VANCOUVER, June 3 /CNW/ - Pacific North West Capital Corp. (PFN) (TSX:
PFN; OTCBB: PAWEF; Frankfurt: P7J) is pleased to report that a
$1,000,000 drill program has commenced on the Goodnews Bay Platinum Project
("GPP"). The objective will be to drill two established targets and to define
additional new platinum mineralization. The Last Chance and Susie West
prospects have been delineated as drill targets for the exploration program.
(See map at http://www.pfncapital.com/s/NewsReleases.asp?ReportID=305331)
The company will also continue its soil-rock interface sampling program
on Suzie Mountain, to expand on existing drill targets and test additional
ground which was beyond the 40 foot depth limit of the soil auger drilling rig
utilized in 2007.
Outcrop rock sampling has defined the Last Chance prospect located on Red
Mountain at the head of Dowry Creek, a past producing platinum placer stream
The bedrock platinum anomaly measures 650 meters north - south by 175 meters
east - west. The prospect has a vertical exposure of 50 meters with platinum
enriched chromium iron (Cr-Fe) oxides outcropping in dunite between elevations
of 380 - 430 meters. Platinum grades are variable and range up to 2.27g/t.
Within this prospect there are also platinum and palladium enriched magnetite
- clinopyroxene veins cutting the dunite. Platinum/palladium ratios are near 1
which clearly differentiates this magnetite in clinopyroxene hosted
mineralization from the chromite in dunite hosted mineralization that has much
higher platinum/palladium ratios.
Assay results from auger sampling conducted on Susie Mountain has defined
a platinum anomaly in basal mineral soils derived from clinopyroxene rich
rocks. A 50 meter by 100 meter sampling grid has defined a (greater than)50
ppb platinum soil anomaly with grades up to 432 ppb platinum. This basal soil
platinum anomaly is open to the west. Susie Mountain and Red Mountain are a
single intrusion that has been dissected by the Salmon River Fault. The Susie
Mountain portion of the intrusion is at a lower erosional level. This means
that the recently discovered platinum mineralization at the Susie west
prospect is hosted in rock that may retain platinum mineralization which has
been eroded from Red Mountain to form the Salmon River platinum placer.
Goodnews Platinum Project
PFN and Stillwater Mining Company (Stillwater) (NYSE: SWC) are exploring
the lode platinum potential of the Goodnews Bay Ultramafic Intrusion, the
proposed source for the Salmon River platinum placer deposit. PFN has an
agreement with Calista Corp, which controls the subsurface estate surrounding
the Salmon River, to explore for and develop a potential lode platinum
deposit. An outcrop and basal soil sampling program was conducted in July 2006
and June-July 2007 which resulted in the definition of drill targets at both
Red Mountain and Susie Mountain.
Under the terms of the Option Agreement, by spending $4 million
Stillwater is entitled to earn a 50% interest in GPP by December 31, 2010.
Stillwater may elect to increase its interest to 60% by incurring an
additional $8 million in exploration expenditures within an additional two
year period or upon completion of a Feasibility Study, whichever occurs first.
Stillwater may increase its interest to 65% by arranging for 100% of the
project financing required to place the Property into Commercial Production
within an additional three years.
The GPP option agreement was approved by Calista Corporation in
December 2007. Calista Corporation is the second largest landowner of
13 regional Alaskan Native corporations formed in 1971 under the Alaska Native
Claims Settlement Act (ANCSA). Calista Corporation's land entitlements exceed
6.5 million acres in Southwest Alaska and contain several significant mineral
occurrences, including Goodnews Bay (platinum) and Donlin Creek gold project
(29.38 million ounces Measured and Indicated and 3.46 million ounces
Inferred). For more information about Calista visit their website
Stillwater Mining Company - Strategic Shareholder
On November 17, 2006, Stillwater acquired approximately 11% interest in
PFN by completing a $2 million private placement. In 2007/2008, Stillwater
followed their position by participating in three additional private
placements and currently holds approximately 9.5% of Pacific North West
About Pacific North West Capital Corp.
Pacific North West Capital Corp. (TSX.PFN OTCBB.PAWEF Frankfurt.P7J) is a
mineral exploration company focused on Platinum Group Metals (PGMs) and Base
Metals. Management's corporate philosophy is to be a Project Generator,
Explorer and Project Operator with the objective of option/joint venturing
projects with major mining companies through to production. To that end,
Pacific North West Capital's current option/joint ventures agreements are with
Anglo Platinum, Stillwater Mining Company, Xstrata Nickel, Benton Resources,
First Nickel and SOQUEM.
Pacific North West Capital Corp. has approximately $10 million in working
capital and securities.
The Qualified Person for this release is Curt Freeman, M.Sc. P.Geo.
On behalf of the Board of Directors
President & C.E.O.
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