For Immediate Release. Vancouver, British Columbia, July 27, 2016. David H. Brett, President and CEO, Pacific Bay Minerals Ltd. (TSX Venture: PBM, “Pacific Bay” or the “Company”) reports that shareholder’s passed all resolutions put before the Company’s Annual General Meeting held July 21, 2016 in Vancouver, including the election management’s slate of six directors: David Brett, Doug Blanchflower, Alan Qiao, Joel Tarrida, Guilford Brett and Cissy Qiao. Shareholders also approved the Company’s stock option plan and the continuance of Lancaster & David as the Company’s auditors for the ensuing year.
Marketing in China of British Columbia nephrite jade produced in 2015 under the Company’s joint venture with Dease Lake Jade Mine Ltd. (“DLJ”) is ongoing. Pacific Bay is entitled to 50% of the proceeds of the all sales of all jade produced by the partners in 2015. In 2015 the joint venture produced 56.7 tonnes of jade, of which 35.6 tonnes were shipped to China under a consignment agreement with a Beijing based company focused on the marketing of BC Jade. Earlier in 2016, 15.7 tonnes of jade was sold (correction from earlier reported 18.3 tonnes sold), and the Company is hopeful that the remaining 19.9 tonnes of jade remaining under consignment in China will be sold in the near future. A further 21.1 tonnes of jade mined by the JV remains in inventory in metro Vancouver.
Pacific Bay management remains optimistic about the potential of the BC Jade industry and continues to seek new exploration and production opportunities. However, as DLJ does not anticipate undertaking any new jade mining activities in 2016, Pacific Bay does not expect to participate in any jade production activities in 2016.
“Pacific Bay enjoys a 50% interest in 41 tonnes of BC jade, and we look forward to further cash flow from sales of this jade in the coming months” said Pacific Bay President & CEO David Brett. “Management is also seeking to recommence exploration activity at its other significant BC mineral assets, including it’s 100% owned Haskins-Reed polymetallic property near Cassiar, the Boulder Gold property in the Tournigan River region, and its Weaver Gold project near Harrison Lake.”
Pacific Bay Minerals Ltd.
David H. Brett, MBA, President & CEO
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