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Pacific Bay Acquires Otish Mountains, Québec Uranium Claims On-Trend With Projected Matoush Structure Consolidated Pacific Bay Minerals Ltd. — TSX Venture — CBP
Vancouver, British Columbia, July 18, 2006 -- Mr. George Sanders, President, Consolidated Pacific Bay Minerals Ltd. (TSX Venture: CBP, the "Company") is pleased to announce the acquisition of additional mining claims in the Otish Mountains Basin, a number of which are positioned directly in line with the northern projection of the high grade Matoush uranium-bearing structure. Under an agreement with a private individual, the Company can acquire, subject to the approval of the TSX Venture Exchange, 67 mineral claims, of which 25 have presently been granted by the Province of Quebec, for total consideration of 200,000 shares and $3,200 in cash; 125,000 of the shares are payable upon receipt of TSX Venture approval and the balance by May 24, 2007. There is a 2% NSR royalty on the claims in favour of the vendor which can be purchased by PacBay, at its election, for $2,000,000.
PacBay's holdings in the Otish Mountains now total 90 claims representing an area of over 47 square kilometres (18 square miles) covering unconformity-related vein-type uranium targets in the Matoush structure and along the SW rim of the Otish Basin adjacent to claim blocks held by uranium explorers Cameco Corporation, Strateco Resources, Inc. and others. Strateco recently announced very significant high-grade uranium mineralization in drill holes in the Matoush structure less than 4 kms to the south of PacBay's claims in an area originally discovered in the 1980's by Uranerz Exploration and Mining, Ltd. Company Director Ernest D. Black, P.Eng proposed the initial staking in the Otish Mountains and will be directing PacBay's exploration program.
George Sanders, P.Geo, President and a Qualified Person under National Instrument 43-101 for the purposes of this News Release states "We are highly encouraged by Strateco Resource Inc.'s drill results and believe that there is a high probability that the extension of the Matoush structure will host similar uranium mineralization on our claim block to the north. The unconformity-related vein-type uranium occurrences in the Otish Mountains basin are geologically similar to those of the Athabasca Basin in northern Saskatchewan, and PacBay is strategically positioned for exploration success in the SW portion of this basin play."
A map showing the PacBay claims has been posted to our website www.pacificbayminerals.com along with a cartoon cross section of the Otish Mountains Basin showing the unconformity-related vein-type uranium exploration targets. Please visit our website for more information on our exploration programs in Québec and Argentina.
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
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.