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Message: New Uranium Discovery Made at Regalo Property, Argentina

Press release from Marketwire

Pacific Bay Minerals Ltd.: New Uranium Discovery Made at Regalo Property, Argentina

Tuesday, May 03, 2011

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 3, 2011) - David H. Brett, President and CEO, Pacific Bay Minerals Ltd. (TSX VENTURE:PBM) (the "Company") reports that the Company has discovered a large, mineralized zone with significant uranium values at its 100% owned Regalo property in Chubut Province, Argentina. Assay results show uranium values ranging between 0.002 and 0.14% U (1,382 ppm or 2.8 pounds per ton) in rock geochemical samples from an area measuring over 1 square kilometre. Within this area widespread scintillometer readings of 1,500 to 2,500 counts per second have been recorded from rocks belonging to the favourable Los Adobes Formation. A full table of assay results is outlined below. A follow-up trenching, mapping and sampling program is planned for May.

This new uranium discovery was made during a March, 2011, helicopter-supported reconnaissance of 23 high-priority airborne uranium anomalies outlined in a 2008 survey over the entire 400-square kilometre property. The results from the program identified a number of anomalous zones in an area that is approximately 20km north-east the government owned, 15 million pound Cerro Solo uranium deposit. It is interesting to note that the uranium mineralization at this new discovery is hosted in sandstones of the Bardas Coloradas Member of the Los Adobes Formation, not the Arroyo Del Pajaritos Member that hosts the Cerro Solo and other uranium deposits in the area. Thus, this discovery opens up a whole new exploration model and new potential for the property.

Sample Number Uranium (ppm) Uranium (%) Uranium (lbs/sdt)
B3-1 387 0.039% 0.77
B3-2 655 0.066% 1.31
B3-3 341 0.034% 0.68
B3-4 865 0.087% 1.73
B3-5 531 0.053% 1.06
B3-6 1,382 0.138% 2.76
B3-7 853 0.085% 1.71
B3-8 724 0.072% 1.45
B3-9 20 0.002% 0.04
B3-10 941 0.094% 1.88
B3-11 1,227 0.123% 2.45

"This is an exciting discovery," said Pacific Bay CEO David H. Brett. "These samples were collected from outcrops over a large area. The next step is to carry out a trenching program for more detailed sampling and mapping information"

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


Investor Relations
Pacific Bay Minerals Ltd.
604) 682-2421 or Toll Free: 1-800-670-6570 (Canada)
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