VANCOUVER, BRITISH COLUMBIA–(Marketwire – Nov. 3, 2008) – David H. Brett, President and CEO, Pacific Bay Minerals Ltd. (TSX VENTURE:PBM) (the “Company”), reports that Strateco Resources Inc. (“Strateco”) (TSX:RSC) has completed 7 drill holes totalling 1510 meters on the Rabbit Ears South section of the Company’s claims in the Otish Mountains district of Quebec and plans to drill next on the “Zone 1” area about 5KM north and on strike with the Matoush Uranium Deposit.
The recent Rabbit Ears South drilling intersected favourable rock types, minor faulting and modest radioactivity, and generally did not explain the geophysical, radiometric, and boulder train anomalies in the area. Strateco plans to reassess its geophysical data and still remains confident that a Matoush style uranium bearing structure exists in the Rabbit Ears area and plans to follow up with additional drilling next year.
Under a comprehensive option agreement, Strateco is in the process of earning a 60% interest in 277 mineral claims owned by Pacific Bay in the Otish Mountains uranium-bearing district, comprising 145 square KM and hosting several high priority exploration targets, including the Rabbit Ears claims. Strateco has now completed its 1st year option obligations by completing 2500 meters of drilling, incurring over $750,000 in exploration expenditures, and recently making payments of $100,000 cash and 40,000 shares of Strateco stock to Pacific Bay.
“The Rabbit Ears South displays multiple radiometric, geophysical and geological characteristics that compare strongly to the Matoush uranium structure,” said Pacific Bay CEO David H. Brett. “A great deal of patience and persistence is required to locate the source of these anomalies, and Strateco’s determination and hard work to this end 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
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.