VANCOUVER, BRITISH COLUMBIA–(Marketwire – Nov. 19, 2012) – David H. Brett, President and CEO, Pacific Bay Minerals Ltd. (TSX VENTURE:PBM) (the “Company”) reports strong results from a trenching and sampling program at the July uranium project in Chubut Province, Argentina. Sixty-nine rock samples from 20 hand trenches across the 2,000 metre long zone averaged 180ppm uranium over 3.5 metres thickness. As outlined in the table below, many higher grade values, up to 2,122ppm, were obtained within the 3.5-metre thick sandstone layer. The July Project is a claim block under option from Petrominera, S.A. and within Pacific Bay’s 100% owned, 400sq km Regalo Property, located northeast of the government owned Cerro Solo Deposit and adjoining the Bororo Nuevo uranium project recently acquired by Crosshair Minerals.
The July Project is within the favourable Los Adobes geological formation with uranium mineralization identified to date occurring within the Bardas Coloradas sandstone/conglomerate member. Two sub-parallel, permeable, flat-lying sedimentary horizons that range in thickness from 1 to 5 metres have now been confirmed over a significant area. The uranium enrichment is proximal to an east-west trending fault, with higher uranium values obtained closer to the fault and likely the result of remobilization and re-deposition along the permeable horizons. Company geologists believe that the source of the remobilized uranium is the stratigraphically lower Arroyo Pajaritos member less than 100 metres beneath the surface. The Arroyo Pajaritos hosts of the largest uranium deposits in the region, such as the Cerro Solo deposit.
Drilling is recommended for the next phase of work to test for higher grade uranium in the Arroyo Pajaritos member below the currently outlined mineralization. Also, further exploration is recommended to follow up of structures similar to those on the July project that were found in 2011 on the Company’s larger 100% owned Regalo Property.
Table of Trenching Results:
The technical disclosures in this news release were reviewed and approved by Dr. Richard Culbert, Ph.D., P.Geo., a Qualified Person, as defined by National Instrument 43-101. Samples collected and referenced in this news release were submitted to and analysed by Alex Stewart Group located in Mendoza, Argentina.
Pacific Bay Minerals Ltd.
David H. Brett, MBA, President & CEO
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.