VANCOUVER, BRITISH COLUMBIA–(Marketwire – Nov. 9, 2010) – David H. Brett, President and CEO, Pacific Bay Minerals Ltd. (TSX VENTURE:PBM) (the “Company”) reports that drilling by partner Strateco Resources Inc. (“Strateco”) (TSX:RSC) on the Company’s Otish Mountains uranium property in Quebec has encountered a fault structure, named the Alfred Fault, which is very similar to the Matoush Fault that hosts Strateco’s neighbouring Matoush Uranium Deposit. This discovery is the first time a Matoush-Style fault has been found outside the Matoush Fault system.
Strateco reported the following information in a news release today:
“…three holes drilled in early October to test a similar north-south striking structure located 4.0 km west of the Matoush fault on the Pacific Bay-Matoush property (where Strateco has an option on a 60% interest) proved conclusive. A Matoush-type fault named the Alfred fault, with identical alteration to the Matoush fault, was intersected over 365 metres. The geophysical anomaly indicates that the Alfred fault extends northward and southward. This is one of the most important discoveries on the Matoush project outside the Matoush fault corridor. These holes, which intersected low uranium grades, show that other Matoush-type structures (faults) exist elsewhere on the Matoush project.”
Dr. Bernie Free, Ph.D., senior consultant to Pacific Bay and noted expert regarding the Matoush Deposit, stated: “The Strateco drilling results show: 1) the coincident strike direction of the newly discovered Alfred Fault, 2) the interception of a spatially associated basic dike and 3) an alteration halo marked by strong fuchsite development. These three factors complete the analogy with the original Matoush geologic setting. These results can be considered a breakthrough as it represents the first time that a typical Matoush setting has been discovered outside the Matoush fault itself.”
“The discovery of the Alfred Fault is a giant step forward in the quest for a parallel Matoush-Style uranium deposit,” said Pacific Bay CEO David H. Brett. “Strateco’s mission to dramatically expand their uranium resources around the Matoush deposit has achieved a significant milestone.”
A total of 1,989 meters of drilling was carried out during the program. Pacific Bay has granted to Strateco and extension of time to complete the balance of the 2,500 meter requirement for the current year of the option agreement. The balance of the drilling is planned to start after freeze-up during the 2010/2011 exploration season. Strateco is current in all other aspects of the agreement, including a recent payment to Pacific Bay of $125,000 and 50,000 shares of Strateco.
The technical information in this news release was reviewed and approved by Doug Blanchflower, P.Geo., a Qualified Person as defined by National Instrument 43-101.
Pacific Bay Minerals Ltd.
David H Brett, 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.