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Pacific Bay Amends Private Placement Terms

Pacific Bay has, subject to the acceptance of the TSX Venture Exchange, amended the terms of the $500,000 non brokered private placement announced March 24, 2022, and as amended May 6th, 2022 in connection with the Company’s proposed acquisition of the Atlin Goldfields Property.

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Magnetic Survey, Wheaton Creek Gold

Pacific Bay Minerals has engaged Precision GeoSurveys Inc. to perform a detailed airborne magnetic survey over the Company’s 100% owned Wheaton Creek Gold property, located in Skeena Mining Division of Northern British Columbia.

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CORPORATE UPDATE AND 2021 PLANS

David H. Brett, President and CEO, Pacific Bay Minerals Ltd. (TSX Venture: PBM, “Pacific Bay” or the “Company”) is pleased to provide an update on the Company’s exploration strategy and program for its 100% owned Wheaton Creek Gold and Haskins-Reed polymetallic properties.

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Final Tranche Closed

Pacific Bay has closed a $35,750 final tranche of a previously announced financing through issuance of 286,000 units at a price of at a price of $0.125 per unit (the “Units”). The Units consist of one common share and one warrant to purchase one additional common share at a price of $0.175 for one year.

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Non Flow-Through Financing Extended

Company has received TSX Venture Exchange approval to extend the closing date of the remaining 1,210,000 non flow-through units (the “NFT Units”) at a price of $0.125 per NFT Unit, to February 5th, 2021. Each NFT Unit consists of one common share and one warrant to purchase one additional common share at a price of $0.175 for one year.

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Private Placement Extended

the Company has received TSX Venture Exchange approval to extend the closing of the remaining $171,500 of a $537,500 non-brokered flow-through and non flow-through private placement announced on November 4, 2020 (the “Financing”) to January 21, 2021. A $366,000 first tranche of the Financing was closed on December 8, 2020.

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