Strateco Exercises its Option and Acquires 60% of the Pacific Bay-Matoush Property

For Immediate Release. Boucherville, QC, November 29, 2011 - Strateco Resources Inc. ("Strateco") (TSX: RSC) and Pacific Bay Minerals Ltd. ("Pacific Bay") (TSX-V: PBM) are pleased to announce that they have formed the joint venture on the Pacific Bay-Matoush property effective October 29, 2011, as provided for the option and joint venture agreement dated October 29, 2007. Strateco has now fulfilled its obligations and met the conditions for acquiring its 60% undivided interest in the Pacific-Bay Matoush property.

In order to acquire its interest over a four-year period, Strateco acquired 1,000,000 units of Pacific Bay for $0.30 per unit in January 2008. Each unit consisted of one common share of Pacific Bay and one warrant, with each warrant entitling Strateco to acquire a share of Pacific Bay for $0.60 per share for a 24-month period. The warrants remained unexercised and expired. Strateco also carried out $3,000,000 in exploration on the property, including a minimum of 10,000 metres of drilling, and made total cash payments of $500,000 and issued 200,000 Strateco common shares to Pacific Bay over the four-year period.

The Pacific Bay-Matoush property on which Strateco acquired its interest consists of 277 claims covering 14,576.33 hectares (145.76 km2) on NTS sheets 32P16, 33A01, 22M13 and 23D04. The property lies in the Otish Mountains region, about 275 km northeast of Chibougamau, Québec, and is part of Strateco's Matoush project, along with the adjacent Matoush, Matoush Extension and Eclat properties.

The terms of the joint venture agreement call for Strateco to hold a 60% interest and Pacific Bay to hold a 40% undivided interest in the property on formation of the joint venture. Strateco will be the manager of the joint venture and will head the committee that manages exploration on the Pacific Bay-Matoush property for as long as it owns an interest of 50% or more.

Under the joint venture, any party whose interest is diluted below 10% will have its interest converted to a 2.0% NSR and yellowcake royalty on the Pacific Bay-Matoush property. A 2% NSR is also payable to an individual by Pacific Bay alone on 142 of the 277 property claims.


About Pacific Bay Minerals Ltd.

Pacific Bay has a diverse portfolio of uranium properties, including extensive holdings in Quebec's Otish Mountains Uranium region and the San Jorge uranium basin in Chubut Province, Argentina. As well, the Company owns an adavnced stage polymetallic property in BC and rare earth prospects in Argentina. Pacific Bay's strategy is to explore its properties mainly through strong partnerships, such as Strateco Resources Inc. (Quebec).


Pacific Bay Minerals Ltd.
Per,
David H. Brett
President & CEO


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


Forward Looking Statements

There are forward-looking statements contained herein that are not based on historical fact, including without limitation statements containing the words "believes", "may", "plans", "will", "estimate", "continue", "anticipates", "intends", "expects" and similar uncertainties and other factors that may cause the actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward-looking statements. Such factors include, among others, Pacific Bay's exploration results and risks associated with the exploration activity. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. The Company disclaims any obligation to update any such factors or to publicly announce the result of any revisions to any of the forward-looking statements contained herein to reflect future results, events or developments.

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