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Private Placement Arranged
December 16, 2002. Vancouver, BC. Guilford H. Brett, President, Consolidated Pacific Bay Minerals Ltd. reports that the Company has arranged a private placement of 350,000 units at $0.12, each unit consisting of one common share and one warrant to purchase an additional shares at $0.15 in year one and $0.20 in year two. The proceeds of $42,000 will be added to working capital.
Consolidated Pacific Bay Minerals Ltd. has recently completed the first phase of exploration on the Craze Creek property in the Cariboo district of British Columbia. The Company has the right to earn 100% interest in the property. The claims lie approximately 15 km south of International Wayside Gold Mines Ltd. Cow Mountain property, and adjacent to the historic Cariboo Hudson Mine. A limited drill program produced encouraging results. The best hole was hole 2 (as described in a news release dated August 26, 2002)which yielded 21.1 grams/t Au over 1.9 meters, (6.2 feet).
More recent surface work with an excavator on the Switchback Zone approximately one kilometer north west of the Jewelry Box Zone, exposed a strong carbonate altered schist which assayed in the 2 to 3 gram Au/ton range, (.06 to .07 oz Au/t) over 20 feet. This work also resulted in the discovery of an entirely new style of gold occurrence on the property. The occurrence can best be described as blue gray sericite schist with quartz fragments. The new zone, discovered in the trench, assayed 14.2 grams/t or .45 oz/t Au over 2 meters, 6.25 feet (assayed by EcoTech Laboratories). The assay was encouraging, making this a priority target for trenching in the early spring during the Companys proposed trenching and drilling exploration program.
On Behalf Of The Board Of Directors
Guilford H. Brett
President
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