PACBAY (CBP.V) DISCOVERS URANIUM IN ARGENTINACBP.V ($0.14)
NEWS: Pacific Bay Minerals discovers Uranium on Regalo (Argentina): CBP: TSX Venture
For Immediate Release
Pacific Bay Reports Regalo Uranium Assay Result,
Property Expanded
Consolidated Pacific Bay Minerals Ltd. - TSX Venture - CBP
Vancouver, British Columbia, June 21, 2005 -- Mr. Guilford Brett, President, Consolidated Pacific Bay Minerals Ltd. (TSX Venture: CBP, the "Company") reports that an outcrop sample on Pacific Bay's Regalo project has returned an assay value of 205 parts-per-million uranium. This finding has prompted the Company to file for additional claims to expand the Regalo Project to the north and east to cover and protect three known uranium prospects. The expanded Regalo Project (372 square kilometers) lies just to the north and west of the Cerro Solo uranium mine in central Patagonia which is the subject of increasing international interest. The eastern half of the Regalo Project covers a significant portion of this uranium basin play. The Company is exploring the Regalo Property and is in the trenching phase to define drill targets in an ongoing, sediment-hosted gold exploration program.
George Sanders, M.Sc., P.Geo, Vice President for Argentina Operations said "The intense gold sampling activity on the Regalo Project during the autumn field months from March to June left little time for exploring the uranium showing we knew existed on our Regalo II claim block at Arroyo Pajaritos. When we finally visited the area, we saw field indications of a classic roll-front type uranium system in volcaniclastic sediments of Cretaceous age. A rock sample of an approximately 30 cm thick, gray-brown coloured, reduced siltstone layer exposed in a cliff outcrop at Arroyo Pajaritos was analyzed by the classical wet chemical method at Alex Stewart (Assayers) Argentina S.A. and returned a value of 205 parts-per-million uranium. We were highly encouraged by this result and moved quickly to expand our Regalo Project claims by an additional 106 square kilometers to take part in this emerging uranium play."
The Regalo Project claims were originally filed for gold and completely surround a government-owned uranium occurrence uncovered during construction of the high voltage power line through the area in the 1980's. The Company has expressed interest in working with the technical team belonging to the National Atomic Energy Commission (CNEA) to tap into their expertise in exploring this sedimentary basin in order to rapidly develop uranium drill targets on the Regalo claims.
To view the map accompanying this news release please click on the following links: https://www2.ccnmatthews.com/database/fax/2000/cbpmap.pdf and visit www.pacificbayminerals.com
Mr. George Sanders, M.Sc, P.Geo, VP for Argentina Operations, is the Qualified Person under National Instrument 43-101 for this phase of the Regalo Project work.
ON BEHALF OF THE BOARD OF DIRECTORS
“Guilford Brett”
Guilford H. Brett
President
For Further Information Call:
In Canada: 1-800-670-6570
In the USA:1-800-665-5101
Local: 604-682-2421
Email: ir@pacificbayminerals.com
Web: www.pacificbayminerals.com
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