PBM Pacific Bay Minerals Ltd

David H. Brett, President and CEO, Pacific Bay Minerals Ltd. (TSX VENTURE:PBM)
("Pacific Bay" or the "Company") reports that private company UrAmerica Ltd has
defaulted on its option to acquire a 60% interest in Pacific Bay's 300 square
kilometre uranium property in Chubut Province, Argentina which is located 20 km
east of the 15.4 million lb. U3O8 Cerro Solo Deposit (0.47% U3O8). After giving
UrAmerica ample time to cure it's defaults, the Company terminated the
agreement. Pacific Bay now owns 100% of the property which is underlain by the
favourable Los Adobes formation that hosts several uranium deposits in the
region, including the Cerro Solo deposit, owned by Argentina's National
Commission of Atomic Energy (CNEA).


Pacific Bay plans to use part of the proceeds from its recently announced
financing for an exploration program during the first quarter of 2011, the
optimal time to work in the area. A number of potential partners have expressed
exploration interest in the property.


The Cerro Solo uranium camp has been actively explored recently by several
major, junior and state mining companies. In 2009 Argentina's National
Commission of Atomic Energy (CNEA) undertook an aggressive drilling campaign
designed to define the Cerro Solo resource prior to feasibility and
environmental studies that are now underway. Press reports indicate an
additional 10,000-metre program is now underway and that CNEA intends to have
its feasibility and environmental studies completed prior to 2012. With
Argentina's new Attucha II nuclear power plant proceeding, the government has
made it a priority to secure a reliable domestic supply of uranium. 


Active exploration companies in the region include Cameco (under an agreement
with Calypso Resources), U3O8 Corp of Toronto (who recently acquired all the
Argentine uranium assets of Mega Uranium), UrAmerica, and Wealth Minerals.
Including Pacific Bay's 100% owned Regalo property, the Company now controls
100% of 682 square km (682,000 hectares) of favourable ground in the Cerro Solo
Uranium Camp.


"Pacific Bay is now better positioned in a uranium camp that is becoming a lot
more active," said Pacific Bay CEO David H. Brett. "Pacific Bay believes this
area of Chubut Province, Argentina, is one of the better places in the world to
be exploring for Uranium right now."


The technical information contained in this news release has been reviewed and
approved Doug Blanchflower, P.Geo., a consultant to the Company and a Qualified
Person under policy NI 43-101. 


Pacific Bay Minerals Ltd.

David H. Brett, MBA, President & CEO

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