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Pacific Bay Reports Significant Surface Radiometric Anomalies on Chacho Uranium Property, Argentina
Vancouver, British Columbia, March 1, 2006 - Mr. Guilford Brett, President of Consolidated Pacific Bay Minerals Ltd. (TSX Venture: CBP, "the Company") is pleased to report that field work on the Cueva del Chacho uranium property in La Rioja Province, Argentina has confirmed significant surface radiometric anomalies found during government surveys in the 1970's. The Cueva del Chacho property is PacBay's top priority among its Argentine uranium prospects because it covers a favorable mineralized horizon 8 km to the north of the Los Colorados Mine where over 55,000 kg of uranium oxide was produced in the 1990's.
PacBay's Senior Consulting Geologist Dr. Richard Culbert, P.Eng, has completed field work on the Cueva del Chacho property and a final report is being prepared which will contain recommendations for trenching and drilling. As part of the recent field work, PacBay obtained historical reports on uranium prospecting activities by the Argentine Atomic Energy Commission (CNEA) over the Cueva del Chacho property. The historical work by the CNEA in the 1970's documented highly anomalous surface values in trenches shown on a stratigraphic profile across the property. Multiple horizons with strong surface radiometric anomalies are associated with the contacts between thin conglomerate and sandstone horizons and adjacent silts and shales containing carbonaceous material.
PacBay is focused on exploring for uranium and precious metals, and has staked significant uranium properties in the Patagonia region of Argentina near the Cerro Solo uranium deposit in addition to the Cueva del Chacho property in northwest Argentina. The Company has also acquired strategic claims in the highly prospective Mont-Laurier uranium district in southern Québec. George Sanders, M.Sc, P.Geo is a Qualified Person under National Instrument 43-101 and has approved the technical content of this News Release. A compilation of the historical geologic data from the Cueva del Chacho uranium property can be seen at our website www.pacificbayminerals.com.
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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