Vancouver, British Columbia, December, 29 2005 -- Mr. Guilford Brett, President
of Consolidated Pacific Bay Minerals Ltd. (TSX Venture: CBP, “the Company")
summarizes recent exploration activity and plans for 2006.
Pacific Bay has recently taken a significant land position in south central Québec
adjacent to Nova Uranium Corporation's claims in the emerging Mont-Laurier
uranium exploration play. The Canadian Johns Manville Company outlined a
significant uranium resource here in the 1970's in Precambrian metamorphosed
intrusive and sedimentary rocks of the Grenville Supergroup. PacBay geologists
staked claims on-trend approximately 4 km to the north of Nova Uranium's key
prospect where significant high grade uranium oxide values in drill holes and
trenches were reported. Field work is planned for the spring of 2006 on the
Mont-Laurier property.
Compilation of data is being undertaken on PacBay's Cueva del Chacho uranium
property in La Rioja province, Argentina and field work is planned for early
January, 2006. GIS support for PacBay geologists will be provided by Mendoza
based consultants Rojas y Asociados. The Company believes that the Cueva
del Chacho property, located 8 km north of the Los Colorados uranium mine
which produced 55,000 kg of uranium oxide in the 1990's, hosts excellent
discovery potential along the Los Colorados sedimentary redox trend. PacBay is
also actively exploring for silver in northern Argentina.
Pacific Bay's Regalo property in central Patagonia is a key part of the
Company's gold and uranium exploration portfolio in Argentina and we are
pleased to announce that the earn-in date for the Regalo property has been
extended to August 12, 2007. The Regalo property has some of the strongest
gold soil anomalies in the entire region over Jurassic age sedimentary basement
rock west of a major NW trending structure termed the "Regalo Fault". In one
area of the Regalo property, soil samples averaged 299 ppb Au over more than a
square kilometer. Trenching of some of these soil anomalies in May, 2005
obtained arsenic, molybdenum and vanadium pathfinder element signatures in
altered and tectonized sedimentary bedrock that may indicate the presence of
disseminated gold mineralization deeper down. During 2005 PacBay
significantly expanded the Regalo property to the east across the Regalo Fault to
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cover known uranium occurrences in the Cretaceous age sedimentary basin
which hosts the large Cerro Solo uranium deposit 40 km to the south. The
Company plans a uranium reconnaissance program during the current field
season on the Regalo project and on a large block of claims further to the south
immediately adjacent to Mega Uranium (Maple Minerals) claims on both the east
and west on-trend with the Cerro Solo uranium mineralization.
PacBay's Ty Property 35 km south of Yukon Zinc's Wolverine deposit in the
Yukon's Finlayson Lake Belt base metals district is subject to a 70:30 PacBay
joint venture agreement with Atna Resources, Ltd. Zinc exploration activity is
heating up in the Finlayson camp and the Company is considering further active
exploration on the Ty property. Golden Cariboo Resources Ltd. is currently
drilling PacBay's Craze Creek property in the Cariboo Gold Belt of central British
Columbia under an earn-in agreement whereby Golden Cariboo can earn a 60%
interest in the Craze Creek property by spending $150,000.
George Sanders, Vice President of Exploration for PacBay said "The Company's
focus changed during 2005 from gold to uranium by virtue of being in the right
place in southern Argentina during the staking rush by Mega Uranium and other
companies, and our intimate knowledge gained by years of working in Argentina
led us to quickly move to acquire key prospective uranium claim blocks in two
separate areas in Patagonia and in the northern province of La Rioja. We are
aggressively moving to bring the Cueva del Chacho property to drill-ready status,
and at the same time we will continue to evaluate the gold potential of the large
Regalo claim block. Our new Mont-Laurier, Québec claims hold promise of
containing the same kind of uranium oxide mineralization being explored by Nova
Uranium. We are also investigating an exciting opportunity to gain exposure to
the rising silver price by optioning a former silver-producing property in Argentina.
I am very proud of the technical competence and business savvy of the PacBay
team and I am confident that the upcoming year will see the Company's
underlying value increase commensurate with the quality of PacBay's people and
properties."
George Sanders, M.Sc., P.Geo, a Qualified Person under National Instrument
43-101, has approved the technical content of this News Release. Please visit
our website www.pacificbayminerals.com for more information on all of our
properties.
ON BEHALF OF THE BOARD OF DIRECTORS
“Guilford Brett”
Guilford H. Brett
President
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this
news release. |
