | From | To | Au g/TLength | (m) |
| 89-5 | 26.7 | 27.7 | 2.90 | 1.00 |
| 26.7 | 27.7 | 17.93 | 0.01 (incl) | |
| 29.3 | 30.6 | 2.18 | 1.30 | |
| 35.9 | 40.1 | 1.33 | 4.20 | |
| 46.4 | 46.6 | 1.75 | 0.20 | |
| 89-6 | 28.1 | 29.4 | 7.14 | 1.30 |
| 41.2 | 42.6 | 41.77 | 1.40 | |
| 51.4 | 52.9 | 2.44 | 1.50 | |
| 89-8 | 34.0 | 35.0 | 3.38 | 1.00 |
Pacific Bays First Hole (B Zone)
CC02-01 drilled on section 34m south of 89-7 and 89-8 intersected the B-Zone 30m below surface. The intersection yielded 21.1 g/T (.678 oz Au/tonne) over 1.9m between 31.7-33.6 (1.9m core, 1.35m TW). Thus confirming the high grade nature of the deposit.
CC02-02 was designed to test the B-Zone on section 20m north of 89-5 and 89-6. The hole intersected Quartz stringered graphitic schist from 51.1-51.4 yielding 7.09 g/T Au over 0.3m core (0.2m TW) and the down dip extension of the B-Zone 20m below surface from 55.6-56.8 yielding 3.61 g/T Au over 1.2m core (0.85m TW). The current drilling has extended the B-Zone by 54m. The Zone remains open to the North and South along strike.
Jewelry Shop
Initial Loki Gold Corporation trenching of the zone exposed some 60m of the system. Loki chip sampling yielded values that include 7.88 g/T Au over 5m and 3.56 g/T Au over 5m and 3.56 g/T Au over 18m. Loki drill results from 2 pairs of holes on 25m spaced sections central to the zone yielded results that included:
| Hole | From | To | Au g/TLength | (m) |
| 89-1 | 21.4 | 22.0 | 17.23 | 0.60 |
| 35.7 | 39.1 | 9.48 | 3.40 | |
| 89-2 | 41.7 | 42.3 | 2.11 | 0.60 |
| 43.9 | 44.8 | 3.19 | 0.90 | |
| 46.3 | 47.7 | 1.34 | 1.40 | |
| 50.3 | 51.4 | 1.94 | 1.10 | |
| 89-3 | 16.8 | 17.8 | 0.47 | 1.00 |
| 89-4 | 21.9 | 22.6 | 3.83 | 0.70 |
Pacific Bay Drilling Jewelry Shop (2002)
Hole CC02-03 was designed to test the Jewelry Shop zone on section 20m north of 89-1 and 89-2. The hole intersected the zone 25m below surface from 45.1-52.5 yielding 2.1 g/T Au over 7.4m core (5.2m TW). This interval includes semi-massive sulphide bands in vein yielding 5.1 g/T over 1.8m core (1.3m TW) between 45.1 and 46.9m and sulphidic graphitic schist yielding 10.18 g/T Au over 0.4m core (0.3m TW) between 51.8 and 52.2m.
Hole CC02-04 was designed to test the Jewellery Shop zone on section 20m north of 89-1 and 89-2 and undercut CC02-03 by 15m at the vein zone. The hole intersected veining 40m below surface from 53.3-61.8 yielding 1.77 g/T Au over 8.5m core (4.3m TW).
On Behalf Of The Board Of Directors
Guilford H. Brett
President
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