investors > press releases
Strateco Intersects Major Fault Structure At Rabbit Ears Uranium Prospect, Otish Mountains, Quebec
For Immediate Release. Vancouver, British Columbia, April 22, 2009 Mr. David H. Brett, President and CEO, Pacific Bay Minerals Ltd. (TSX Venture: PBM, the "Company" or "Pacific Bay") reports that Strateco Resources Inc ("Strateco") has completed a 1,498 meter diamond drilling program on the Company's "Rabbit Ears South" uranium prospect in the Otish Mountains region of northern Quebec. A targeted Matoush-like structure has been intersected but no uranium mineralisation was encountered. Strateco still has 1,000 meters to drill on Pacific Bay's claims in the region under option to Strateco, the details and timing of which have yet to be determined.
The second of the five hole program, PB-09-02, intersected a major, clay-rich, breccia zone. Although no mafic dyke structure, characteristic of the Matoush fault was encountered, the discovery of a strong breccia zone enhances the potential for Matoush style uranium discovery in the Rabbit Ears area.
Strateco is in the process of earning a 60% interest in a 277 mineral claim package owned by Pacific Bay in the western part of the Otish Mountains uranium-bearing district. The Strateco Optioned property comprises 145 square kilometres and hosts several high-priority exploration targets --- including drill targets in the Rabbit Ears claims. In 2007-2008, Strateco fulfilled its first-year option obligations to Pacific Bay; by completing 2,500 metres of drilling, incurring over $750,000 of exploration expenditures, and making payments of $100,000 cash and 40,000 shares of Strateco stock. Strateco's commitment in the second year of the option is $750,000 in work, including a minimum of 2,500 meters of drilling and cash and stock payments of $100,000 and 40,000 shares.
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.