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Pac Bay and Atna to Revisit Ty Property in Revitalized Finlayson Base Metal Camp
Vancouver, British Columbia, October 5, 2004 - Mr. Guilford Brett, President, Consolidated Pacific Bay Minerals Ltd. (the "Company") reports that the Company has increased its stake in the Ty Property located in the Finlayson district in south central Yukon Territory to 70%. Atna Resource Ltd. had an option to earn a 70% interest but dropped to 30% after electing not to complete certain work commitments. The parties now are forming a joint venture (CPBM 70%, Atna 30%) to further explorer the claims and follow up on previous encouraging results obtained in 1996.
The Company acquired several hundred claims by staking and by option in the Finlayson District during the mid 1990's when it carried out extensive exploration in the area. Work stopped when metal prices went into a major decline for several years. The Company retains an excellent knowledge base of the Finlayson area.
The Wolverine Deposit is the most important mineral occurrence in the district, boasting a resource in all categories of 6,237,000 tonnes grading 12.66 per cent zinc, 1.55 per cent lead, 1.33 per cent copper, 371 grams per tonne silver and 1.76 grams per tonne gold. The deposit contains significant amounts of selenium, which was a penalizeable element potentially affecting concentrate sales. Fortunately for the Finlayson camp, Selenium has enjoyed a ten-fold price increase to nearly $30/lb. The selenium content of the deposit may now be a positive economic factor, given its dramatic price increase.
The "Ty" prospect, acquired under an option agreement from a prospector, is the most promising of the Company's properties. Westmin Resources optioned the Ty ground in 1995 and spent $250,000 on a drill program, believing that the Ty property had potential for Wolverine style mineralization. Results were encouraging, including the discovery of extensive alteration and anomalous base and precious metals. However, Westmin dropped its option as metal prices declined. Pacific Bay subsequently optioned the Ty property to Atna, which spent $50,000 on the property. Atna refocused its own exploration efforts on gold in Nevada and did not complete work commitments under the agreement consequently, Pacific Bay's interest has reverted back to 70%, giving it control of the project and management committee. Atna has been retained by the management committee as Operator of the project.
In light of the renewed interest in precious and base metals, the Finlayson area will be once again be the focus of serious exploration projects. The nearby Wolverine deposit, which is now controlled by Expatriate after buying Atna's minority stake, is considered to be one of the highest-grade massive sulphide deposits in the world. The Ty property is underlain by similar geology and has the potential to host the same style of deposit as the Wolverine.
On Behalf Of The Board Of Directors
Guilford H. Brett
President
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