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Additional Nugget Mountain Claims Acquired -- Private Placement
Vancouver, British Columbia, February 3, 2004. Guilford H. Brett President of Consolidated Pacific Bay Minerals Ltd. (the Company), reports that the Company has acquired, subject to TSX Venture Exchange approval, 2 placer leases on Cunningham Creek, that overlay the Company's Nugget Mountain Mineral Claims in the Cariboo mining district of central British Columbia. Consideration for the acquisition is 70,000 shares of the Company.
The Company has also arranged a private placement of 50,000 units at $0.15 per unit, each unit consisting of on common share and one warrant to acquire an additional common share at a price of $0.19 for a period of 2 years, subject to regulatory approval. The proceeds of $7500 will be added to working capital.
On Behalf Of The Board Of Directors
Guilford H. Brett
President
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.