VANCOUVER, BRITISH COLUMBIA–(Marketwire – June 4, 2009) – Mr. David H. Brett, President and CEO, Pacific Bay Minerals Ltd. (TSX VENTURE:PBM) (the “Company” or “Pacific Bay”) reports that the Company has acquired a 100% interest in five crown granted minerals claims, known as the Dalziel Property, located within its Haskins Reed polymetalic property near Cassiar in North Central British Columbia, which hosts a significant historic mineral resource. The total purchase price was $25,000 in cash. There is no NSR.
The Dalziel Property hosts a 700 metre long mineralized zone measuring 1.6 to 8.8 meters in width. In 1969 Spartan Resources drilled the zone and reported a resource of 250,000 tons grading 9.41% combined lead/zinc, 0.1% copper and 1.45 opt Silver(i). Unlike regular mineral claims, Crown Granted Mineral Claims in BC, each approximately 450 meters square, include surface rights and require no annual assessment work as they are granted by the Crown in perpetuity.
“Base metals have enjoyed a strong recovery in recent months and we believe there is further upside down the road,” said Pacific Bay CEO David Brett. “The Dalziel Zone adds more upside to the already sizable potential of the Haskins Reed Property and gives the Company greater exposure to rebounding base metal prices.”
The Haskins-Reed Property is a molybdenum, tungsten, silver, zinc, lead, copper prospect that hosts 13 mineralized zones; including skarn and porphyry style occurrences, with historical drilling, underground workings and resource delineation. The Company has an option to acquire 100% of the Haskins-Reed, subject to a 2% NSR.
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.
(i) The technical data in this news release is from historical reports that are believed by the Company to be reliable but dated prior to the establishment of Local Policy 43-101 governing the public disclosure of mining information. Therefore, this data should not be relied upon by investors.
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.