Pacific Bay Gains 100% of Regalo Uranium Property, Argentina; New Airborne Results Outline Multiple Priority Targets
March 09 2010 - 9:00AM
Marketwired
David H. Brett, President and CEO, Pacific Bay Minerals Ltd. (TSX
VENTURE: PBM) (the "Company") reports that optionee Pan American
Silver Corp. has elected not to exercise its option to acquire a
70% interest in the Regalo property in Chubut Province, Argentina,
leaving Pacific Bay with an undivided, royalty free 100% interest
in the claims, which are highly prospective for uranium and gold
mineralization. Previously unreleased results of a 2008 airborne
magnetic and radiometric survey over the 382 square kilometre
property outline four significant zones of elevated uranium
concentration requiring ground follow-up.
Located within the San Jorge Basin, the Regalo Property hosts
rocks of the Arroyo del Pajarito member of the Los Adobes formation
which contains the most significant uranium deposits in the region.
In 2005, the Company sampled 205 PPM Uranium in a siltstone layer
at the "Arroyo Pajaritos" showing on the Property, which displays
characteristics of a roll-front type uranium deposit. Beyond
initial prospecting, this showing is unexplored. The four priority
uranium targets identified in the 2008 airborne survey are in
addition to the above showing and several other previously mapped
uranium occurrences on the Regalo Property.
"The strong uranium potential of Regalo has remained largely
unexplored as previous optionees were focused exclusively on the
Property's gold potential," said Pacific Bay CEO David H. Brett.
"We are happy to now have the opportunity to leverage this
strategic asset of the Company in an important uranium district in
Argentina."
About Pacific Bay. Led by mining veterans Guilford, BA and David
Brett, MBA, Pacific Bay has a diverse portfolio of uranium
properties, including extensive holdings in Quebec's Otish
Mountains Uranium region, 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 Trent Pezzot, P.Geo., a Geophysical
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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