Pacific Bay Commences Exploration Mobilization to Atlin Goldfields Property

Vancouver, British Columbia, August 23, 2022.

Pacific Bay Minerals Ltd. (TSX Venture: PBM, “Pacific Bay” or the “Company”) is pleased to report that the Company has engaged Diamondhead Drilling Inc. for its upcoming drilling campaign expected to commence in September of 2022. Diamondhead has mobilized equipment to Yellowjacket Camp located within the Atlin Goldfields Property (the “Property”) and the Company’s management has been on site the last several weeks to initiate camp and exploration preparations.

“We’re pleased with the state of the property, which includes an existing camp and excellent road access to our targeted drill locations,” said Pacific Bay CEO Antonio Vespa.” We’re confident in launching a meaningful exploration program in short order.”

“We look forward to a significant program at Atlin this year,” said Pacific Bay VP Ex. Sebastien Ah Fat. “The main objective of the exploration program in 2022 is to focus on the Yellowjacket deposit where drilling will aim at delineating a resource estimate within the known mineralized constraints. Lateral extensional drilling to the east and west will seek to test the continuity and possibility for expansion of the deposit along the Pine Creek Fault zone.”

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Figure 01: Atlin Goldfields Site Camp

Atlin Goldfields

  • Underexplored, district-scale gold property with 56,569 hectares of mineral tenures.
  • Prospective for high grade orogenic gold deposit systems including the Yellowjacket high grade gold deposit.
  • 200 ton-per-day mining permit (Yellowjacket Mine) and MYAB exploration permits in place.
  • Excellent access to infrastructure, transportation, and nearby communities.
  • Top-tier mining jurisdiction.

Sebastien Ah Fat, P.Geo., Vice President, Exploration for the Company and a qualified person as defined by National Instrument 43-101, has reviewed and approved the technical information contained in this news release.

About Pacific Bay Minerals Limited

Pacific Bay Minerals is a Canadian mineral exploration company engaged in the acquisition, exploration, and development of mining projects. Pacific Bay Minerals is focused on advancing its flagship project, Atlin Goldfields, located in Atlin, British Columbia, with a 56,569-hectare package of mineral tenures. The company also holds 100% interest in three mineral properties located in British Columbia: Wheaton Creek Gold, Haskins Reed, and Weaver Gold.

On Behalf of the Board of Directors

Antonio Vespa, President and CEO

(604) 682-2421

IR Contact:

Helder Carvalho, Vice President, Corporate Development / Twitter / LinkedIn

This news release contains “forward‐looking statements” within the meaning of Canadian securities legislation. Forward‐looking statements include, but are not limited to, statements with respect to: the expected size and use of proceeds of the Offering, the timing for and expected completion of a definitive option agreement, plans relating to exploration of the Property, the magnitude and quality of the Property, spending commitments, and regulatory approvals (including approvals of the TSXV). Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which Pacific Bay will operate in the future. Certain important factors that could cause actual results, performances or achievements to differ materially from those in the forward‐looking statements include, amongst others, the global economic climate, dilution, share price volatility and competition, results of exploration activities and development of the Property, risks associated with the completion of a definitive option agreement for the Property or that any such agreement may be terminated or the option not exercised, risks relating to regulatory approvals, and the ability of the Company to complete the Offering as contemplated or at all. Although Pacific Bay has attempted to identify important factors that could cause actual results to differ materially from those contained in forward‐looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward‐looking statements. Pacific Bay does not undertake to update any forward‐looking statements, except in accordance with applicable securities laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.