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Argentina Property Yields More Anomalous Gold Values Steps Taken to Secure Additonal Claims
Vancouver, British Columbia, February 24, 2004. Guilford H. Brett President, Consolidated Pacific Bay Minerals Ltd. (the Company), reports samples taken during a reconnaissance geological survey of the Company's Regalo Property in Chubut Province in the Patagonia Region of southern Argentina (the Regalo Property) have confirmed and extended the anomalous gold zone on the Property. Management is encouraged by the results and is seeking to acquire additional mineral interests in the immediate area and hopes to return as soon as possible to follow up on the new data. Under the agreement with IMA Exploration Inc. (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 Company's consulting geologist who carried out the work, Richard Culbert, Ph.D, states: As previously reported, exploration was carried out on the Regalo Property following up anomalous gold values discovered by IMA in wash sediments. A low sulfidation epithermal alteration zone was discovered, of roughly one kilometer width and outlined for some three kilometers, being open to the north.
Results of sampling are now available, and clearly indicate an auriferous zone along the western edge of the epithermal alteration, in a poorly exposed terrain of limestones and limy arenites. This belt is outline by 12 dry-wash silt samples which returned values (in 80 mesh fraction) in the range 45989 ppb gold. The great majority of this gold is lost in panning, indicating and extreme fineness, consistent with epithermal emplacement.
A substantial anomaly (298 ppb) was also received from an isolated wash in the eastern sector of the 100 square kilometer Regalo Property, and will require further investigation.
The Company has applied for an extension to the existing property, and will be returning to further define and extend the gold-bearing trend.
These are good gold values in an area with the right geology for a significant deposit, said the Company's President Guilford Brett. It is exciting to be working an area that looks this good but has been so little explored so far.
On Behalf Of The Board Of Directors
Guilford H. Brett
President
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