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IMA and Pacific Bay Add to Regalo Property, Argentina
March 30, 2004 Mr. Guilford H. Brett, President, Consolidated Pacific Bay Minerals Ltd. (the Company) reports that the Company has acquired an additional 10,000 hectares (38.6 square miles) of claims adjoining the Regalo Property to the north. The new claims cover a favorable epithermal alteration zone that extends northward from the Regalo claim boundary. Located in the Chubut province, in the Patagonia region of southern Argentina, the Company can acquire 51 per cent of the Regalo property by issuing 900,000 shares (already issued) to IMA Exploration Inc. (IMA) and completing $625,000 (U.S.) in work over three years. Pacific Bay can acquire up to 70 per cent in the property by taking the property to production. This new claim acquisition falls under the existing option agreement with IMA and doubles the joint ventures land position to 20,000 hectares (77.2 square miles).
As previously reported (February 9, 2004), the new ground was acquired in light of a January 2004 reconnaissance mission that indicated a large zone of alteration highly favorable for gold mineralization. Richard Culbert, PhD, PEng, and Robert E. Reid, PGeo, have reported on 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 sulphidation, 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 Limestones and limy arenites of Jurassic age have been replaced by chalcedony (jasperoid) and related siliceous breccias, and by sectors of intense argillic alteration.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. This zone is open to the north and is now covered by the extended land agreement.
In early March, 2003, the Company's consulting Geologist Richard Culbert returned to Argentina to follow up the reconnaissance January results. A further update will be provided upon Mr. Culbert's return to Vancouver in the coming days.
On Behalf Of The Board Of Directors
Guilford H. Brett
President
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