- Acquisition of historical Nickel mineralized zone
- PFN expanding Nickel & PGM Divisions
- $10 million in cash and securities
- Exploration program slated - Winter 2007
TSX: PFN OTCBB: PAWEF Frankfurt: P7J
VANCOUVER, Oct. 10 /CNW/ - Further to the announcement dated June 28,
2007, Pacific North West Capital Corp. (TSX: PFN OTCBB: PAWEF Frankfurt: P7J)
has acquired an additional 18,800 acres or 75 square kilometres of prospective
ground in the area of the Nickel Plats Project. The current land package
totals 20,600 acres.
After evaluating historical and Saskatchewan government data files,
additional ground has been acquired to cover identified mafic intrusions in
the area around the Nickel Plats Project. Further ground proving on the
project will begin in the near future to evaluate the mineral potential of
PFN's acquisition program will continue throughout 2007, in order to
position the Company and its shareholders for what Management 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
control a strategic Nickel exploration portfolio in North America". PFN's
Ontario based technical team is guiding the acquisition process and preparing
for summer and fall exploration programs.
To view the maps, please link to www.pfncapital.com
About Pacific North West Capital Corp.
Pacific North West Capital Corp. (TSX.PFN OTCBB.PAWEF Frankfurt.P7J) is a
North American industry leader in the search for Platinum Group Metals (PGMs)
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.
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.
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 Agreement, Stillwater may expend $500,000 in
2007 which will allow it to inspect several of PFN's proposed projects. In the
event Stillwater elects to continue participating in one or more projects,
they will be able to enter into one or more agreements identical to the
Goodnews Bay. Pacific North West Capital is the project operator.
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
(0.87 g/t), 23,800 ounces of platinum (0.31 g/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 2008
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 $10 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