Mr. Reagan Glazier reports

PACIFIC BAY MINERALS LTD. ATLIN GOLDFIELDS OPTION NOT PROCEEDING

Pacific Bay Minerals Ltd.'s option agreement with Brixton Metals Corp. to acquire the Atlin Goldfields project has terminated. The company was not in a position to make the $200,000 cash payment to Brixton and, notwithstanding Pacific Bay's attempt to renegotiate the terms of the option, Brixton elected to terminate the agreement.

"Market conditions did not support the significant cash, stock and work commitments, including $3.1-million in cash payments and 8.25 million additional shares to be issued," said president and chief executive officer Reagan Glazier. "Pacific Bay can now focus its attention on its 100-per-cent-owned Haskins-Reed and Wheaton Creek projects."

About Pacific Bay Minerals Ltd.

Pacific Bay has a portfolio of properties in Northwestern British Columbia, including the Haskins Reed, 30 kilometres east of the Cassiar townsite, and Wheaton Creek projects.

We seek Safe Harbor.