Pacific Bay to Raise $900,000

November
04
2010

David H. Brett, President and CEO, Pacific Bay Minerals Ltd. (TSX VENTURE:PBM) (the “Company”) reports that the Company plans to raise up to $900,000 through a non-brokered private placement consisting of up to 4,000,000 flow-through units (“FT Units”) at a price of $0.105 per FT Unit, and up to 6,000,000 non-flow-through units (“NFT Units”) at a price of $0.08 per NFT Unit. MineralFields Group (www.mineralfields.com) is subscribing for 3,000,000 of the FT units.

Each NFT Unit will consist 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 will consist of one “flow-through” common share and one-half of one Warrant.

In the event that the offering is fully subscribed, the $480,000 of proceeds to be received from the sale of NFT Units will be used to fund uranium exploration on the Company’s projects in Argentina, and for general working capital purposes. The $420,000 of proceeds to be received from the sale of FT Units will be used to fund exploration of the Company’s Haskins-Reed polymetallic project in northern BC.

The Company may, in appropriate circumstances, pay finder’s fees in cash, securities or a combination thereof, on all or a portion of the financing at a rate to be determined in accordance with the policies of the TSX Venture Exchange (the “Exchange”). The proposed financing is subject to Exchange acceptance, and all securities shall be subject to a four month hold period.

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.