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Exploration Program Underway at July Uranium Project
For Immediate Release. Vancouver, British Columbia, April 23, 2012. David H. Brett, President and CEO, Pacific Bay Minerals Ltd. (TSX Venture: PBM, the "Company") reports that the Company has commenced an exploration program at the July uranium project in Chubut Province, Argentina. The program will consist of prospecting, mapping, sampling, soil geochemistry and trenching of known mineralized zones. The Company is earning a 90% interest in the property from state owned Petrominera Chubut, S.E.
"The Cerro Solo region of Chubut has emerged as the top uranium district in Argentina," said Pacific Bay CEO David Brett. "Discovery potential is high in this very under explored region."
The July property is a mineral claim located inside the Company's larger, 400sq KM Regalo property and about 35 KM north East of the state owned Cerro Solo uranium deposit. Situated within the favorable Los Adobes formation, the July hosts two previously discovered uraniferous paleo-channels that have been traced in outcrop for approximately 250 meters on surface, measuring 1 to 5 meters in width. Along strike of these zones, the Company has recorded high scintillometer readings for 1,500 meters. The shallow dipping structures are near surface and have significant potential. A brief reconnaissance of the July Project by Pacific Bay in March of 2011 returned grab samples up to 0.108% and scintillometer readings up to 9,000 counts per second.
Dr. Bernard Free, Ph.D., who examined the July property in 2011, stated: "The mineralization style at July has also been confirmed on Pacific Bay's adjoining Regalo claims, where a helicopter supported prospecting operation last year produced highly significant results. A zone measuring approximately 1.5km by 1.0km produced significant grade uranium mineralisation from a number of randomly selected surface exposures. Pac Bay considers this a maiden discovery confirming the uranium potential of the widespread host stratigraphy on the entire Regalo property."
The technical disclosures in this news release were reviewed and approved by Dr. Richard Culbert, Ph.D., P.Geo., a Qualified Person, as defined by National Instrument 43-101. Samples collected and referenced in this news release were submitted to and analysed by Alex Stewart Group located in Mendoza, Argentina.
Pacific Bay Minerals Ltd.
David H. Brett
President & CEO
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