Pacific Bay Options Argentina Uranium Property to UrAmerica
* Reuters is not responsible for the content in this press release.
VANCOUVER, BRITISH COLUMBIA, Oct 05 (MARKET WIRE) --
David H. Brett, President and CEO, Pacific Bay Minerals Ltd. (TSX
VENTURE: PBM) (the "Company") reports that the Company has optioned its
100% owned "Cerro Solo" claims in Chubut Province, Argentina (the
"Property"), to UrAmerica Ltd., a private company focused on uranium
discovery in Latin America. Under the option agreement, UrAmerica can
earn a 60% interest in the Property by incurring USD$1,200,000 in
exploration expenditures and paying Pacific Bay USD$140,000 over a 4 year
period. Upon UrAmerica completing the option, the parties will then form
a joint venture and contribute to Property expenditures pro-rata
according to their respective interests.
Acquired by Pacific Bay in 2007, via staking, and formerly under option
to Portal Resources Ltd., the Property lies within the "Cerro Solo
Basin", a portion of the San Jorge Basin, where several known economic,
open-pit uranium deposits occur. The Cerro Solo deposit is situated 30
kilometres to the west of the Property, and hosts a 43-101 non-compliant
historical resource calculated by the Argentine National Atomic Energy
Commission to be 10 million pounds of U3O8, at a grade of 0.30%; and, 3.3
million pounds of molybdenum at a grade of 0.20% MoS2. As previously
reported by the Company, Portal Resources obtained encouraging "Alpha
Track" radioactivity results that were interpreted to indicate a
potentially Uranium mineralized paleochannel at depth within the local
highly prospective Los Adobes Formation.
"UrAmerica has significant resources and expertise on the ground in
Argentina and is focused on uranium discovery," said Pacific Bay CEO
David H. Brett. "This partnership is a big step forward for Pacific Bay
as we seek to leverage our uranium and other assets in Argentina."
About Pacific Bay Minerals Ltd. Pacific Bay is a mineral exploration
company with a diverse portfolio of properties with an emphasis on
uranium discovery worldwide. The Company has extensive land holdings in
Quebec's Otish Mountains Uranium region, uranium and gold prospects in
Argentina, an advanced base and precious metal prospect in northern
British Columbia, and an exploration office seeking uranium opportunities
in Namibia, Africa.
In other news, the Company wishes to make a correction to its news
release of September 11, 2009 regarding the granting of 1.4 million 2
year stock options at $0.12 per share. This figure should have been 1.6
million options at $0.12 per share, not 1.4 million. All other terms
remain the same.
The technical information contained in this news release has been
reviewed and approved by Ernie Black, P.Eng., a consultant to the Company
and 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.
Contacts:
Pacific Bay Minerals Ltd.
Investor Relations
(604) 682-2421 or Toll Free: 1-800-670-6570 (Canada)
Toll Free: 1-800-665-5101 (USA)
(604) 682-7576 (FAX)
www.pacificbayminerals.com
Copyright 2009, Market Wire, All rights reserved.
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