Pacific Bay Completes First Tranche of Financing


David H. Brett, President and CEO, Pacific Bay Minerals Ltd. (TSX VENTURE:PBM) (the “Company”) reports that the Company has closed on the first tranche of the private placement announced on November 4, 2010, and issued (i) 3,190,476 Flow-Through Units (“FT Units”) for gross proceeds of $335,000; and (ii) 2,500,000 Non-Flow-Through Units (“NFT Units”) for gross proceeds of $200,000. The Company is proceeding with the sale of the balance of the 809,524 Flow-Through Units at a price of $0.105 per FT Unit and 3,500,000 NFT Units at a Price of $0.08 per NFT Unit. A total of 3,000,000 FT Units were sold to the MineralFields Group.

Each NFT Unit consists of one common share and one common share purchase warrant (a “Warrant”) entitling the holder to purchase an additional common share for a period of two years at a price of $0.15 share during the first year and $0.25 per share during the second year. Each FT Unit consists of one “flow-through” common share and one-half of one Warrant. The Company paid finder’s fees consisting of $23,019 and issued 201,904 finders warrants in connection with closing the first tranche.

David Brett stated that “MineralFields Group is a returning investor to Pacific Bay, and we appreciate their ongoing support.”

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.