VANCOUVER, BRITISH COLUMBIA–(Marketwire – Feb. 9, 2009) – Mr. David H. Brett, President and CEO, Pacific Bay Minerals Ltd. (TSX VENTURE:PBM)(the “Company” or “Pacific Bay”) reports that Strateco Resources Inc. (“Strateco”) has re-commenced diamond drilling on the Company’s uranium mineral claims in the Otish Mountains region of northern Quebec. The current estimated 1500 meter program will focus on Pacific Bay’s “Rabbit Ears South” area, where radioactive boulder trains, airborne and ground radiometrics, radioactive outcrops, and prior drilling suggests potential for Matoush-Style, uranium-bearing structures.
Further review and interpretation of the Rabbit Ears data (by Strateco) has encouraged Strateco to shift priorities and first drill the compelling target at Rabbit Ears South instead of the ‘Zone 1’ area to the north of the Matoush as previously announced. Anomalous boulders giving radiation up to 60,000 CPS have been traced to this area and the source of these boulders has not as yet been identified.
“The Rabbit Ears South target is on an airborne radiometric trend approximately 10 KM east of the Matoush fault where a new uranium discovery would be very significant,” said Pacific Bay CEO David H. Brett. “Strateco’s persistent exploration efforts on this trend are very encouraging.”
Under a comprehensive option agreement, Strateco is in the process of earning a 60 percent interest in 277 mineral claims owned by Pacific Bay in the Otish Mountains uranium district. The optioned property comprises 145 square kilometres and hosts several high-priority exploration targets, including drill targets in the Rabbit Ears claims. In 2007-2008, Strateco fulfilled its first year option obligations to Pacific Bay by completing 2,500 metres of drilling, incurring over $750,000 of exploration expenditures, and making payments of $100,000 cash and 40,000 shares of Strateco stock. Strateco’s commitment in the second year of the option is $750,000 in work to include a minimum of 2,500 meters of drilling and making payments of $100,000 and 40,000 shares of stock.
The technical information contained in this news release has been reviewed and approved by Ernie Black, P.Eng., 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.