Business
Pacific Bay Minerals Ltd. Atlin Goldfields Option Not Proceeding
Vancouver, British Columbia--(Newsfile Corp. - August 11, 2023) - Reagan Glazier, President &...
About this update from Pacific Bay Minerals Ltd.
[{"type":"text","content":"Pacific Bay Minerals Ltd. Atlin Goldfields Option Not ProceedingVancouver, British Columbia--(Newsfile Corp. - August 11, 2023) - Reagan Glazier, President & CEO, Pacific Bay Minerals Ltd. (TSXV: PBM) (\"Pacific Bay\" or the \"Company\") reports that the Company's option agreement with Brixton Metals Corporation (\"Brixton\") 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 3.1M in cash payments and 8.25M additional shares to be issued,\" said President & CEO Reagan Glazier. \"Pacific Bay can now focus its attention on its 100% owned Haskins-Reed and Wheaton Creek projects.\" About Pacific Bay MineralsPacific Bay has a portfolio of properties in Northwest British Columbia including the Haskins Reed, 30km East of the Cassiar townsite, and Wheaton Creek projects. Short term focus will be spent on exploring the two projects and identifying new targets within the highly prospective regions for both precious and transitional metals.Forward-Looking Information:This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of the Company. Forward-looking information is based on certain key expectations and assumptions made by the management of the Company. In some cases, you can identify forward-looking statements by the use of words such as \"will,\" \"may,\" \"would,\" \"expect,\" \"intend,\" \"plan,\" \"seek,\" \"anticipate,\" \"believe,\" \"estimate,\" \"predict,\" \"potential,\" \"continue,\" \"likely,\" \"could\" and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Forward-looking statements in this press release include that statements relating to the Company's business plans and strategies, statements regarding mineral exploration activities, the Company's business plans, and other matters. Although the Company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking informa...