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Pacific Bay Closes $631,440 Financing
Vancouver, British Columbia, March 9, 2005 - Mr. Guilford H. Brett, President, Consolidated Pacific Bay Minerals Ltd. (TSX Venture: CBP, the "Company") reports that the Company has closed a $631,440 financing with Wolverton Securities Ltd. by way of a Short Form Offering document as announced December 23, 2004. The Company has issued 5,262,000 units at $0.12 per unit with each unit consisting of one Common share and one non-transferable share purchase Warrant that will allow the holder to purchase an additional Common share at a price of $0.15 for a period of two years from the date of closing, March 8, 2007. 815,000 of the units are restricted from trading until July 9, 2005. In conjunction with the offering, a total of 789,300 Agents Options were issued, each Option is exercisable for two years (March 8, 2007) and entitles the holder to acquire a unit consisting of one Common share and one non-transferable share purchase Warrant that will allow the holder to purchase an additional Common share at a price of $0.15 for a period of two years (March 8, 2007). The proceeds will be used to pay the costs of the offering, exploration of the Company's Regalo project in Argentina and for general working capital.
The Company also wishes to announce that it has granted Incentive Stock Options on 300,000 shares of the Company's capital stock, 200,000 at a price of $0.12 per share and 100,000 at a price of $0.15 per share, all exercisable up to two (2) years. Neither exercise price is lower than the last closing price of the Company's shares prior to this announcement less the applicable discount. The options are granted pursuant to the Company's Stock Option Plan and will be subject to applicable regulatory hold periods.
On Behalf Of The Board Of Directors
Guilford H. Brett
President
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.