VANCOUVER, BRITISH COLUMBIA–(Marketwire – Sept. 24, 2009) – David H. Brett, President and CEO, Pacific Bay Minerals Ltd. (TSX VENTURE:PBM), the “Company” reports that the Company has acquired, subject to regulatory approval, 100% of four mineral claims in the Slate Bay area of the Red Lake gold district in the province of Ontario, comprising 44 units and totalling 704 hectares (the “Property”). The Property, which adjoins claims held by Gold Corp and Rubicon Minerals, covers ground, believed by previous operators, to be geologically favourable for economic gold mineralization. The purchase price for the property is $25,000 in cash plus 100,000 shares, of which $15,000 and 50,000 shares is payable upon TSX Venture Exchange approval and the balance of $10,000 and 50,000 shares is payable within 12 months of approval. There is a 1.5% NSR in favour of the vendor which is purchasable by the Company for $1 million.
“This strategic acquisition gives Pacific Bay shareholders exposure in one of the world’s richest gold mining districts, where significant new discoveries are still being made,” said Pacific Bay CEO David H. Brett. “This Red Lake property provides a good compliment to our portfolio of Uranium and other holdings.”
The Property is the subject of a number of historical geological, geophysical, geochemical and drilling reports and is underlain by metavolcanics and metasediments, granitic intrusive, quartz veining, carbonate, pryrite and fuchsite alteration features are present in a number of locations. Past work included limited drilling of iron formations with anomalous but sub-economic gold mineralization. The Company believes that further evaluation of the Property’s gold potential is warranted.
About Pacific Bay Minerals Ltd. Pacific Bay is a mineral exploration company with a diverse portfolio of properties with an emphasis on Uranium discovery. 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.
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, MBA, President & CEO
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.