David H. Brett, President and CEO, Pacific Bay Minerals Ltd. (TSX VENTURE:PBM)
(the "Company") reports that the Company has entered into a loan agreement
whereby the Company has received $200,000 from a director to fund ongoing
uranium exploration and working capital requirements. The terms of the loan
include an interest rate of 7%, a term ending December 31, 2012, and 800,000
bonus shares of PBM (20% of the loan at $0.05 per share) paid to the lender on
advance of all the funds. The terms of the loan agreement are subject to the
approval of the TSX Venture Exchange. 


"This bridge funding, along with recent receipt of 1,500,000 shares of U3O8
Corp., helps bolster our working-capital position during a time of significant
equity market volatility," said Pacific Bay CEO David Brett. "Management, along
with various mining analysts, continues to be bullish on the uranium sector." 


The Company also announces the granting of 1,400,000 two year incentive stock
options at $0.10 per share to directors and employees. 


Pacific Bay Minerals Ltd.

David H. Brett, MBA, President & CEO
Pacific Bay Minerals (TSXV:PBM)
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