TSX: PFN OTCBB: PAWEF Frankfurt: P7J
VANCOUVER, Nov. 5 /CNW/ - Pacific North West Capital Corp. (TSX: PFN;
OTCBB: PAWEF; Frankfurt: P7J) is pleased to report that a Phase 9B $525,000
budget for continued evaluation of the Interior River Valley Intrusive (RVI)
has been approved for the River Valley PGM Project by joint venture partner
Anglo Platinum Limited ("Anglo Platinum"); the world's largest primary
producer of platinum. The River Valley Project, located near Sudbury, Ontario.
Further ground sampling, stripping, channelling and continued evaluation on
the Interior RV intrusive will begin immediately to evaluate the mineral
potential on PGM zones identified in the 2006 mapping and prospecting
The objective of the programs is to define the new PGM mineralization
that could expand the potential of the project. These new areas appear to be
reflected by geophysical (magnetic and IP) responses within the RVI.
The River Valley PGM Project is Joint Ventured 50/50 with Anglo Platinum
Limited ("Anglo Platinum"), the world's largest primary producer of platinum.
Anglo Platinum has committed over C$20 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.
Map attachment: http://www.pfncapital.com/i/maps/rv_map_nov2007.jpg
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
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 $2.8 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. Currently, a geophysical program is underway to outline additional
drill targets for a winter 2008 drill program.
In November 2006, Stillwater Mining Company (NYSE: SWC), the largest
producer of palladium and platinum in the Western hemisphere, 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 (GBPP).
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
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, Pacific North West Capital is exploring the Coldwell PGM
Project. The Project is within the Alkaline Coldwell Intrusive Complex which
hosts a number of PGE and Copper showings and occurrences. The three groups of
71 mineral claims (968 units or 38,270 acres) have been designated Coldwell
West, Coldwell Central and Coldwell South. The projects are 100% owned by PFN
and are centrally situated approximately 215 km north east of the city of
Thunder Bay, 10 km north of the town of Marathon, and 40 km west of the
prolific Hemlo Gold Camp.
Work continues on the Coldwell West, Central and South Projects.
Analytical results of lake bottom sediments and prospecting samples collected
in September have been sent for assay. A 3,100 line kilometre VETM airborne
survey is presently being flown by Geotech Limited of Aurora, Ontario.
According to Mr. John Londry, VP Exploration, "this survey will enhance and
better define the mineralized zones and structure of the Eastern Border Gabbro
lithology and its extensions associated within the Coldwell Complex".
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.
PFN management is currently negotiating and acquiring several new PGM and
Nickel projects throughout North America.
The company has over $9.5 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