Pacific Bay Minerals Ltd.: Haskins-Reed Core Yields 66 Meters 0.11% Tungsten and 43 Meters 0.05% MoS2; Also, New Gold Target Identified


VANCOUVER, BRITISH COLUMBIA–(Marketwire – Jan. 20, 2010) – David H. Brett, President and CEO, Pacific Bay Minerals Ltd. (TSX VENTURE:PBM) (the “Company”) reports assay results from previously un-sampled sections of historic Mount Reed drill core, within the Company’s 100% optioned Haskins-Reed Property near Cassiar, BC, – including 66.16 meters grading 0.115% Tungsten and 42.68 meters grading 0.051% MoS2 (0.030% Mo) from hole 81-11.

The Haskins-Reed property hosts several different styles of mineralization including skarn hosted Lead-Zinc-Silver-Bismuth, intrusive hosted Moly/Tungsten, and vein hosted silver-lead deposits. Company geologists have also recently discovered potential low-sulphidation, low grade gold mineralization on the property.

In 2009, Company geologists found visible moly in large sections of well preserved, un-assayed historic drill core in the Mount Reed section of the Haskins Reed Property. Core from two of the historic drill holes were re-logged and previously un-assayed sections were split and sent to Eco Tech Labs for analysis. The assay results confirm molybdenum occurs in a granitic intrusion as well as within alteration zones, where the latter comes in contact with sedimentary cap-rocks. Molybdenum occurs coincidently with Tungsten, withIn the contact selvage zones.

“Management believes these results confirm the potential for a large scale, intrusive hosted molybdenum deposit with Tungsten enrichment at Haskins-Reed,” said Pacific Bay CEO David H. Brett. “This renewed Moly/Tungsten potential, combined with the property’s well established Lead-Zinc-Copper-Silver potential, makes the Haskins-Reed property a compelling exploration target for Pacific Bay.”

To better understand the mineralization, Company geologists are currently working on a detailed compilation of historic drilling and other geologic data in the Mount Reed Zone. Plans for 2010 include a thorough re-examination and assaying of all untested drill core and development of new diamond drill targets.

The following table summarized the significant drill core results:

Hole ID      FROM   TO (m)  % Mo  % MoS2  m Core
81-11       60.98   84.45  0.037   0.062   23.48
81-11      160.06  218.60  0.025   0.042   58.54
incl.      160.06  202.74  0.030   0.051   42.68
81-6        59.45  125.00  0.027   0.046   65.55

Hole ID   From (m)  To (m)   W %  m Core
81-11      136.59  202.74  0.115   66.16

Part of the 2009 trenching program focused on a significant and widespread high gold, multi-element soil anomaly near the Joe Reed silver-lead vein. Although the trenching failed to definitively identify the source of the gold anomaly, prospecting revealed the presence of low-temperature hydrothermal system. This gold-bearing multi-element soil anomaly coincides with a strong magnetic anomaly and includes notable hydrothermal pathfinder values, such as arsenic. The Company plans include aggressive follow-up of this new gold target in the 2010 exploration season to define possible drill targets.

The technical information contained in this news release has been reviewed, edited and approved by Ernie Black, P.Eng., a consultant to the Company and a Qualified Person under policy NI43-101. All assays reported in this news release were prepared by Eco Tech Laboratory Ltd. of Kamloops, B.C.

In other news, the Company has granted to an employee an incentive option to purchase 200,000 shares at $0.12 per share for two years.

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.