VanEck Vectors Global Alternative Energy ETF Options Key Claims Near Cerro Solo Uranium Deposit, Patagonia, Argentina by 24hgold

Mots clés associés : Canada | G Mexico | Precious Metals | Uranium |

Please scroll down to view new Cerro Solo map

For Immediate Release / TSX VENTURE: CBP
April 24, 2007

Pacific Bay Options Key Claims Near Cerro Solo Uranium Deposit, Patagonia, Argentina

Vancouver, British Columbia, April 24, 2007 -- Mr. George Sanders, President, Consolidated Pacific Bay Minerals Ltd. (TSX Venture: CBP, the "Company") is pleased to report that it has entered into a Letter Agreement with Portal Resources Ltd. (TSX-V: PDO, www.portalresources.net, "Portal"), a leading explorer in Argentina, whereby Portal can earn a 60% interest in 3 contiguous uranium exploration concessions totalling 300 square kilometres (115 square miles) in the highly prospective Cerro Solo basin in Chubut province, Patagonia region, Argentina by spending a total of $1.2M over 4 years. The agreement calls for staged cash payments totalling $145,000 with $15,000 on signing, and a work commitment of $150,000 in the first year.

The "Cerro Solo Basin" is the uranium-bearing western portion of the Mesozoic age San Jorge Gulf Basin, where several known economic, open-pit uranium deposits occur as tabular lenses in organic rich facies, comparable to the uranium deposit type in the Grants uranium belt of New Mexico. The Pacific Bay claims lie approximately 30 kilometres east of the largest known uranium occurrence in this cluster, the government-owned Cerro Solo deposit. According to a 1997 report by the Argentine National Atomic Energy Commission (CNEA), Cerro solo has a non-43-101 compliant historical resource of 10 million pounds of U3O8 at a grade of 0.30% and 3.3 million pounds of molybdenum at a grade of 0.20%.

Ore control in the Cerro Solo district is related to paleo-river channels where the host rock unit, the Arroyo Pajaritos conglomerate of the lower Cretaceous Los Adobes Formation, tends to be thickest. Based on historical drill hole data evaluation and shallow seismic technology, Mega Uranium, Ltd. recently delineated a paleo-channel whose arcuate east-west trend projects through the center of the Pacific Bay concessions. Moreover, a few test holes of the Mega Uranium model intersected significant uranium mineralisation in 2006 drilling within this paleo-channel about 5 kilometers from the boundary of the Pacific Bay concessions.

George Sanders, P.Geo, President of Consolidated Pacific Bay Minerals, Ltd. and Qualified Person for the technical portion of this News Release, states "This Letter Agreement unlocks value in a strategic Pacific Bay claim block in one of Argentina's most exciting uranium exploration plays. Portal Resources Ltd. is an excellent partner who has also worked in Argentina for many years. We look forward to advancing the exploration program on the Cerro Solo Basin claims."

A new graphic of Pacific Bay's Cerro Solo Basin claims has been posted to our website (and is shown below). Pacific Bay explores for uranium and precious metals in Quebec and Argentina. Please visit pacificbayminerals.com for more information.

On behalf of the Board of Directors:

"GEORGE SANDERS"
___________________________________
CEO & Director,
Cons. Pacific Bay Minerals Ltd.

If you can not view the maps in this email then please visit our website at http://www.pacificbayminerals.com/projects/cerro-solo.html

For Further Information Please Call:
1-800-670-6570 (Canada)
or 1-800-665-5101 (USA)
604-682-2421 (Local)
Email: ir@pacificbayminerals.com
Web: http://www.pacificbayminerals.com
Stock Quotation:

CBP : TSX VENTURE EXCHANGE

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

About Consolidated Pacific Bay Minerals Ltd.

PacBay is a Canadian Resource company actively exploring for uranium and gold in Quebec and Argentina. Drawing on over 100 years of combined experience, the Company's management has also acquired well located resource properties in British Columbia, and the Yukon.

George Sanders, M.Sc., P. Geo., President for Consolidated Pacific Bay Minerals Ltd., is the designated Qualified Person for PacBay on the above exploration project.

Maps
If you can not view the maps in this email then please visit our website at http://www.pacificbayminerals.com/projects/cerro-solo.html

Forward Looking Statements

There are forward-looking statements contained herein that are not based on historical fact, including without limitation statements containing the words believes, may, plans, will, estimate, continue, anticipates, intends, expects and similar uncertainties and other factors that may cause the actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward-looking statements. Such factors include, among others, Pacific Bays exploration results and risks associated with the exploration activity. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. The Company disclaims any obligation to update any such factors or to publicly announce the result of any revisions to any of the forward-looking statements contained herein to reflect future results, events or developments.

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Consolidated Pacific Bay Minerals Ltd.
Suite 1600, 490 Granville Street
Vancouver, British Columbia V6C 1T3

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VanEck Vectors Global Alternative Energy ETF

Options Key Claims Near Cerro Solo Uranium Deposit, Patagonia, Argentina

For Immediate Release / TSX VENTURE: CBPApril 24, 2007

Pacific Bay Options Key Claims Near Cerro Solo Uranium Deposit, Patagonia, Argentina

VanEck Vectors Global Alternative Energy ETF

For Immediate Release / TSX VENTURE: CBP
April 24, 2007