Pacific Bay Provides Corporate Update

Vancouver, June 23, 2020 - David H. Brett, President and CEO, Pacific Bay Minerals Ltd. (TSXV: PBM) ("Pacific Bay" or the "Company") hereby provides an update on the status of the filing of its annual audited financial statements, including the accompanying management's discussion and analysis, and related CEO and CFO certifications for its financial year ended December 31, 2019 ("Annual Financial Statements").

Due to complications arising from the Covid19 pandemic, the Company was unable to file its Annual Financial Statements as required by June 15^th, 2020. As a result, the British Columbia Securities Commission issued a Cease Trade Order on June 19^th, 2020 (the "CTO") and the Company's shares are temporarily suspended from trading.

The Company's auditors, accountant and management are actively engaged and working on the Annual Financial Statements, which are anticipated to be completed and filed within 30 days. The Company will apply for revocation of the CTO following filing of the Annual Financial Statements, whereupon the Company will apply to the TSX Venture Exchange for reinstatement of trading as soon as possible.

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/58427