- Joint Venture with SOQUEM (50/50) to explore PGM properties in Quebec
- $460,000 budgeted for the 2007 exploration program - Phase II.
- 2006 exploration program identified target with significant
mineralization averaging 1.17gpt Pd, 0.14gpt Pt, 0.29gpt Au, 1.62% Cu
and 0.35% Ni.
- Target has been staked and area flown with EM and mag with additional
claims being staked.
TSX: PFN OTCBB: PAWEF
VANCOUVER, April 2 /CNW/ - Pacific North West Capital Corp. ('PFN')
(TSX: PFN; OTCBB: PAWEF; Frankfurt: P7J), is pleased to announce that they
will spend $460,000 in the province of Quebec during the 2007 exploration
season. The budget is to be cost shared (50:50) with SOQUEM Inc. ("SOQUEM"), a
wholly owned subsidiary of the Société générale de financement du Québec
PFN and SOQUEM Inc. formed a strategic alliance on June 30, 2006, whereby
PFN and SOQUEM would participate in a 50/50 joint venture to research platinum
properties in Quebec, in designated Areas of Mutual Interest. The objective is
to identify viable platinum group metal properties for further exploration.
The 2007 proposed budget will be used in the designated AMI established during
the 2006 program. The Agreement states that PFN and SOQUEM pool staffing and
funding resources, and share all technical data pertaining to properties
located within the area of mutual interest (AMI). The parties have equal
representation of 2 members each on a Technical Committee, which are
responsible for setting programs, budgets, and schedules. Furthermore, SOQUEM
is acting as the Manager.
Based on the results of the 2006 exploration program the 2007 budget will
be again directed towards the reconnaissance evaluation of the AMI in Quebec
for Platinum Group Metal (PGM) mineralization. There are still untested
targets that have been indicated for ground truthing within the AMI. As well,
the funding will be used for additional staking properties on any
mineralization that is located, as well as, for geophysical airborne targets.
Once new properties are defined new joint ventures will be formed with
individual budgets and exploration programs to evaluate the targets. Any
agreed new budget will be redirected from the 2007 approved $460,000 budget.
The 2006 reconnaissance program involved visiting approximately 35 of 75
identified target areas within the AMI evaluating them for PGM mineralization.
These targets were generated from the compilation of Quebec Government data
bases of assessment work, lithologies, structure, and geochemistry within the
AMI, focusing on mafic to ultra mafic intrusives. The 2006 program identified
a target returning 2 samples with PGM mineralization (averaging 1.17gpt Pd,
0.14gpt Pt, 0.29gpt Au, 1.62% Cu, and 0.35% Ni). This target has been staked
and the area flown with EM and mag which will result in additional claims
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 Quebec. 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) is an
exploration company focused on platinum group metal projects in North America.
PFN is currently exploring the River Valley Project (joint ventured with Anglo
American Platinum Corporation 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 65% interest by funding it
through to production. PFN is the Project Operator.
On February 26, 2007, PFN and Stillwater Mining Company ('Stillwater')
(NYSE: SWC) entered into a non-binding Letter Agreement pertaining to ongoing
exploration of the Goodnews Bay Platinum Project ("GBPP"), Alaska. The Letter
Agreement also provides for Stillwater to fund reconnaissance on other Alaskan
PFN exploration projects for $500,000 in 2007 and includes 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. PFN is the operator of the project.
On November 17, 2006, Stillwater acquired approximately 11% interest in
PFN by completing a $2 million private placement. On December 12, 2006, PFN
announced a $0.47 private placement for $1 million in which Stillwater
maintained their position by a proportionate investment in the placement.
In late 2004 PFN established a Nickel Division and currently has an
Option / Joint Venture in the Timmins Mining District with Xstrata Nickel
(previously Falconbridge Ltd). An extensive geophysical and ground proofing
exploration program has recently been completed. PFN has expended
approximately $1.4 million on the project to date. A diamond drill program has
been approved 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). A planned deep drill program on the Montcalm Mine Claims by
Xstrata Nickel (formerly Falconbridge Limited) has just commenced and drilling
on PFN claims are tentatively scheduled to commence in late March-early April.
Pacific North West Capital Corp. is currently involved in an aggressive
acquisition program with negotiations currently underway to add new PGM and
base metal projects to its portfolio throughout 2007. We remain committed
towards developing new and existing projects by way of self-funding or Option
/ Joint Venture agreements with Major PGM and Base Metal companies. PFN
presently has approximately $5 million in working capital.
The qualified person responsible for this news release is John Londry,
M.Sc. P. Geo.
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: Toll Free 1-800-667-1870, Fax (604) 685-8045,
Email: email@example.com, or visit www.pfncapital.com, 2303 West 41st Avenue,
Vancouver, B.C. V6M 2A3