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$1 Million Financing Arranged
Vancouver, British Columbia, March 29, 2006 - Mr. George Sanders, President, Consolidated Pacific Bay Minerals Ltd. (the "Company") reports that the Company has arranged non-brokered private placements of up to 1.5 million flow through units at 40 cents per unit, and 1.14 million non-flow through units at 35 cents, subject to regulatory approval. Proceeds of $1,000,000 will be used to fund exploration on the Company's 100% owned Mount Laurier uranium claims in Quebec, Canada as well as its uranium projects in Argentina, and for general working capital purposes.
Each flow through unit will consist of one common share and one half of one warrant to purchase a non-flowthrough share at a price of 45 cents for a period of one year.
Each 35 cent non-flowthrough unit will consist of one common share and one non-transferable share purchase warrant exercisable for one year at 40 cents. A finder's fee of 10% payable in stock at 40 cents per share may be payable on a portion of the financing.
On Behalf Of The Board Of Directors
George Sanders
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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