Pacific Bay Acquires Red Lake District Gold Property
September 24 2009 - 9:00AM
Marketwired
David H. Brett, President and CEO, Pacific Bay Minerals Ltd. (TSX
VENTURE: PBM), the "Company" reports that the Company has acquired,
subject to regulatory approval, 100% of four mineral claims in the
Slate Bay area of the Red Lake gold district in the province of
Ontario, comprising 44 units and totalling 704 hectares (the
"Property"). The Property, which adjoins claims held by Gold Corp
and Rubicon Minerals, covers ground, believed by previous
operators, to be geologically favourable for economic gold
mineralization. The purchase price for the property is $25,000 in
cash plus 100,000 shares, of which $15,000 and 50,000 shares is
payable upon TSX Venture Exchange approval and the balance of
$10,000 and 50,000 shares is payable within 12 months of approval.
There is a 1.5% NSR in favour of the vendor which is purchasable by
the Company for $1 million.
"This strategic acquisition gives Pacific Bay shareholders
exposure in one of the world's richest gold mining districts, where
significant new discoveries are still being made," said Pacific Bay
CEO David H. Brett. "This Red Lake property provides a good
compliment to our portfolio of Uranium and other holdings."
The Property is the subject of a number of historical
geological, geophysical, geochemical and drilling reports and is
underlain by metavolcanics and metasediments, granitic intrusive,
quartz veining, carbonate, pryrite and fuchsite alteration features
are present in a number of locations. Past work included limited
drilling of iron formations with anomalous but sub-economic gold
mineralization. The Company believes that further evaluation of the
Property's gold potential is warranted.
About Pacific Bay Minerals Ltd. Pacific Bay is a mineral
exploration company with a diverse portfolio of properties with an
emphasis on Uranium discovery. 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.
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
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