Mill Bay to acquire Ivanpah property

May 04 2006 - News Release

Mill Bay acquiring 16 claims in Nevada 

Mill Bay Ventures Inc (C:MBV) Shares Issued 44,999,698Last Close 11/14/2006 $0.105Tuesday November 14 2006 - Property Agreement

The TSX Venture Exchange has accepted for filing a letter agreement dated March 24, 2006, between Mill Bay Ventures Inc., and Boss Sand & Rock Inc. and Lee Canyon Mining Company LLC, pursuant to which the company will purchase a 100-per-cent interest in 16 placer mining claims in Clark county, Nevada, United States. The claims will be held by Golden Reef Mining Inc., a 100-per-cent-owned Nevada subsidiary of the company. Dale Andersen, a director of the company, is also a principal shareholder and director of the vendors. For more information on the property, please refer to the company's news release of Oct. 13, 2006.

To earn its interest in the joint venture, the company will issue 2.2 million common shares to the vendors and make a cash payment of $128,000 (U.S.). No finder's fee is payable.

Mr. William Glasier reports

Further to the company's news in Stockwatch on May 4, 2006, announcing that it had entered into an agreement to acquire 16 placer mining claims located in Clark county, Nevada, known as the Ivanpah property, for the payment of 2.2 million common shares of the company and $128,000 (U.S.), the company has now filed an NI-43-101-compliant technical report dated Oct. 4, 2006, on the Ivanpah property on SEDAR. The report was prepared by Frederick C. Johnson, PGeo, who is the qualified person for the project.

The related party vendors of the Ivanpah property are Boss Sand & Rock, Inc. and Lee Canyon Mining Company, LLC. Dale Andersen, a director of the company, is also a principal shareholder and director of the vendors. The shares to be issued to the related party vendors for the acquisition will be subject to escrow restrictions as required by the TSX Venture Exchange, and released in instalments over the next six years.

The Ivanpah property has a potential inferred mineral deposit of sand and gravel, estimated to be approximately 77.4 million cubic yards. This estimate is based upon the existence of a broad alluvial drainage with surface exposures of more than 15 feet deep, two closely spaced drill holes that show 150 to 200 feet of gravel depth, the existence of an operating sand and gravel quarry adjacent to the Ivanpah property with the same drainages, and surface sampling that indicated good quality gravel. Accordingly, the estimate is only conceptual in nature. There has been insufficient exploration to define a mineral resource, and it is uncertain if further exploration will result in the target being delineated as a mineral reserve. Interested persons are referred to the complete text of the technical report for further information.

The company must also apply for and obtain a sand and gravel extraction permit from the Bureau of Land Management (BLM), which has the authority to sell or dispose of the sand and gravel for a royalty (usually $1.00 (U.S.) per cu. yard), in order to commence any commercial sand and gravel mining operations on the Ivanpah property. In the U.S., the holder of mining claims can apply to the BLM for permission to purchase and dispose of the sand and gravel on such claims, provided that the applicant submits a report from a geologist or mining engineer that describes the proposed disposal and its location, sets out a preliminary draft mining plan and the claimholder also waives any interference with work on any other potential mineralization on the claims. The company has requested a sand and gravel purchase from the BLM for two of the claims comprising the Ivanpah property, which is currently under review, and the company prepared to waiver this area for sand and gravel extraction.

Mr. William Glasier reports

Mill Bay Ventures Inc. has entered into an agreement with a related party to acquire 16 placer mining claims located in Clark county, Nevada, known as the Ivanpah property, covering up to 640 acres, more or less, for consideration of the issuance of 2.2 million common shares of the company and $128,000 (U.S.).