Pacific Bay Regains 100% Control of Key Claims in Active Cerro Solo Uranium Camp, Chubut, Argentina
November 18 2010 - 5:38PM
Marketwired
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
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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