PFN Finalizing 1st 100% owned Nickel Project, adjacent to Benton's King
Lake Project, Labrador
TSX: PFN OTCBB: PAWEF Frankfurt: P7J
ST. JOHN'S, NF, June 21 /CNW/ - Pacific North West Capital Corp.
("PFN")(TSX: PFN; OTCBB: PAWEF; Frankfurt: P7J) is pleased to announce that as
part of its ongoing aggressive Platinum Group Metal and Nickel acquisition
program, PFN is finalizing a series of new Nickel acquisitions in the province
of Newfoundland and Labrador. Management believes that the province of
Labrador and Newfoundland has untapped mineral potential and is under
Utilizing new mining exploration technologies which have been enhanced
significantly in the last 10 years, Labrador has undiscovered potential for
the discovery of new world class deposits similar to CVRD Inco Limited's
Voisey's Bay copper-nickel deposit.
Benton Resources and its partner Teck Cominco (the "Companies" ) are
exploring the King Lake Nickel Project which is hosts to numerous high grade
Nickel Copper showings (grab samples) that have returned up to 6.8% Cu & 1.9 %
Ni (Source: Benton Resources press releases June 7, 2007). The companies have
recently completed airborne geophysical survey which located and outlined
several new electromagnetic anomalies.
PFN's management is currently finalizing its plans for its Phase One
exploration program on this project. Updates on the progress of this project
will be forthcoming.
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.
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 approximately over $8 million in working capital and
In late 2004 PFN established a Nickel Division that is expanding and to
date has an Option / Joint Venture in the Timmins Mining District with
Xstrata. 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
4000 meters in June 2007.
Stillwater Mining Company (NYSE: SWC), the largest producer of palladium
and platinum in the Western hemisphere, recently purchased an initial 11% of
PFN and has followed its position in two recent financings and currently has
approximately 10% of the PFN.
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 an option/joint venture agreements on the Goodnews Bay Project and 1 or
more of the reconnaissance projects in Alaska. (put the Goodnews Bay Alaska)
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: email@example.com, or visit www.pfncapital.com, 2303 West 41st Avenue,
Vancouver, B.C., Canada, V6M 2A3