VANCOUVER, BRITISH COLUMBIA–(Marketwire – Nov. 4, 2009) – David H. Brett, President and CEO, Pacific Bay Minerals Ltd. (TSX VENTURE:PBM) (the “Company”) reports that Strateco Resources Inc. (TSX:RSC) has provided the Company with a summary report of its drill program on Pacific Bay’s mineral claims in the Otish Mountains Uranium District of Quebec. Strateco drilled 7 diamond drill holes totalling 2,022 meters of drilling in two separate zones of interest. Strateco also recently made the required option payments to Pacific Bay ($100,000 and 40,000 shares of Strateco) and has now completed the required $750,000 work commitment to keep the option in good standing for the coming year. Strateco has an option to acquire up to 60% interest in a large package of Pacific Bay mineral claims in the Otish Region.
Otish Drilling Results. Strateco’s most recent drilling campaign tested two areas of interest on Pacific Bay claims: four (4) holes on a possible northern extension of the Matoush Fault; and, three (3) holes on the TQ-4 anomaly, approximately 3 KM east of the Matoush Deposit. Although the four holes tested the northern extension of the Matoush Fault or possible offsets as determined by geophysical anomalies, none encounter the projected structure or evidence of cross-faulting. Although core assays have not yet been received, no significant radioactivity or alteration has been noted to date. Reviews of trace element geochemical and geophysical data will aid significantly to propose new targets in the area.
Three (3) drill holes tested the TQ-4 anomaly, which is the location of north-easterly trending EM conductors in proximity to an area of numerous radioactive boulders. None of these holes intersected radiogenic features.
Otish South Update. In 2008, the Company signed an Option to Purchase Agreement with Otish Energy Inc. (“Otish Energy”) (TSX VENTURE:OEI) regarding a group of 64 Company claims in the Otish Uranium region (called the “Otish South” Property) whereby Otish Energy can earn a 60% interest in the Property by making payments and expenditures over a 3-year period. Owing primarily to a shortage of capital, Otish Energy completed none of its first year $250,000 work commitment, required payments have not been made, and Otish Energy is currently in default of the Option to Purchase agreement. Notwithstanding this situation, Otish Energy and Pacific Bay are seeking to renegotiate the Agreement to allow Otish Energy time to complete a financial restructuring. There is no guarantee that a renegotiated agreement will be concluded.
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.
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.