TSX: PFN OTCBB: PAWEF Frankfurt: P7J
VANCOUVER, Aug. 25 /CNW/ - Pacific North West Capital Corp. (PFN)
(TSX: PFN; OTCBB: PAWEF; Frankfurt: P7J) and First Nickel Inc. ("First Nickel"
or the "Company") (TSX: FNI) are pleased to report the commencement of surface
mapping and sampling programs, designed to verify the several geophysical
electromagnetic anomalies identified by an earlier Aeroquest AEM survey. All
work is being undertaken on mining claims currently held by either First
Nickel or PFN that constitute the Raglan Hills Joint Venture Project. The
Raglan Hills Project consists of 21 claim blocks totalling 2,752 hectares
situated northeast of Bancroft, Ontario.
The Raglan Hill Project is located over the northeastern portion of the
Raglan Hills Intrusive Complex. The Complex is a differentiated mafic
intrusion composed primarily of meta-gabbro with lesser proportions of
meta-pyroxenite. Several nickel and copper sulphide occurrences and one nickel
and copper prospect are identified in Ontario's Mineral Deposit Inventory (see
Figure 1) and may represent the feeder system to the Raglan Hills Intrusive
Complex. Minimal exploration has occurred since the late 1980's and the
property has potential to host economic nickel-copper sulphide mineralization
within these possible feeder systems to the large mafic intrusive complex.
Pacific North West Capital and First Nickel are participating in a 50% -
50% Joint Venture whereby both Companies agree to bear all expenditures and
participate in a single purpose unincorporated Joint Venture for the purpose
of carrying out mineral exploration. First Nickel will act as Operator for the
project and will be responsible for carrying out all exploration activities
The surface mapping and prospecting program is being carried out under
the supervision of First Nickel's Senior Geologist, Scott Halladay, P.Geo., a
"qualified person" as defined by National Instrument 43-101. First Nickel Inc.
follows a rigorous QA/QC protocol on all of its exploration projects.
Analytical samples are sent to a commercial laboratory, Accurassay
Laboratories in Lively for initial sample preparation. Final sample
preparation (pulverization), assay analyses and specific gravity measurements
are performed in the Accurassay Thunder Bay laboratory. Samples for sulphur
analyses are shipped to International Plasma Laboratories Limited by
Accurassay. A rigorous quality assurance/quality control program is employed
that includes the insertion of certified standards and blanks for each batch
About Pacific North West Capital Corp:
Pacific North West Capital Corp. (TSX.PFN OTCBB.PAWEF Frankfurt.P7J) is a
mineral exploration company focused on Platinum Group Metals (PGMs) 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. To that end,
Pacific North West Capital's current option/joint ventures agreements are with
Anglo Platinum, Stillwater Mining Company, Xstrata Nickel, Benton Resources,
First Nickel and SOQUEM.
Pacific North West Capital Corp. has approximately $9 million in working
capital and securities.
About First Nickel:
First Nickel is a Canadian mining and exploration company. It is
currently active in the Sudbury Basin in northern Ontario, the location of the
company's producing property (the Lockerby Mine) and three of its exploration
properties and in eastern Ontario. First Nickel also has two exploration
properties in the Timmins region of northern Ontario. First Nickel's shares
are traded on the TSX under the symbol FNI.
To view maps of the Raglan Hills Nickel Project visit the links below:
On behalf of the Board of Directors
President & C.E.O.
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