Pacific Bay to Focus on Advanced BC Silver/Base Metals Project; Financing Announced

David H. Brett, President and CEO, Pacific Bay Minerals Ltd. (TSX VENTURE:PBM)
(the "Company") reports that the Company has arranged a non-brokered private
placement financing for gross proceeds of $500,000 (the "Offering"). The
Offering will, subject to TSX Venture Exchange acceptance, consist of 5,000,000
units at a price of $0.10 per unit (a "Unit"), where each Unit will consist of
one common share, one common flow-through common share and two share purchase
warrants (a "Warrant"). Each Warrant will entitle the holder to purchase one
common share for a period of two years at $0.10 per share in the first year and
at $0.15 per share during the second year. The securities to be under the
Offering will be subject to a four-month hold period and the Company may, in
appropriate circumstances, pay finder's fees in connection with the Offering.


The proceeds from the flow-through shares will be used as exploration funds for
its 100%-owned Haskins-Reed silver, copper, bismuth, zinc and lead project in
the Cassiar Mining District, BC. The Haskins-Reed property, located on Highway
37, has over 22,000 metres of exploratory and definition drilling, multiple well
known mineralized zones, and significant exploration potential. The polymetallic
"B-Zone" also has 1,500 metres of underground workings on two levels that were
developed in the 1970's to better define the extent of the mineralization and
provide access for mining. The non-flow-through proceeds will provide working
capital.


"I believe refocusing on the Haskins-Reed project provides Pacific Bay the best
avenue to maximize shareholder value at this time," said Pacific Bay CEO, David
H. Brett. "As well as being the Company's most advanced project, management's
deepest knowledge and experience is in the Cassiar area. Management believes the
outlook for base metals is strong and the project has potential to advance."


Pacific Bay's uranium portfolio in Quebec and Argentina remains a significant
asset. In Quebec, further exploration with partner Strateco in the Otish region
is awaiting the outcome of the Strateco's regulatory process regarding its
Matoush Uranium project. In Argentina, Pacific Bay is awaiting clarification of
the proposed new mining law in Chubut Province before proceeding with further
exploration.


The Company also reports that the terms of the previously reported $200,000 loan
from a director have been amended to extend the maturity date of the loan one
year to December 31, 2013.


The technical disclosures in this news release were reviewed and approved by
Doug Blanchflower, P.Geo., a Qualified Person, as defined by National Instrument
43-101.


Pacific Bay Minerals Ltd.

David H. Brett, MBA, President & CEO

FOR FURTHER INFORMATION PLEASE CONTACT: 
Pacific Bay Minerals Ltd.
David H. Brett, MBA, President & CEO
(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

Pacific Bay Minerals (TSXV:PBM)
과거 데이터 주식 차트
부터 5월(5) 2024 으로 6월(6) 2024