CBP news
DECEMBER 29, 2005 - 09:00 ET
Pacific Bay Update: New Claim Staking, Argentina Uranium Exploration Program
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Dec. 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 Quebec 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. Fieldwork 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 fieldwork 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 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, Quebec 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 H. Brett, President
The TSX Venture Exchange has not reviewed and does not accept responsibility
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