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Pacific Bay Provides Investor Update
For Immediate Release. Vancouver, British Columbia, October 6, 2008 - Mr. David H. Brett, President and CEO, Pacific Bay Minerals Ltd. (TSX Venture: CBP, the "Company" or "Pacific Bay"), provides the following brief shareholder and investor update on the Company financial position and exploration activities.
In September, 2008, the Company received $800,000 from the province of Quebec under its exploration tax credit program, bolstering the Company's cash position, which currently stands at $2,102,000. Additional short and long term cash receivables expected over the next 6 months total approximately $450,000. Program expenses related to the Papaskwasati and Haskins Reed of approximately $150,000 remain outstanding and will be paid shortly from cash on hand. The Company has no work commitments or payments required on any of its properties, apart from normal assessment work and regulatory costs. The Company has sufficient working capital for several years and is under no pressure whatsoever to finance. Full details of the Company's financial position will be reported in its Q3 financial statements that will be filed as soon as they are prepared.
Well funded partners are exploring two of the Company's key uranium properties in Quebec (Strateco and Otish Energy), and two other well funded companies are exploring two of the Company's gold (Regalo) and uranium (Cerro Solo) properties in Argentina (Aquiline and Portal Resources). Results of this work will be reported as they become available to the Company.
Crews recently completed a surface exploration program on the Company's 100% owned Papaskwasati Property in Quebec, results of which will be reported when all data has been compiled and interpreted by geoscientists working on the project.
In British Columbia, ground follow up of recently reported airborne geophysical anomalies has resulted in a new discovery, a sphalerite and chalcopyrite bearing base metal showing call the Mee Zone. The Company has limited information about the new showing and will report assay results and other data when it becomes available.
"Although difficult market conditions are affecting our share price significantly, Pacific Bay remains financially sound with a significant portfolio of mineral assets," said Pacific Bay CEO David H Brett. "Pacific Bay management will continue to prudently manage our assets to protect our shareholder's interests to the best our ability during this period of extreme market volatility."
Pacific Bay Minerals Ltd.
Per,
David H. Brett
President & CEO
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