TSX: PFN OTCBB: PAWEF Frankfurt: P7J
VANCOUVER, Dec. 11 /CNW/ - As of December 11, Pacific North West Capital
Corp. ("PFN") (TSX: PFN) and First Nickel Inc. (TSX: FNI) ("First Nickel") are
pleased to report that they have entered into a Joint Venture agreement to
undertake exploration on the Raglan Hills Project. The Raglan Hills Project is
situated northeast of Bancroft in the Province of Ontario and comprises 21
claim blocks totalling 2,752 hectares.
The Raglan Hills Project is located over the northeastern portion of the
Raglan Hills Intrusive Complex. The Complex is a differentiated mafic
intrusive composed primarily of meta-gabbro with lesser proportions of
meta-pyroxenite. The more mafic, pyroxenitic units host historical, nickel and
copper sulphide showings and may represent the feeder system to the Intrusive
Complex. Minimal exploration has occurred since the late 1980's and the
property has potential to host economic nickel-copper sulphide zones within
this feeder system. The exploration program will be designed to identify and
test priority areas within the property boundaries.
Pacific North West Capital and First Nickel have entered into a 50% - 50%
Joint Venture Agreement whereby both Companies agree to bear all expenditures
and participate in a single purpose unincorporated Joint Venture for the
purpose of carrying out all Mineral exploration
First Nickel will act as Operator for the project and will be responsible
for carrying out all exploration activities.
About First Nickel:
First Nickel is a Canadian mining and exploration company. Its current
activities are primarily focused on the Sudbury Basin in northern Ontario, the
location of the company's producing property (the Lockerby Mine) and four of
its exploration properties. First Nickel also has two exploration properties
in the Timmins region of northern Ontario. First Nickel's shares are traded on
the TSX under the symbol FNI.
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 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 and SOQUEM. The company
has $8 Million in working capital and securities with no debt.
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