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Strateco and Pacific Bay Complete Final Agreement on Otish Uranium Claims

Montreal, Québec and Vancouver, British Columbia, January 15, 2008 - (Joint News Release) - Mr. Guy Hébert, President, Strateco Resources Inc. (TSX: RSC, "Strateco") and Mr. David Brett, CEO, Consolidated Pacific Bay Minerals Ltd. (TSX Venture: CBP, "Pacific Bay") are pleased to announce the execution of a definitive agreement whereby Strateco can earn a 60% interest in 277 Pacific Bay mineral claims located in the Matoush District of Québec's Otish Mountains (the "Property").

The agreement calls for Strateco to pay Pacific Bay a total of Cdn$500,000 and issue 200,000 Strateco shares over 4 years and incur Cdn$3 million in exploration expenditures over 4 years, including a minimum of 10,000 meters of drilling. As part of the transaction, Strateco has acquired 1 million units of Pacific Bay at a price of $0.30 per unit. Each unit consists of one common share and one warrant to purchase one common share of Pacific Bay at $0.60 per share for a period of 24 months. The shares and warrants are subject to a 12-month resale restriction period expiring January 14, 2009.

On October 29, 2007, Strateco assumed direction of exploration activities on the Property. The Property comprises an area of 145 square kilometres (56 square miles) in the Otish Mountains where Strateco has been drilling the Matoush high-grade uranium orebody.

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

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.