investors > press releases
Pacific Bay Regains 100% Control of Cerro Solo Uranium Properties
For Immediate Release. Vancouver, British Columbia, February 12, 2009 Mr. David H. Brett, President and CEO, Pacific Bay Minerals Ltd. (TSX Venture: PBM, the "Company" or "Pacific Bay") reports that the Company is advised by Portal Resources Ltd ("Portal") it is not proceeding with its option to acquire 60% of the Company's Cerro Solo area Uranium claims in Chubut Province, Argentina .
The Cerro Solo claims ("the Property") include 3 contiguous uranium exploration concessions totalling 300 square kilometres (115 square miles) were acquired based on favourable geology and proximity to the Cerro Solo, Cerro Condor and Los Adobes uranium deposits. Owned by Compania Nacional de Energia Atomica (CNEA), the Cerro Solo uranium deposit hosts a historical resource of 10 million pounds of U3O8 at a grade of 0.30% U3O8 and 3.3 million pounds of molybdenum at a grade of 0.20% molybdenum.
Portal completed an Alpha Track radon survey in 2008 which outlined a 3.5 kilometer long anomaly, trending northwest-southeast and up to 1.0 kilometer wide, which is interpreted to represent a potentially mineralized paleochannel within the highly prospective Los Adobes Formation.
"Pacific Bay's Cerro Solo area claims are in one of Argentina's most prospective uranium districts," said Pacific Bay CEO David Brett. "The Company looks forward to developing an exploration program to follow up on the known anomalies."
The technical information contained in this news release has been reviewed and approved by Ernie Black, P.Eng., a Qualified Person under policy NI 43-101.
Pacific Bay Minerals Ltd.
David H. Brett
President & CEO
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.