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Pacific Bay Commences Field Work on Chacho Uranium Property, Argentina, Closes Financing
Vancouver, British Columbia, January 19, 2006 - Mr. Guilford Brett, President of Consolidated Pacific Bay Minerals Ltd. (TSX Venture: CBP, "the Company") is pleased to report that field work is underway on the Cueva del Chacho uranium property in La Rioja Province, Argentina where government surveys in the 1970's discovered significant surface radiometric anomalies. The Chacho property is PacBay's top priority among its Argentine uranium prospects because it lies on a favorable mineralized horizon 8 km to the north of the Los Colorados Mine which produced over 55,000 kg of uranium oxide in the 1990's. PacBay's geologists, led by Senior Consulting Geologist Dr. Richard Culbert, P.Eng, will be mapping and sampling the Chacho property to define drill targets in this exciting sedimentary roll-front uranium environment.
In Quebec, PacBay is encouraged by the early exploration results obtained by Nova Uranium in the province's Mount Laurier district. PacBay geologists have staked claims on-trend approximately 4 km to the north of Nova Uranium's key prospect where significant high grade uranium oxide values in drill holes and trenches were reported. Field work is planned for the spring of 2006 on the Mont-Laurier property.
The Company also wishes to report that it has closed its previously announced private placement financing whereby 2,000,000 units at $0.10 per unit were issued for proceeds of $200,000. Each of the units consists of one common share and one warrant to purchase an additional common share at $0.15. 1,672,500 warrants were issued with an expiry date of December 29, 2006 with a hold period expiry date of April 29, 2006 and 327,500 warrants were issued with an expiry date of January 17, 2007 with a hold period expiry date of May 18, 2006. A 10% finders fee in stock at $0.10 was payable on 1,500,000 of the shares resulting in the issuance of 150,000 common shares with hold periods of April 29, 2006 on 120,000 shares and May 18, 2006 on 30,000 shares.
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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