VANCOUVER, BRITISH COLUMBIA–(Marketwire – Aug. 12, 2008) – David H. Brett, President and CEO, Pacific Bay Minerals Ltd. (TSX VENTURE:PBM) (the “Company”) reports that Strateco Resources Inc. (“Strateco”) (TSX:RCS) has commenced diamond drilling of uranium targets located on the Company’s claims in the Otish Mountains district of Quebec. The 1500 meter program, now underway, follows intensive ground prospecting and geological work, focused on the Company’s South Rabbit Ears claims, where outcrops, in situ radiometric anomalies, and radioactive boulder trains strongly suggest the potential of Matoush-type uranium mineralization. Strateco can earn a 60% interest in the Company’s Otish Mountains claims by spending $3 million, paying the Company $500,000, 200,000 shares of Strateco, and other consideration over four years. At its nearby Matoush deposit, Strateco has outlined a drill-indicated mineral resource of 250,000 tonnes grading 0.68 per cent U3O8 (containing 3.73 million pounds U3O8)and an inferred mineral resource estimated to total 1.3 million tonnes (grading 0.44 per cent U3O8) and containing 13.07 million pounds U3O8.
A large rock outcropping on Company claims in the South Rabbit Ears area , located near 2007 Strateco drill hole PB-07-01 and measuring 100 by 25 meters, exhibits scintillometer readings ranging from 400 to 1100 counts per second. This is in line with readings obtained in trenches at the Matoush deposit. A second outcropping, to the south and of slightly greater size, returned similar anomalous radiometric readings. These in-place radiometric “highs” suggest that anomalous boulders traced to the target zone originated from nearby structures, increasing the attractiveness of the drill targets.
“The Strateco team is applying its tremendous Otish Uranium expertise to search for and develop high quality drill targets on our property,” said Pacific Bay CEO David H. Brett. “With uranium resources growing rapidly at the nearby Matoush Deposit, the potential for another Matoush style uranium deposit on our parallel structure is very encouraging.”
The technical information contained in this news release has been reviewed and approved by Ernie Black, P.Eng., a Qualified Person under policy NI43-101.
Pacific Bay Minerals Ltd.
David H. Brett, MBA, President & CEO
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