Extension of Share Purchase Warrants

Pacific Bay Minerals Ltd. 1600 – 409 Granville Street Vancouver, BC, V6C 1T2 Phone: 604-682-2421 Fax: 604-682-7576

Extension of Share Purchase Warrants

Vancouver, British Columbia (November 20, 2012) – Pacific Bay Minerals Ltd. (TSX Venture: PBM, the “Company”) announced that it intends to extend for a period of one year the exercise period of 3,892,500 outstanding share purchase warrants, which are due to expire on December 3, 2012. The affected warrants were issued pursuant to a private placement completed in December 2010. The $0.25 exercise price of the warrants will remain unchanged. The warrant extension is subject to the acceptance of the TSX Venture Exchange.

ON BEHALF OF THE BOARD OF DIRECTORS

“David Brett”

David Brett 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.