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Pacific Bay Argentina Update
Vancouver, British Columbia, December 31, 2007 - Mr. David Brett, CEO, Consolidated Pacific Bay Minerals Ltd. (TSX Venture: CBP, the "Company") reports that in response to unfavourable political and regulatory changes in the region, the Company has dropped its option on the Cerro Negro property in the Famatina District, La Rioja Province, Argentina.
The Company's Argentina property portfolio now consists of "Cueva del Chacho" uranium property near the Los Colorados uranium mine in La Rioja province that was previously explored by the Argentine National Atomic Energy Commission ("CNEA"), the Regalo gold property in Chubut Province where Aquiline Resources Inc. is earning a 70% interest (definitive agreement pending), and the "Cerro Solo Basin" uranium claims located near CNEA's Cerro Solo uranium deposit that have been optioned to Portal Resources Inc. whereby Portal can earn a 60% interest.
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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