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Otish Energy, Pacific Bay Revise Otish Uranium JV

For Immediate Release. Vancouver, British Columbia, February 3, 2010 - Mr. David H. Brett, President and CEO, Pacific Bay Minerals Ltd. (TSX Venture: PBM, the "Company" or "Pacific Bay") reports that the Company and Otish Energy Inc. ("Otish Energy") have agreed to revise the terms of their option and joint venture agreement (the "Agreement") relating to Pacific Bay's "South West Otish " property located in the Otish Mountains uranium district, Quebec (the "Property"), subject to regulatory approval. The 33 square kilometre Property is located near claim blocks controlled by Cameco, Ditem and Dios on the South West nose of the Otish Basin where previous airborne surveys have outlined a number of priority exploration targets.

Under the revised Agreement, to earn a 60% interest in the Property, Otish Energy must:

  • Issue to Pacific Bay 550,000 shares of Otish Energy upon TSX-V approval
  • Issue to Pacific Bay an additional 75,000 shares of Otish Energy by September 24, 2011.
  • In 2010 complete assessment work or pay cash-in-lieu to keep the property in good standing, up to $68,000.
  • Incur expenditures related to the Property of totalling $250,000 by September 24, 2011.
  • Incur an additional $375,000 in exploration expenditures by 2012.
  • Incur an additional $500,000 in exploration expenditures by 2015.

All other terms of the Agreement remain the same. Upon Otish Energy earning a 60% interest in the Property on completion of the above, the parties will form a joint venture whereby each will participate in programs and budgets according to their respective working interests.

Pacific Bay Minerals Ltd.
Per,
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.