VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 12, 2012) - David H. Brett, President and CEO, Pacific Bay Minerals Ltd. (TSX VENTURE:PBM) (the "Company") reports that the Company has entered into a loan agreement whereby the Company has received $200,000 from a director to fund ongoing uranium exploration and working capital requirements. The terms of the loan include an interest rate of 7%, a term ending December 31, 2012, and 800,000 bonus shares of PBM (20% of the loan at $0.05 per share) paid to the lender on advance of all the funds. The terms of the loan agreement are subject to the approval of the TSX Venture Exchange.
"This bridge funding, along with recent receipt of 1,500,000 shares of U3O8 Corp., helps bolster our working-capital position during a time of significant equity market volatility," said Pacific Bay CEO David Brett. "Management, along with various mining analysts, continues to be bullish on the uranium sector."
The Company also announces the granting of 1,400,000 two year incentive stock options at $0.10 per share to directors and employees.
Pacific Bay Minerals Ltd.
David H. Brett, MBA, President & CEONeither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.