PBM Pacific Bay Minerals Ltd

NOT FOR DISTRIBUTION TO NEWS WIRE SERVICES IN THE UNITED STATES 

David H. Brett, President and CEO, Pacific Bay Minerals Ltd. (TSX VENTURE:PBM)
(the "Company") reports that the Company has closed on the second and final
tranche of the private placement announced on November 4, 2010, and issued a
further (i) 755,000 Flow-Through Units ("FT Units") for gross proceeds of
$79,275; and (ii) 3,515,000 Non-Flow-Through Units ("NFT Units") for gross
proceeds of $281,200. 


Each NFT Unit consists of one common share and one common share purchase warrant
(a "Warrant") entitling the holder to purchase an additional common share for a
period of two years at a price of $0.15 share during the first year and $0.25
per share during the second year. Each FT Unit consists of one "flow-through"
common share and one-half of one Warrant. The Company paid finder's fees
consisting of $5,995.50 and issued 87,200 finders warrants in connection with
closing the second tranche.


A total of 3,945,426 FT Units and 6,015,000 NFT Units were issued under both
tranches of the private placement for gross proceeds of $414,270 from the sale
of FT Units and $481,200 from the sale of NFT Units.


The gross proceeds from the sale of the FT Units will be used to fund
exploration on the Company's Haskins-Reed polymetallic project in Northern BC,
and the net proceeds from the sale of NFT Units will be used to fund uranium
exploration on the Company's projects in Argentina and for working capital.

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