Pacific Bay Completes Sale of Argentina Uranium Property to U3O8 Corp.

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

Pacific Bay Completes Sale of Argentina Uranium Property to U3O8 Corp.

For Immediate Release. Vancouver, British Columbia, April 27, 2012 - David H. Brett, President and CEO, Pacific Bay Minerals Ltd. (TSX Venture: PBM, the “Company”) reports that the Company has completed the sale to U3O8 Corp. (TSX-V: UWE) of its 100% interest in its BASA 1-3 mineral claims in Chubut Province, Argentina for consideration of (i) 1.5 million shares of U3O8 Corp. which are subject to a statutory hold period expiring August 28, 2012; (ii) $100,000 in cash; and (iii) the Company retaining a 2% NSR which may be purchased at any time by U3O8 Corp. for $3 million.

Pacific Bay retains over 400sq KM of claims in the Cerro Solo uranium region of Chubut, including the 100% owned KM Regalo Property and the 90% optioned July Property, where an exploration program is now underway.

Pacific Bay Minerals Ltd.

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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.