- Grab samples of up to 0.94% Ni, 0.10% Cu, 0.27gpt Pt, and 0.20gpt Pd
- PFN Doubles Drill Program on West Timmins Nickel to 4000 meters
(June 15, 2007)
- 2007 Exploration Programs Underway on 5 Platinum Group Metal (PGM)
- Finalizing NEW Labrador Nickel acquisitions & expanding on
Saskatchewan Nickel Projects
TSX: PFN OTCBB: PAWEF Frankfurt: P7J
VANCOUVER, June 19 /CNW/ - Pacific North West Capital Corp. (TSX: PFN;
OTCBB: PAWEF; Frankfurt: P7J) announces the completion of acquisition of the
Nickelmuir Project. The project consists of a targeted Nickel / Copper
prospect in the Kenogaming Twp ~70 Km West of Timmins mining district. The
project covers a number of mapped cumulate-textured ultramafic rocks (dunite
to melagabbros) along with Ni-Cu-PGM occurrences which have report grab
samples of up to 0.94% Ni, 0.10% Cu, 0.27gpt Pt, and 0.20gpt Pd. Management is
now completing its data review and plans to begin exploration immediately on
the Nickelmuir project. The Nickelmuir Project has had virtually no modern day
exploration and presents an opportunity to apply the latest technology to a
known mineralized area in one of Canada's best known mining camps.
PFN's objective is to become one of the largest Nickel exploration
companies in the Timmins mining district. An aggressive acquisition program
will continue throughout 2007, in order to position the Company and its
shareholders for what it believes will be the largest expansion in Nickel
exploration since the 1990s. Harry Barr, President & CEO of Pacific North West
Capital stated, "Our objective is to significantly expand our Nickel & PGM
exploration portfolios in North America." PFN's Vancouver and Ontario based
technical team is currently guiding the acquisition process and preparing for
summer and fall exploration programs.
West Timmins Nickel Project
On June 15, 2007 PFN announced that the optioned/joint venture with
Xstrata Nickel diamond drill program has been doubled to 4000 meters from its
original commencement on May 11, 2007. The targets are within the strike
extension of the interpreted mine stratigraphy of the Montcalm Intrusive
Complex (MIC). The West Timmins Nickel Project is optioned from Xstrata Nickel
and is adjacent to Xstrata Nickel's Montcalm mine. The deposit contains a
Proven Mineral Reserve of 4.1 million tonnes at 1.38% Ni, 0.64% Cu as of
December 31, 2006 (Source:
http://www.xstrata.com/assets/pdf/x_reserves_resources_20070306.pdf). Ore is
transported 108 km east from the Montcalm Mine to the Kidd Creek Metallurgical
Complex to be processed. Under the terms of the Agreement PFN will spend
$4 million over a 4 year period in order to vest with a 100% interest in the
Project. Xstrata, for its part, will retain a 2% NSR and may, under certain
circumstances, back in and earn up to a 65% interest by either completing a
feasibility study or spending $20 million on a feasibility study whichever
occurs first. PFN is the Project Operator.
To view Maps and photos, please visit: www.pfncapital.com.
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 $1.69 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). The program was expanded to 3000
meters in June 2007.
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. PFN and Stillwater have entered into a non-binding Letter
Agreement pertaining to ongoing exploration of the Goodnews Bay Platinum
Project. The Letter Agreement also provides for Stillwater to fund
reconnaissance on other Alaskan PFN exploration projects with the provision
for Stillwater to enter into option/joint venture agreements on the Goodnews
Bay Project and 1 or more of the reconnaissance projects.
Under the terms of the Letter Agreement, Stillwater will spend $4 million
to earn 50% of GBPP 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
Under the Reconnaissance portion of the Letter Agreement, Stillwater will
expend $500,000 in 2007 which will allow it to inspect several of PFN's
proposed projects. In event Stillwater elects to continue participating in one
or more projects, they will automatically be able to enter into one or more
agreements identical to the Goodnews Bay. Pacific North West Capital is the
In addition, PFN is 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 resource is 8.53 million tonnes containing
353,200 ounces of palladium (1.29 g/t), 116,800 ounces of platinum (0.43 g/t)
and 20,400 ounces of gold (0.07 g/t) and an indicated resources of
22.02 million tonnes containing 600,700 ounces of palladium (0.85 g/t),
212,800 ounces of platinum (0.30 g/t) and 39,000 ounces of gold (0.06 g/t)
with an additional inferred resource of 2.39 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) using a 0.7 g/t cut off (pt/pd) (PFN press
release March 22, 2007). 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. Management recently presented Anglo Platinum
with the 2007 work program and budget.
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 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 company has over $8 million in working capital and securities.
The Qualified Person for this release is John W. Londry, M.Sc, P. Geo, VP
Exploration, Pacific North West Capital.
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: firstname.lastname@example.org, or visit www.pfncapital.com, 2303 West 41st Avenue,
Vancouver, B.C., Canada, V6M 2A3