Pacific Bay Minerals Ltd.: New Showing, Strong Geochem Results at Haskins-Reed

January
19
2009

VANCOUVER, BRITISH COLUMBIA–(Marketwire – Jan. 19, 2009) – Mr. David H. Brett, President and CEO, Pacific Bay Minerals Ltd. (TSX VENTURE:PBM) (the “Company” or “Pacific Bay”), reports that new rock sample assays and soil geochemical results have confirmed a polymetallic showing and a large polymetallic soil anomaly, on its 100% optioned Haskins-Reed property, near Cassiar, BC. Following up of airborne geophysical results, which showed a large magnetic anomaly (described in the Pacific Bay’s September 19, 2008 news release), Company crews discovered the ‘MEE’ zinc-copper-silver skarn occurrence that assayed 10.18% zinc, 1.46% copper and 24 g/t silver over 0.7 metres. A soil geochemical grid established near the Joe Reed silver-lead-zinc vein outlined a large and strong multi-element anomaly, 800 metres long and 125 to 500 metres wide.

The Haskins-Reed is a molybdenum, tungsten, silver, zinc, lead, copper prospect that hosts over 12 separate mineralized zones; including skarn and porphyry style occurrences, with historical drilling, underground workings and resource delineation. The Company believes the Haskins-Reed has the potential to host large scale porphyry deposits as well as skarn deposits of economic size and grade.

The MEE showing opens up a new area of interest on the property. Exposed by hand trenching over a limited area, the showing was examined by Jay Page, PGeo, on behalf of Discovery Consultants. Page described the showing as a magnetite-wollastonite-tremolite skarn, developed in a carbonate-rich rock, containing bands of semi-massive magnetite, including concentrations up to 10 cm thick of high-grade sphalerite and lesser chalcopyrite, along with some pyrite and pyrrhotite. Several semi-parallel bands of magnetite and associated sulphides have a maximum aggregated width of about 60 cm, within a zone 1.3 m wide. Chip samples assayed 10.18% zinc, 1.46% copper, and 24 g/t silver, over 0.7 metres and 6.44% zinc, 0.38% copper and 10 g/t silver over 1.0 metre. A panel chip sample over the whole showing assayed 6.55% zinc, 0.61% copper and 15 g/t silver.

In another sector of the property (please see maps posted to the Company’s web site for location and other data), south of the Joe Reed Vein, where Cominco historically concluded that there was about 80,000 tons of “indicated and inferred” mineralization grading 6.4 opt silver, 5.5% lead and 4.1% zinc, with an average width of 5 feet (this resource is “historic” and not in compliance with 43-101 requirements, should not be relied on by investors, and is included only for reference), a significant airborne magnetic anomaly, outlined in 2008, was tested by soil sampling. Results of the latter show a moderate to strong zinc-lead-silver-arsenic-antimony-bismuth-gold anomaly over an 800-metre north-south zone, measuring 125 metres to 500 metres in width.

Both the MEE showing and the Joe Reed multi-element soil anomaly warrant further exploration. The Company plans additional prospecting, soil sampling and backhoe trenching in the upcoming spring/summer season, to test these zones. In the meantime, the Company is engaged in a compilation and interpretation of all significant historical data on the property.

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. All assays reported in this news release were prepared by Acme Analytical Laboratories of Vancouver, B.C.

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.