VANCOUVER, BC / ACCESSWIRE / August 24, 2015 / David H. Brett, President and CEO, Pacific Bay Minerals Ltd. (TSXV: PBM) ("Pacific Bay" or the "Company") reports that the Company has closed a $500,000 private placement consisting of 10,000,000 common shares at $0.05 per share with one investor.
The proceeds of the financing are being advanced to Dease Lake Jade Mine Ltd. ("DLJ") under the previously announced Joint Venture (the "JV"). Under the JV, Pacific Bay is funding certain operating costs for DLJ's jade mining operations in Northern British Columbia. Pacific Bay will be entitled to 50% of all jade produced during the 2015 season, which started in the spring of 2015.
"With jade now being shipped from the property, we are very excited to be a part of the growing BC Jade industry," said Pacific Bay CEO David Brett. "We're looking forward to building Pacific Bay's jade assets and becoming a serious player in an important BC export product."
DLJ's current operations are focused on the Wolverine Property which have been the subject of the Discovery Channel's reality TV program Jade Fever. Jade Fever is now in its second season of filming, which period of time includes the operations being funded in part by Pacific Bay.
At this point in the 2015 jade mining season, approximately 40 tons of what management believes is marketable jade have been shipped from the Wolverine Property to be marketed and sold. Pacific Bay will be entitled to receive 50% of the proceeds of any jade sold.
Due to the nature of jade mining and marketing, no definitive estimate of value or projection of sale proceeds can be made at this time. The Company will report the results of the JV's marketing activity as soon as that financial data is available.
Pacific Bay Minerals Ltd.
Per/
David H. Brett, MBA,
President & CEO
604-682-2421
Neither 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.
SOURCE: Pacific Bay Minerals Ltd.
