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Mapping and Sampling Program Begins on PacBay's Cerro Negro Gold Property, Argentina Consolidated Pacific Bay Minerals Ltd. — TSX Venture — CBP
Vancouver, British Columbia, July 11, 2006 -- Mr. George Sanders, President, Consolidated Pacific Bay Minerals Ltd. (TSX Venture: CBP, the "Company") is pleased to announce that detailed mapping and sampling has commenced on the northern portion of its Cerro Negro property in the Famatina District of La Rioja province, Argentina, where first-pass prospecting in March, 2006 returned highly anomalous gold values in rocks and talus soil samples, including a rock sample from outcrop which assayed 40.6 grams per tonne Au (1.3 ounces per ton) in the "Cablecar Creek" zone. This field work will be carried out by Rojas y Asociados of Mendoza, Argentina, one of the most highly respected geological consulting groups in Argentina, who will be mapping and sampling in detail to outline areas for bulldozer trenching and construction of drill platforms slated to begin in September, 2006. The target is disseminated gold mineralization in the porphyry gold, copper and molybdenum system being actively explored immediately to the north of the Cerro Negro property by Barrick Gold Corporation in joint venture with Yamiri Gold and Energy Inc. Barrick announced that it will go ahead with its planned $10M exploration program in the Famatina District in a presentation to local authorities in April, 2006. Barrick has already spent $2M since the beginning of 2005 in drilling disseminated gold targets within 4 Km of PacBay's Cerro Negro property in this Pliocene age (approximately 8 to 4 my), strongly mineralized, sub-volcanic porphyry intrusive complex hosting one of Argentina's most famous gold and silver mining districts.
George Sanders, P.Geo, President of Consolidated Pacific Bay Minerals and Qualified Person under National Instrument 43-101 for the purposes of this News Release, states "Consulting Geologists Rojas y Asociados, led by President Nivaldo Rojas, have unsurpassed knowledge and experience in these Argentine porphyry gold copper molybdenum systems and we are confident that they will uncover the potential of Cerro Negro and lead us to a discovery on this exciting property. We will aggressively follow up on the very encouraging first pass gold results obtained last March in the Cablecar Creek area with the goal of establishing drill targets during this phase of work."
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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Forward Looking Statements
There are forward-looking statements contained herein that are not based on historical fact, including without limitation statements containing the words "believes", "may", "plans", will", "estimate", "continue", "anticipates", "intends", "expects" and similar uncertainties and other factors that may cause the actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward-looking statements. Such factors include, among others, Pacific Bay's exploration results and risks associated with the exploration activity. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. The Company disclaims any obligation to update any such factors or to publicly announce the result of any revisions to any of the forward-looking statements contained herein to reflect future results, events or developments.