VANCOUVER, BRITISH COLUMBIA–(Marketwire – Sept. 11, 2008) – Mr. David H. Brett, President and CEO, Pacific Bay Minerals Ltd. (TSX VENTURE:PBM) (the “Company” or “Pacific Bay”) reports that the Company has entered into an option and joint venture agreement (the “Agreement”) with Otish Energy Inc. (“Otish”), subject to regulatory approval, whereby Otish can earn up to a 60% interest in the Company’s “Otish South” property located in the Otish Mountains uranium district, Quebec (the “Property”). Property comprises 33 square kilometres and forms a key-shaped group of claims at the junction of large claim blocks controlled by Cameco, Ditem and Dios on the South West nose of the elongated Otish Basin.
Under the Agreement, to earn a 60% interest in the Property, Otish must over 3 years:
– pay the Company $150,000, $25,000 upon TSX-V approval
– issue to Pacific Bay 600,000 shares of Otish, 100,000 upon TSX-V approval
– Incur $1,125,000 in exploration expenditures over 3 years, with $250,000 required in the first year.
Upon Otish 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.
“I’m very pleased to partner with Otish Energy on this strategically located property,” said Pacific Bay CEO David H. Brett. “Otish Energy has assembled a strong team with uranium expertise and an ability to execute programs efficiently in this region.”
Pacific Bay Minerals Ltd.
David H. Brett, MBA, President & CEO
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.