Pacific Bay Options Argentina Uranium Property to UrAmerica
October 05 2009 - 9:00AM
Marketwired
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
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