Mr. Reagan Glazier reports

PACIFIC BAY MINERALS ANNOUNCES ISSUANCE OF SHARES IN SATISFACTION OF DEBT

Pacific Bay Minerals Ltd. has issued four million common shares of the company at a deemed price of five cents per share to settle $200,000 of previously outstanding indebtedness owed to the estate of former Pacific Bay director Guilford Brett. The Shares are subject to a hold period expiring four months and one day after the date of issuance.

As a further update to the March 28, 2023 press release, the Company understands that the Estate and Mr. David Brett, Chairman of the Company (collectively, the "Creditors"), have identified a purchaser for approximately $60,000 of the remaining Company debt owing to the Creditors. Pacific Bay anticipates making further announcements regarding the transfer of the debt and the related debt forgiveness by the Creditors in due course.

The debt reorganization transactions are designed to improve the financial condition of the Company. The Company has insufficient cash on hand, and no immediate source of cash that would be sufficient to satisfy the debts described above. No new "Control Person" (as defined under the applicable policies of the TSX Venture Exchange) will be created pursuant to the foregoing transactions. The board of directors of the Company considers the terms of the transactions to be fair and reasonable to the Company having regard to its current circumstances.

About Pacific Bay Minerals LimitedPacific Bay Minerals is a Canadian mineral exploration company engaged in the acquisition, exploration, and development of mining projects. Pacific Bay Minerals is focused on advancing its flagship project, Atlin Goldfields, located in Atlin, British Columbia, with a 56,569-hectare package of mineral tenures. The company also holds 100% interest in three mineral properties located in British Columbia: Wheaton Creek Gold, Haskins Reed, and Weaver Gold. Pacific Bay aspires to see its environmentally responsible exploration and development activities bring meaningful benefits to the communities in which it operates.

We seek Safe Harbor.