PFN Announces Geochemical Study and Re-assay Program, River Valley Platinum Group Metal (PGM) Project



    
    Geochemical study underway to:
     -  document five element PGM concentrations
     -  determine controls on metal distribution
     -  establish genetic model for origins of mineralization

    TSX: PFN OTCBB: PAWEF Frankfurt: P7J.F
    

    VANCOUVER, June 4 /CNW/ - Pacific North West Capital Corp. (TSX: PFN;
OTCBB: PAWEF; Frankfurt: P7J) is pleased to announce the initiation of a
detailed geochemical study of PGM mineralization in the River Valley intrusion
near Sudbury, Ontario. The program is designed to better constrain the genetic
model for the origins of the mineralization, to establish the geochemical
characteristics of high grade zones as an aid to future exploration, and to
document five element PGM concentrations (including, iridium, rhodium and
ruthenium) to provide better estimates of the value of the mineralization.
    An initial batch of 47 pulps from River Valley drill core samples was
submitted to Genalysis Laboratory Services Pty Ltd. for nickel sulphide (NiS)
collection fire assay analysis of platinum, palladium, osmium, iridium,
rhodium, ruthenium, and gold concentrations in 2008. Genalysis Laboratory
Services is an ISO/IEC 17025 (2005) accredited analytical laboratory located
in Perth, Australia. The goal of this work was primarily to compare rhodium
assay results by the NiS collection fire assay method with those obtained over
the course of the project using the lead (Pb) collection fire assay technique.
Typically, the NiS method provides more accurate results for the elements
osmium, iridium, rhodium and ruthenium.
    The concentrations of platinum and palladium in the samples analyzed by
the NiS collection method at Genalysis are statistically equivalent to the
concentrations of these elements as reported in the original XRAL Laboratories
(a division of SGS Canada Inc.) Pb collection fire assay analyses (see
accompanying table). The correlations between Pt and Pd in the two data sets
are excellent. Statistical analysis of the more limited rhodium assay data (15
samples) indicates that the concentrations determined by the NiS collection
method are, on average, approximately 30% higher than the original rhodium
assays. The concentration data for samples for which rhodium analyses from
both laboratories are available are tabulated below. The correlation between
the two sets of rhodium results is also excellent, suggesting that sample
heterogeneity is not the source of the concentration differences.
    Based on these results, PFN embarked on a more comprehensive evaluation
of five element (platinum, palladium, rhodium, iridium, ruthenium) PGM
concentrations of the River Valley mineralization through support of a
scientific study being conducted by Dr. Reid Keays of Monash University,
Australia. Dr. Keays is an expert in the geochemistry of nickel-copper-PGM
deposits, and the processes leading to their formation. A total of 337 core
samples were collected from five drill holes from the River Valley project
area. The holes were selected to provide a sample set that encompasses a wide
range of PGM concentrations, rock types, degrees of alteration, and geographic
locations. The samples also represent stratigraphic sections through the
mineralization; from footwall through the mineralized breccia unit and into
the overlying layered series lithologies.
    In addition to NiS collection fire assay for a five element PGM suite,
the samples will undergo research quality analyses for a wide range of
elements, including the large ion lithophile elements, the rare earth
elements, high field strength elements, sulphur and selenium. Density
measurements will also be completed on the core samples. Dr. Keays is
supervising the analytical work, and has submitted the samples to the Ontario
Ministry of Northern Development and Mines' Geoscience Laboratories, an ISO
9002 (2009) accredited analytical laboratory located in Sudbury, Ontario.
    The PGM assay data and density measurements will be used to refine
economic modelling of the deposit, and to better quantify the total value of
the River Valley mineralization. The geochemical data will be used to examine
trends in geochemical parameters moving across the mineralized zone, and to
establish the geochemical characteristics of different mineralization types.
The goals of this work are to determine the processes that led to the
mineralization, to document the controls on metal distribution, and to
establish a genetic model for the origins of the mineralization. This work
will greatly enhance the knowledge base for the River Valley mineralization,
and provide practical guidance for future exploration targeting higher grade
zones within the deposit.

    About the River Valley Project

    The River Valley project is a 50/50 joint venture between PFN and the
world's largest PGM producer, Anglo Platinum Limited. Anglo Platinum can
increase its ownership interest to 60% by completing a positive feasibility
study, and to 65% by advancing the project through to production. To date,
Anglo Platinum has expended approximately $22.5 million on the project. A
43-101-compliant resource estimate by Geosim Services Inc. (see PFN press
release dated March 27 2006) outlined measured and indicated resources of 30.5
million tonnes grading 0.06 grams per tonne (g/t) gold, 0.34 g/t platinum and
0.97 g/t palladium, and inferred resources of 2.39 million tonnes grading 0.05
g/t gold 0.31 g/t platinum and 0.87 g/t palladium. The resource estimates used
a cut-off grade of 0.7 g/t (platinum+palladium). The other four PGM (osmium,
iridium, ruthenium and rhodium) were not included in any of the resource
calculations due to insufficient assay data.

    
    -------------------------------------------------------------------------
    Comparison of original assay results and check assay results for selected
    River Valley drill core samples that underwent prior testing for rhodium
    concentrations between 2000 and 2006. All concentrations are reported in
    parts per billion (ppb; 1000 ppb = 1 gram per tonne (g/t)).
    The XRAL results were obtained by the lead collection fire assay method,
    while the Genalysis results were obtained using the nickel sulphide
    collection fire assay method.
    -------------------------------------------------------------------------
    ELEMENT       Au  Au GEN-     Pt  Pt GEN-     Pd  Pd GEN-     Rh  Rh GEN-
    LAB         XRAL  ALYSIS    XRAL  ALYSIS    XRAL  ALYSIS    XRAL  ALYSIS
    -------------------------------------------------------------------------
    UNIT         ppb     ppb     ppb     ppb     ppb     ppb     ppb     ppb
    -------------------------------------------------------------------------
    SAMPLE
    NUMBER
    -------------------------------------------------------------------------
    39204        203     269    1262    1371    3955    4210     140     149
    -------------------------------------------------------------------------
    39205        185     198     778     948    2987    2942      43      75
    -------------------------------------------------------------------------
    39206        135     138     534     617    1627    1785      30      59
    -------------------------------------------------------------------------
    39208         70      67     404     397    1321    1240      27      36
    -------------------------------------------------------------------------
    6583         197     150     934    1294    3112    3127      88     117
    -------------------------------------------------------------------------
    6584         192     253    1631    1825    6867    6290     179     239
    -------------------------------------------------------------------------
    6587         209     219    1396    1598    4974    5462     145     195
    -------------------------------------------------------------------------
    6588         177     239     936    1171    3740    3985      87     123
    -------------------------------------------------------------------------
    7222         222     173     617     675    2592    2647      47      65
    -------------------------------------------------------------------------
    7223         320     380    2694    2752   12486   12504     278     357
    -------------------------------------------------------------------------
    7224         308     460    1168    1202    5334    4744     102     108
    -------------------------------------------------------------------------
    7225         280     436    1356    1472    5776    5447     145     176
    -------------------------------------------------------------------------
    7226         148     161    1820    1659    5280    4827      57      77
    -------------------------------------------------------------------------
    7227         246     289    3118    2755    8660    7553     216     307
    -------------------------------------------------------------------------
    7228          56      57     491     803    1596    1457      59      40
    -------------------------------------------------------------------------
    

    The qualified person for this press release is Jonathan Findlay, PhD,
PGeo, Vice President of Exploration for Pacific North West capital Corp.

    About Pacific North West Capital Corp.

    Pacific North West Capital Corp. is a mineral exploration company focused
on Platinum Group Metals (PGM), precious 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.
    Pacific North West Capital Corp. is well funded, has an experienced
management team and has the ability to take advantage of the tremendous
acquisition opportunities presented by current market conditions. The
Company's focus is to acquire advanced stage precious metals projects and to
continue to expand its platinum group metals and base metals division.
    Pacific North West Capital Corp. has approximately $6 million in working
capital and securities.

    
    On behalf of the Board of Directors

    (signed)

    Harry Barr
    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: info@pfncapital.com, or visit www.pfncapital.com, 2303 West 41st
Avenue, Vancouver, B.C., Canada, V6M 2A3

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