Peru Property Fails Due Diligence, Option Terminated
Pacific Bay Minerals Ltd. 1600 – 409 Granville Street Vancouver, BC, V6C 1T2 Phone: 604-682-2421 Fax: 604-682-7576
Peru Property Fails Due Diligence, Option Terminated
For Immediate Release. Vancouver, British Columbia, February 6, 2013. David H. Brett, President and CEO, Pacific Bay Minerals Ltd. (TSX Venture: PBM, the “Company” or “PBM”) reports that the Company has terminated the Letter of Intent dated October 24th, 2012 (the “LOI”) with Salwell Minerals S.A.C. (“Salwell”) whereby the Company could to acquire up to an 80% interest the Oro Pataz Gold Project located in the Pataz gold district. The Company conducted a thorough review, including a property visit with the Company’s President and an independent geologist. Major deficiencies were found, including inability to locate or verify historic work outlined in reports provided by the vendor and discovery that regulatory fees for the claims were seriously delinquent, among other problems.
Pacific Bay Minerals Ltd.
Per/
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.