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PacBay Outlines Papaskwasati Anomalies, Signs Claims Agreement
Vancouver, British Columbia, December 11, 2007 - Mr. David Brett, CEO, Consolidated Pacific Bay Minerals Ltd. (TSX Venture: CBP, the "Company") reports that preliminary results of a recent helicopter borne radiometric and magnetic survey show significant elevated radiation in the northern and eastern portions of the Papaskwasati Uranium Property in Northern Québec. Also, the Company has signed a definitive Purchase and Sale Agreement for 150 claims in the Papaskwasati Basin for a total consideration of $17,500, subject to a 2% NSR on these claims that can be purchased at any time for $2M. The Papaskwasati Property now comprises 772 claims totalling 413 square klilometres (159 square miles).
The Papaskwasati Property now covers the bulk of the Papaskwasati Formation. Like the Athabasca Basin and the nearby Otish Basin, the Papaskwasati (Pépeshquasati) Formation is predominantly a sandstone/conglomerate sequence of Proterozoic age. Uranium potential lies in the deep sandstones and conglomerates at the center of the basin that were drilled during earlier uranium exploration cycles beginning in the late 1950's. Drill logs in historical 1969 assessment documents reported anomalous radiation confirmed by uranium assays in 3 holes drilled to basement in sandstones and conglomerates in the south-central portion of the Papaskwasati Basin. In addition, PacBay's claims cover significant portions of the basin rim and areas of thin sedimentary cover with known uranium anomalies, and include a hole drilled in 1959 that reported intersecting a radioactive conglomerate unit between 18 and 72 feet.
Investors should be cautioned that while encouraging, the above airborne geophysical anomalies are based on preliminary analysis of the data which must be confirmed by further analysis and follow-up ground exploration. The Company is now designing a program of exploration on the Papaskwasati claims planned for summer, 2008.
George Sanders, P.Geo, President, is a Qualified Person under National Instrument 43-101 for the technical portion of this News Release.
On Behalf Of The Board Of Directors
David H. Brett
CEO
Consolidated Pacific Bay Minerals Ltd.
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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