- Evaluations of conductors associated with mafic intrusives on the
Cheneville claim group have been completed
- A $370,000 Phase III program to evaluate PGM targets in the Taureau
Project area (AMI) has been approved for 2008
TSX: PFN OTCBB: PAWEF Frankfurt: P7J
VANCOUVER, Feb. 27 /CNW/ - Pacific North West Capital Corp. (PFN) (TSX:
PFN; OTCBB: PAWEF; Frankfurt: P7J) - is pleased to announce that it has
received a final report for the 2007 work on the new Cheneville claim group in
the Province of Québec, over conductive trends defined by an airborne EM and
magnetic survey. A new sulphide mineralized showing associated with a mafic
intrusion has been identified on the property approximately 18 kilometres west
of the original Cheneville showing (average 1.17gpt Pd, 0.14gpt Pt, 0.29gpt
Au, 1.62 Cu, and 0.35% Ni). Additional work in 2008 will be required to
determine the extent and grades of this new occurrence. This is part of a
cooperation agreement with SOQUEM INC., a company devoted to mineral
exploration in the Province of Québec.
The Taureau reconnaissance program continued to evaluate mafic intrusions
for PGM mineralization in a defined Area of Mutual Interest (AMI) within the
Grenville Province of Québec during 2007 (phase 2). A $370,000 Phase III
program has been recommended and approved to complete the evaluations of the
originally identified mafic intrusions in the AMI.
SOQUEM is acting as manager of the 50/50 Cooperation Agreement. The
parties have equal representation consisting of two members each on a
Technical Committee responsible for setting programs, budgets, and schedules.
In 2006, PFN signed a Cooperation Agreement with SOQUEM Inc., a wholly
owned subsidiary of the Société Générale de Financement du Québec. 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 within the AMI.
About SOQUEM INC.
SOQUEM INC. is a wholly owned subsidiary of the Société Générale de
Financement du Québec ("SGF"). The mission of the SGF, an industrial and
financial holding company, is to undertake economic development projects in
the industrial sector in cooperation with partners and in compliance with the
economic development policies of the Government of Québec. SOQUEM's head
office is located in Val d'Or, with a regional office in Chibougamau.
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, First Nickel,
Benton Resources and SOQUEM.
PFN management is currently negotiating and acquiring several new PGM and
Nickel projects throughout North America.
Pacific North West Capital Corp. has over $8 million in working capital
The Qualified Person for this release is John W. Londry, M.Sc, P. Geo, VP
Exploration, Pacific North West Capital Corp.
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