Pacific Bay Minerals Ltd.: Partner UrAmerica Outlines Drill Targets on Cerro Solo Area Uranium Claims
March 04 2010 - 9:00AM
Marketwired
David H. Brett, President and CEO, Pacific Bay Minerals Ltd. (TSX
VENTURE: PBM) (the "Company") reports that partner UrAmerica Ltd
has outlined drill targets on Pacific Bay's uranium Cerro Solo area
claims in Chubut Province, Argentina . UrAmerica is in the first
year of an option agreement to earn a 60% interest in the Property
by incurring USD$1,200,000 in exploration expenditures and paying
Pacific Bay USD$140,000 over 4 years.
Nine drill locations have been outlined to target potential
paleo-channels favourable for uranium mineralization similar to the
Cerro Solo deposit of the region. Field observations by UrAmerica
indicate that the favourable "Los Adobes" formation may lie below
the rocks of the Chubut Group which outcrop on the Property.
UrAmerica is scheduled to commence a 20,000 meter drill program in
October 2010 on its various claims in the district, including some
drilling on the Pacific Bay/UrAmerica property.
About UrAmerica Ltd. UrAmerica Ltd is a private UK-based
exploration company with offices in Buenos Aires, focused on
uranium discovery in Argentina. UrAmerica's seasoned team includes:
Omar Adra, CEO of UrAmerica, Neil Herbert, Chairman, and Ian
Stalker, Director, former CFO and CEO of Uramin. Uramin was sold in
2007 to Areva of France for $2.5 billion.
About Pacific Bay. Led by mining veterans Guilford and David
Brett, Pacific Bay has a diverse portfolio of uranium properties,
including extensive holdings in Quebec's Otish Mountains Uranium
region and the San Jorge uranium basin in Chubut Province,
Argentina. The Company also has an office in Namibia, Africa,
seeking uranium opportunities. Pacific Bay's strategy is to explore
its properties mainly through strong partnerships, such as Strateco
Resources Inc. (Quebec) and UrAmerica (Argentina).
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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