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More Strong Gold Anomalies Expand Potential at Regalo
May 3rd, 2004. Mr. Guilford H. Brett, President, Consolidated Pacific Bay Minerals Ltd. (the Company) reports that the Company has received very encouraging results from an extended 3-week program of geochemical sampling on the Regalo Property of central Chubut Province, Argentina. The objective of this work was to follow up on two gold anomalies found previously in the silts of dry washes, and to do reconnaissance testing of a new extension of the property which, as previously announced, doubled the size of the property to 200 square kilometers. The enlarged Regalo property covers a complex of epithermal alteration zones in calcareous sediments. The Company can acquire 51 per cent of the Regalo property by issuing 900,000 shares (already issued) to its joint venture partner IMA Explorations Ltd. 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.
Dr. Richard Culbert, PhD, the Company's consulting Geologist who carried out the work, states:
Both of the follow-ups have outlined gold anomalies which are both extensive ( a few square kilometers) and intensive, in areas of little or no outcrop. Both located washes in which sediments returned over one gram per ton gold, despite clear dilution by silt distributed by the Patagonian winds. In addition, the reconnaissance work found five new anomalies that will require follow-up sampling. The large size of the gold anomalies, the fine-grained nature of the gold and the association with extensive hydrothermal alteration, are conformal with the classical model of epithermal gold deposits.
In view of this success, the Company is seeking to initiate an expanded exploration program consisting of grid sampling and other surface work to define and prioritize drill targets.
On Behalf Of The Board Of Directors
Guilford H. Brett
President
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