VANCOUVER, BRITISH COLUMBIA–(Marketwire – July 8, 2010) – David H. Brett, President and CEO, Pacific Bay Minerals Ltd. (TSX VENTURE:PBM) (the “Company”) reports that Strateco Resources Inc. (“Strateco”) has recently completed a High Resolution Aeromagnetic & XDF/VLF – EM Survey that has outlined 13 new uranium targets on Pacific Bay’s claims under option to Strateco in the Otish Mountains Uranium District, Quebec. The top priority target is located to the west of the Matoush Uranium Deposit, where no drilling has occurred to date, and is slated for drilling during the summer of 2010.
“The discovery of this new drill target is particularly encouraging as it is on a part of the property that has received less attention to date,” said Pacific Bay CEO David H. Brett. “Like the Rabbit-Ears area to the east, the new area has the potential to host parallel Matoush-style uranium structures.”
Strateco has an option to acquire up to 60% interest in a large package of Pacific Bay mineral claims adjoining Strateco’s claim that hosts the Matoush Uranium ore body. Strateco’s 2010 work commitment is $750,000, which must include 2,500 meters of drilling. Early this year, Strateco announced an $8.9 million 2010 exploration program for its Matoush area properties. Some 60,000 meters of drilling will explore existing targets on Strateco’s claims as well as possible new targets outlined on the Pacific Bay optioned claims.
Initial interpretation of the geophysical data concludes that the numerous NNE trending VLF and magnetic anomalies observed correlate well with data signatures observed over the Matoush Uranium deposit owned by Strateco. Combined with radiometric data from Pacific Bay’s 2007 airborne survey, the new findings substantiate a compelling drill target. A map of the new drill target area will be posted to the Company’s website shortly.
The technical information contained in this news release has been reviewed, edited and approved by E. Trent Pezzot, P.Geo., a consultant to the Company and a Qualified Person under policy NI 43-101.
Pacific Bay Minerals Ltd.
David H. Brett, MBA, President & CEO
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.