Pacific Bay to Focus on Advanced BC Silver/Base Metals Project; Financing Announced
Published : February 21, 2013
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Keywords :   Argentina | Bismuth |

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 21, 2013) - David H. Brett, President and CEO, Pacific Bay Minerals Ltd. (News - Market indicators) (the "Company") reports that the Company has arranged a non-brokered private placement financing for gross proceeds of $500,000 (the "Offering"). The Offering will, subject to TSX Venture Exchange acceptance, consist of 5,000,000 units at a price of $0.10 per unit (a "Unit"), where each Unit will consist of one common share, one common flow-through common share and two share purchase warrants (a "Warrant"). Each Warrant will entitle the holder to purchase one common share for a period of two years at $0.10 per share in the first year and at $0.15 per share during the second year. The securities to be under the Offering will be subject to a four-month hold period and the Company may, in appropriate circumstances, pay finder's fees in connection with the Offering.

The proceeds from the flow-through shares will be used as exploration funds for its 100%-owned Haskins-Reed silver, copper, bismuth, zinc and lead project in the Cassiar Mining District, BC. The Haskins-Reed property, located on Highway 37, has over 22,000 metres of exploratory and definition drilling, multiple well known mineralized zones, and significant exploration potential. The polymetallic "B-Zone" also has 1,500 metres of underground workings on two levels that were developed in the 1970's to better define the extent of the mineralization and provide access for mining. The non-flow-through proceeds will provide working capital.

"I believe refocusing on the Haskins-Reed project provides Pacific Bay the best avenue to maximize shareholder value at this time," said Pacific Bay CEO, David H. Brett. "As well as being the Company's most advanced project, management's deepest knowledge and experience is in the Cassiar area. Management believes the outlook for base metals is strong and the project has potential to advance."

Pacific Bay's uranium portfolio in Quebec and Argentina remains a significant asset. In Quebec, further exploration with partner Strateco in the Otish region is awaiting the outcome of the Strateco's regulatory process regarding its Matoush Uranium project. In Argentina, Pacific Bay is awaiting clarification of the proposed new mining law in Chubut Province before proceeding with further exploration.

The Company also reports that the terms of the previously reported $200,000 loan from a director have been amended to extend the maturity date of the loan one year to December 31, 2013.

The technical disclosures in this news release were reviewed and approved by Doug Blanchflower, P.Geo., a Qualified Person, as defined by National Instrument 43-101.

Pacific Bay Minerals Ltd.

David H. Brett, MBA, President & CEO

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Pacific Bay Minerals Ltd.
David H. Brett, MBA, President & CEO
(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
Data and Statistics for these countries : Argentina | Canada | All
Gold and Silver Prices for these countries : Argentina | Canada | All

Pacific Bay Minerals LTD.

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CODE : PBM.V
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Pacific Bay is a silver and gold exploration company based in Canada.

Pacific Bay holds various exploration projects in Canada.

Its main exploration properties are TY, MONT-LAURIER, AX SILVER, HASKINS-REED, CRAZE CREEK and OTISH MOUNTAINS URANIUM in Canada and CERRO SOLO CLAIMS and REGALO in Argentina.

Pacific Bay is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 1.2 millions as of today (US$ 878 714, € 824 497).

Its stock quote reached its highest recent level on March 02, 2007 at CA$ 3.60, and its lowest recent point on August 18, 2023 at CA$ 0.01.

Pacific Bay has 34 310 000 shares outstanding.

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In the News and Medias of Pacific Bay Minerals LTD.
1/26/2019Pacific Bay extends Meteor Boot at Haskins-Reed in BC
Project news of Pacific Bay Minerals LTD.
3/15/2011(Regalo)Commences Argentina Uranium Exploration Program; Chubut Prov...
2/15/2011(Otish Mountains Uranium)Alfred Fault Drilling Underway, Otish Uranium District, Queb...
4/18/2006(Ty)acquires Cerro Negro gold-silver property, La Rioja, Argenti...
Corporate news of Pacific Bay Minerals LTD.
5/2/2016Pacific Bay Joint Venture Sells 18.3 Tonnes of BC Jade Marke...
8/24/2015Pacific Bay Closes $500,000 Private Placement BC Jade Mining...
7/16/2015Pacific Bay Signs Jade Mining Agreement – $500,000 Financing...
7/16/2015Pacific Bay Signs Jade Mining Agreement, $500,000 Financing ...
11/19/2014Pacific Bay Arranges $70,000 Financing
5/21/2014IIROC Trading Resumption - PBM
5/9/2014IIROC Trading Halt - PBM
2/21/2013to Focus on Advanced BC Silver/Base Metals Project; Financin...
10/29/2012Options Bulk Tonnage Gold Target in the Prolific Pataz Gold ...
6/20/2011(Haskins-reed)Drilling Starts at Haskins-Reed Polymetallic Property, BC
5/19/2011Strateco Completes Alfred Fault Drilling
5/3/2011(Ty)New Uranium Discovery Made at Regalo Property, Argentina
4/20/2011(Haskins-reed)Data Review Highlights Size Potential of Haskins-Reed Proper...
3/2/2011CORRECTION FROM SOURCE-Pacific Bay Minerals Ltd.: Remarkable...
3/1/2011Remarkable Gold Anomaly Enhances New Pacific Bay Property; R...
5/22/2007Multiple Uranium Targets Outlined by Geophysics on Pacific B...
4/24/2007Options Key Claims Near Cerro Solo Uranium Deposit, Patagoni...
3/28/2007Takes Control of Papaskwasati Formation, Otish Mountains, Qu...
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