TSX: PFN OTCBB: PAWEF Frankfurt: P7J
VANCOUVER, June 7 /CNW/ - Pacific North West Capital Corp. (TSX: PFN
OTCBB: PAWEF Frankfurt: P7J) is pleased to announce that the diamond drill
program that commenced on May 11, 2007 to evaluate EM conductors to depths of
200 metres south of the Montcalm Mine claims, Timmins, Ontario, has been
expanded by 50% to 3000 meters. The targets are within the strike extension of
the interpreted mine stratigraphy of the Montcalm Intrusive Complex (MIC).
The PFN drill program is evaluating deep conductive targets, identified
from a Pulse EM survey, with coincident magnetic signatures similar to those
identified over the Montcalm Mine mineralization. These drill targets are also
supported by the identification of a geological environment from previous
drill results in 2005, to the south-west of the Montcalm Mine, similar to that
hosting the ore mineralization (Cu-Ni) in the Montcalm Mine. Off-hole EM
conductors identified in 2005 drill holes will also be tested with this added
drilling. Additionally, all of the 2007 drill holes are being probed with
down-hole pulse surveys to determine if the best part of the conductors have
been intersected. The West Timmins Project was obtained by a Joint Venture
with Xstrata Nickel, whereby PFN may earn a 100% interest in the West Timmins
Project. The West Timmins Project covers 355 kms(2) (26,928 hectares), some
60 kms west of Timmins, Ontario (see location figure below).
Numerous other anomalies, along strike of the MIC, delineated by airborne
EM (AeroTEM), downhole geophysics, and geochemical techniques (MMI survey)
remain to be drill tested. Other geological target areas within the MIC still
have to be evaluated by ground reconnaissance surveys. These follow-up
programs are expected to be initiated later in the year.
The West Timmins project is located adjacent to Xstrata Nickel's Montcalm
deposit. The deposit contains a Proven Mineral Reserve of 4.1 million tonnes @
1.38% Ni, 0.64% Cu as of December 31, 2006. Ore is transported 108 km east
from the Montcalm Mine to the Kidd Creek Metallurgical Complex to be processed
(See Location Figure).
To view location figures, please visit:
About Pacific North West Capital Corp.
Pacific North West Capital Corp. is a North American industry leader in
the search for Platinum Group Metals (PGMs) and Nickel.
PFN is currently in the most aggressive acquisition phase of the
company's history and is committed to advancing its existing projects and
acquiring new projects via self-funding or option/joint venture agreements
with major mining companies. The company has over $8 million in working
capital and securities.
In late 2004 PFN established a Nickel Division that is rapidly growing
and today has an Option / Joint Venture in the Timmins Mining District with
Xstrata Nickel with further announcements pending on other projects. An
extensive geophysical and ground proofing exploration program has been
completed. PFN has expended approximately $1.4 million on the project to date.
In May, a diamond drill program commenced to evaluate EM conductors to depths
of 200 meters south of the Montcalm Mine claims, Timmins, Ontario. The targets
are within the strike extension of the interpreted mine stratigraphy of the
Montcalm Intrusive Complex (MIC).
Stillwater Mining Company (NYSE: SWC), the largest producer of palladium
and platinum in the Western Hemisphere, recently purchased 11% of PFN and is a
strategic partner in the search for new platinum group metal discoveries in
North America. In addition, Stillwater Mining recently signed a letter of
intent to invest a further $4.5 million into PFN's Alaskan exploration and
reconnaissance programs including the Goodnews Bay Platinum Project of which
PFN is the project operator. Stillwater has followed its position over the
last 2 financings and currently owns approximately 10% of PFN.
PFN is currently exploring the River Valley Project, located near
Sudbury, Ontario, joint ventured 50/50 with Anglo Platinum Limited ("Anglo
Platinum"), the world's largest primary producer of platinum. Anglo Platinum
has committed over $19 million to the River Valley Project to date and may
earn a 60% interest in the project by completing a feasibility study and a 65%
interest by funding it through to production.
Current measured and indicated resources: 30.5 million tonnes containing
953,900 ounces of palladium (0.97 g/t), 329,500 ounces of platinum (0.34 g/t)
and 59,500 ounces of gold (0.061g/t) with an additional 2.3 million tonnes
containing 67,000 ounces of palladium (0.87g/t), 23,800 ounces of platinum
(0.31g/t) and 4,000 ounces of gold (0.05 g/t) of Inferred Resources using a
0.7 g/t cut off (pt/pd). The objective of the 2006 $1.1 million Phase 9A
budget was to extend the new Platinum Group Metal mineralized horizons
discovered during the 2005 fieldwork and to better understand the structural
controls on the mineralization. In March 2007, PFN Management as project
operator presented Anglo Platinum with the 2007 work program and budget and
will be making further announcement shortly.
In 2006, PFN signed a Cooperation Agreement with SOQUEM Inc., a wholly
owned subsidiary of the Société Générale de Financement du Québec ("SGF"),
mandated to put new mines into production. Under the terms of the Agreement,
PFN and SOQUEM are participating in a 50/50 joint venture with the objective
of identifying viable PGM and base metal properties for further exploration.
PFN and SOQUEM recently announced a Phase Two 2007 budget of $460,000 to
advance work on reconnaissance properties in Quebec. The summer exploration
program has begun on this project.
PFN is currently in the most aggressive PGM and Nickel acquisition phase
of its history and management is currently negotiating and acquiring several
new PGM and Nickel projects throughout North America more specifically in
Labrador, Quebec, Ontario, Manitoba, Saskatchewan, British Columbia, North
West Territories and Alaska.
The Qualified Person for this release is John W. Londry, M.Sc, P. Geo, VP
Exploration, Pacific North West Capital.
The company has over $8 million in working capital and securities.
On behalf of the Board of Directors
President and CEO
The Toronto Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release
Disclaimer: This news release may contain certain "Forward-Looking
Statements" within the meaning of Section 21E of the United States Securities
Exchange Act of 1934, as amended. All statements, other than statements of
historical fact, included herein are forward-looking statements that involve
various risks and uncertainties. There can be no assurance that such
statements will prove to be accurate, and actual results and future events
could differ materially from those anticipated in such statements. Important
factors that could cause actual results to differ materially from the
Company's expectations are disclosed in the Company's documents filed from
time to time with The Toronto Stock Exchange, British Columbia Securities
Commission and the United States Securities & Exchange Commission.
For further information:
For further information: Tel: (604) 685-1870, Fax: (604) 685-8045,
Email: email@example.com or visit www.pfncapital.com, 2303 West 41st Avenue,
Vancouver, B.C., Canada, V6M 2A3