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Regalo Reconnaissance Reveals Large Alteration Zone Favorable for Gold Mineralization
Vancouver, British Columbia, February 9, 2004. Guilford H. Brett President, Consolidated Pacific Bay Minerals Ltd. (the Company), reports that preliminary results of a reconnaissance geological survey of the Companys Regalo Property in Chubut Province in the Patagonia Region of southern Argentina indicate a large zone of alteration that is highly favorable for gold mineralization. Under option from IMA Exploration Inc. (IMA), the almost completely unexplored Regalo Property covers highly anomalous gold values (131-831 ppb Au) found by IMA in the sediments of a wash on the Regalo Property during regional geochemical reconnaissance in 2003. In January of 2004, the Company carried out a program to determine the source of these gold anomalies. Under the agreement with IMA, the Company can acquire 51% of the property by issuing 900,000 shares to IMA and completing US$ 625,000 in work over 3 years and up to 70% in the Property by completing a feasibility study and financing the Property to production.
The reconnaissance program was carried out by consulting geologists Richard Culbert, Ph.D, P.Eng. and Robert E. Reid, P.Geo, who discovered what could be the sources of the gold anomalies. The anomalous drainage was found to be on the margin of an extensive zone of low sulfidation, epithermal alteration. Limestones and limy arenites of Jurassic age have been replaced by chalcedony (jasperoid) and related siliceous breccias, and by sectors of intense argillic alteration. The program has tested this epithermal zone by sampling gully sediments and altered materials along a trend, which is roughly one kilometer wide and three kilometers in length. The zone is open to the north. Pacific Bay is awaiting the results of this work and is actively seeking to acquire further property in the region.
The zone we have discovered is very reminiscent of geologic environments in the gold belts of Nevada, said the Companys President Guilford Brett. This is an exciting find and we look forward to vigorously exploring the Regalo Property.
On Behalf Of The Board Of Directors
Guilford H. Brett
President
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