Pacific Bay Minerals Ltd. : Pacific Bay Amends Haskins-Reed Option Agreement

Pacific Bay Amends Haskins-Reed Option Agreement

For Immediate Release. Vancouver, British Columbia, December 21, 2011 - David H. Brett, President and CEO, Pacific Bay Minerals Ltd. (TSX Venture: PBM, the "Company") reports that the company has renegotiated the third anniversary option payment owing to the vendor of the Haskins-Reed Polymetalic Property in northern BC. Under the agreement, whereby the Company has an option to acquire a 100% interest in the Property, the third anniversary date called for payment of $100,000 and 300,000 shares of Pacific Bay to the vendor, which has now, subject to the approval of the TSX Venture Exchange, been amended to a cash payment of $12,500 (paid), the original 300,000 shares (issued), and the remaining balance of cash of $87,500 reduced to $60,000 and payable through issuance of 600,000 shares at a deemed price of $0.10 per share. A fourth and final payment of $100,000 and 500,000 shares remains payable to the vendor on or before July 23, 2012.

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

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