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Pacific Bay Options Argentina Uranium Property to UrAmerica
For Immediate Release. Vancouver, British Columbia, October 5th, 2009 - David H. Brett, President and CEO, Pacific Bay Minerals Ltd. (TSX Venture: PBM, the "Company") reports that the Company has optioned its 100% owned "Cerro Solo" claims in Chubut Province, Argentina (the "Property"), to UrAmerica Ltd., a private company focused on uranium discovery in Latin America. Under the option agreement, UrAmerica can earn a 60% interest in the Property by incurring USD$1,200,000 in exploration expenditures and paying Pacific Bay USD$140,000 over a 4 year period. Upon UrAmerica completing the option, the parties will then form a joint venture and contribute to Property expenditures pro-rata according to their respective interests.
Acquired by Pacific Bay in 2007, via staking, and formerly under option to Portal Resources Ltd., the Property lies within the "Cerro Solo Basin," a portion of the San Jorge Basin, where several known economic, open-pit uranium deposits occur. The Cerro Solo deposit is situated 30 kilometres to the west of the Property, and hosts a 43-101 non-compliant historical resource calculated by the Argentine National Atomic Energy Commission to be 10 million pounds of U3O8, at a grade of 0.30%; and, 3.3 million pounds of molybdenum at a grade of 0.20%MoS2. As previously reported by the Company, Portal Resources obtained encouraging "Alpha Track" radioactivity results that were interpreted to indicate a potentially Uranium mineralized paleochannel at depth within the local highly prospective Los Adobes Formation.
"UrAmerica has significant resources and expertise on the ground in Argentina and is focused on uranium discovery," said Pacific Bay CEO David H. Brett. "This partnership is a big step forward for Pacific Bay as we seek to leverage our uranium and other assets in Argentina."
About Pacific Bay Minerals Ltd. Pacific Bay is a mineral exploration company with a diverse portfolio of properties with an emphasis on uranium discovery worldwide. The Company has extensive land holdings in Quebec's Otish Mountains Uranium region, uranium and gold prospects in Argentina, an advanced base and precious metal prospect in northern British Columbia, and an exploration office seeking uranium opportunities in Namibia, Africa.
In other news, the Company wishes to make a correction to its news release of September 11, 2009 regarding the granting of 1.4 million 2 year stock option at $0.12 per share. This figure should have been 1.6 million options at $0.12 per share, not 1.4 million. All other terms remain the same.
The technical information contained in this news release has been reviewed and approved by Ernie Black, P.Eng., a consultant to the Company and a Qualified Person under policy NI43-101.
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.