Pacific Bay Signs Agreement to Acquire Key Uranium Property in Cerro Solo Region of Chubut, Argentina
17 11월 2011 - 11:00PM
Marketwired
David H. Brett, President and CEO, Pacific Bay Minerals Ltd. (TSX
VENTURE:PBM) (the "Company") reports that the Company's wholly
owned Argentine subsidiary Bahia Atlantica, S.A. has signed an
agreement with state owned Petrominera Chubut S.E. granting the
Company an option to acquire 90% of the July Uranium Project,
located Chubut Province, Argentina. The 2,330 hectare July Project
is located within the boundaries of the Company's 100% owned,
38,000 hectare Regalo Property, and hosts a number of significant
uranium zones explored historically by the Argentine
government.
Situated within the favorable Los Adobes formation, the July
Project was explored historically by CNEA, Argentina's state owned
nuclear energy firm that is also the owner of the Cerro Solo
deposit 40km to the south. Of interest were two uraniferous
paleo-channels discovered along the hydro-electric power-line that
traverses the property which to date have been traced in outcrop on
surface for approximately 250 meters long on surface and measuring
1-5 meters in width, with high scintillometer readings traced along
strike for 1,500 meters. The shallow dipping structures are near
surface and have potential for significant tonnage. A brief
reconnaissance of the July Project by Pacific Bay in March of 2011
returned grab samples up to 0.108% and scintillometer readings up
to 9,000 counts per second.
The uranium mineralization at the July Project is similar to
Pacific Bay's "Regalo Norte" discovery announced in May of this
year, approximately 3 km to the south, where reconnaissance
prospecting revealed high scintillometer readings and assays up to
0.14% uranium over a 1km square area.
"Management believes the Cerro Solo region of the San Jorge
basin in Chubut is one of the world's premier uranium exploration
destinations," said Pacific Bay CEO David H. Brett. "With majors
such as Cameco recently making significant investments in the area,
Pacific Bay is confident that adding to its already sizable land
position will position the Company to take advantage of increasing
exploration activity."
Under the agreement with Petrominera, to earn a 90% interest in
the property, Pacific Bay must incur exploration expenditures of
USD $3.7 million over 6 years as follows: i) first six months,
$50,000, ii) next 6 months, $50,000, iii) next 36 months,
$1,600,000, iv) next 24 months, $2,000,000 towards a preliminary
feasibility study.
The technical disclosures in this news release were reviewed and
approved by Dr. Richard Culbert, Ph.D., P.Geo., a Qualified Person,
as defined by National Instrument 43-101. Samples collected from
the referenced in this news release were submitted to and analysed
by Alex Stewart Group located in Mendoza, Argentina.
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
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