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Pacific Bay Files Claims in Emerging Cerro Solo Patagonia Uranium Basin Play Consolidated Pacific Bay Minerals Ltd. — TSX Venture — CBP
Vancouver, British Columbia, June, 28 2005 - Mr. Guilford Brett, President, Consolidated Pacific Bay Minerals Ltd. (TSX Venture: CBP, the "Company") reports that the Company has filed for three exploration permits totalling 300 square kilometers in an emerging uranium basin play in the Cerro Solo area of central Patagonia. These 10 by 10 kilometer exploration blocks cover a key part of the Cretaceous-age sedimentary basin and lie along the inferred east-west trend of paleochannels that tend to host uranium mineralization in this area.
George Sanders, M.Sc., P.Geo, Vice President for Argentina Operations said the decision to apply for this new ground was based on its favourable geology and its proximity to the Cerro Solo, Cerro Condor and Los Adobes uranium deposits. Staking activity has heated up substantially in this area in recent months based around the known uranium deposits that were discovered by the National Atomic Energy Commission, ("CNEA") in the 1960' s and 1970's as a result of regional geological and geophysical exploration. "We knew of the east-west trend of paleochannels hosting uranium mineralization in the basin, and we were able to stake these three large claims in a key position along this east-west trend where we consider the discovery potential to be high."
The known uranium deposits in the vicinity of Pacific Bay's claims lie within the San Jorge Basin and are hosted by continental fluvial and lacustrine sediments with a strong volcanic component belonging to the Chubut Group of Cretaceous age. Previous studies of the area have shown that epigenetic uranium mineralization is present in multiple stratigraphic horizons, and the PacBay claims cover potential mineralization in both coarse sandstones and conglomerates of the Los Adobes Formation, and in tuffs and volcaniclastics of the overlying Cerro Barcino Formation.
The Company has expressed its interest in working with the technical team belonging to the National Atomic Energy Commission, ("CNEA") to tap into their expertise in exploring this basin in order to rapidly develop uranium drill targets on this claim block.
Mr. George Sanders, M.Sc, P.Geo, VP for Argentina Operations, is the Qualified Person under National Instrument 43-101 for this exploration program.
The Company has also arranged a private placement of 200,000 units at $0.11 per unit, each unit consisting of on common share and one warrant to acquire an additional common share at a price of $0.15 for a period of 1 year, subject to regulatory approval. The proceeds of $22,000 will be added to working capital.
On Behalf Of The Board Of Directors
Guilford H. Brett
President
For Further Information Call
In Canada: 1-800-670-6570
In the USA:1-800-665-5101
Local: 604-682-2421
E-Mail: ir@pacificbayminerals.com
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