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Consolidated Pacific Bay Arranges $250,000 Financing — TSX Venture — CBP
Vancouver, British Columbia, November 9, 2006 - Mr. George Sanders, President, Consolidated Pacific Bay Minerals Ltd. (TSX Venture: CBP, the "Company") is pleased to announce a non-brokered private placement of up to $250,000 through the sale of up to 1,000,000 flow-through units ("FT Units") at $0.25 per unit, subject to regulatory approval. The MineralFields Group of Toronto, Ontario, has agreed to acquire 780,000 FT Units for gross proceeds of $195,000. The FT Units will be comprised of one flow-through common share and one half warrant to purchase an additional non flow-through common share at $0.35 for a period of one year. Finder's fees in cash and/or securities may be payable in connection with the financing. The proceeds of the financing will be used to further the Company's ongoing uranium exploration activity in Quebec
About the Company
The Company explores for uranium and precious metals in North and South America, with major projects underway in Québec and Argentina. Please visit our web site www.pacificbayminerals.com for more information on all our exploration properties.
About MineralFields
MineralFields Group (a division of Pathway Asset Management) is a Toronto-based mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada during most of the calendar year, as well as hard-dollar resource limited partnerships to investors throughout the world. Information about the MineralFields Group is available at www.mineralfields.com
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.