Pacific Bay Provides Otish Uranium Update
November 04 2009 - 4:32PM
Marketwired
David H. Brett, President and CEO, Pacific Bay Minerals Ltd. (TSX
VENTURE: PBM) (the "Company") reports that Strateco Resources Inc.
(TSX: RSC) has provided the Company with a summary report of its
drill program on Pacific Bay's mineral claims in the Otish
Mountains Uranium District of Quebec. Strateco drilled 7 diamond
drill holes totalling 2,022 meters of drilling in two separate
zones of interest. Strateco also recently made the required option
payments to Pacific Bay ($100,000 and 40,000 shares of Strateco)
and has now completed the required $750,000 work commitment to keep
the option in good standing for the coming year. Strateco has an
option to acquire up to 60% interest in a large package of Pacific
Bay mineral claims in the Otish Region.
Otish Drilling Results. Strateco's most recent drilling campaign
tested two areas of interest on Pacific Bay claims: four (4) holes
on a possible northern extension of the Matoush Fault; and, three
(3) holes on the TQ-4 anomaly, approximately 3 KM east of the
Matoush Deposit. Although the four holes tested the northern
extension of the Matoush Fault or possible offsets as determined by
geophysical anomalies, none encounter the projected structure or
evidence of cross-faulting. Although core assays have not yet been
received, no significant radioactivity or alteration has been noted
to date. Reviews of trace element geochemical and geophysical data
will aid significantly to propose new targets in the area.
Three (3) drill holes tested the TQ-4 anomaly, which is the
location of north-easterly trending EM conductors in proximity to
an area of numerous radioactive boulders. None of these holes
intersected radiogenic features.
Otish South Update. In 2008, the Company signed an Option to
Purchase Agreement with Otish Energy Inc. ("Otish Energy") (TSX
VENTURE: OEI) regarding a group of 64 Company claims in the Otish
Uranium region (called the "Otish South" Property) whereby Otish
Energy can earn a 60% interest in the Property by making payments
and expenditures over a 3-year period. Owing primarily to a
shortage of capital, Otish Energy completed none of its first year
$250,000 work commitment, required payments have not been made, and
Otish Energy is currently in default of the Option to Purchase
agreement. Notwithstanding this situation, Otish Energy and Pacific
Bay are seeking to renegotiate the Agreement to allow Otish Energy
time to complete a financial restructuring. There is no guarantee
that a renegotiated agreement will be concluded.
The technical information contained in this news release has
been reviewed, edited 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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