Vending of Craze Creek Property

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

Vending of Craze Creek Property

For Immediate Release. Vancouver, British Columbia, August 24, 2011 - David H. Brett, President and CEO, Pacific Bay Minerals Ltd. (TSX Venture: PBM, the “Company”) reports that the Company has entered into a letter agreement dated August 17, 2011 (the “Agreement”) with Barkerville Gold Mines (TSX Venture: BGM “Barkerville”), to acquire the Company’s 40% interest in certain mineral claims comprising 640.55 hectares in the Cariboo District of British Columbia, namely the Craze Creek Property which lies 20 km southeast and along trend of the Bonanza Ledge Zone, discovered by the Barkerville in March 2000. Pursuant to the Agreement, Barkerville will issue to the Company an aggregate of 100,000 common shares of Barkerville at a price of $1.53 per share. Following completion of the acquisition, the Craze Creek Property will be subject to an existing 2.5% net smelter return royalty for the original vendors and a 1% net smelter return royalty held in favour of the Company. Such 1% net smelter return royalty can be purchased by Barkerville for CAD$1,000,000.

The acquisition will be subject to certain conditions including TSX Venture Exchange approval.

Pacific Bay Minerals Ltd.

Per/

David H. Brett, MBA President & CEO

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