VANCOUVER, Jan. 16 /CNW/ - Pacific North West Capital (PFN) (TSX: PFN;
OTCBB: PAWEF; Frankfurt: P7J) - Further to the Pacific North West Capital's
February 26, 2007 press release, PFN is pleased to announce that it has
finalized the Option / Joint Venture Agreement on the Goodnews Bay Platinum
Project (GBPP) with Stillwater Mining Company (Stillwater) (NYSE: SWC).
Under the terms of the Option Agreement, by spending $4 million
Stillwater is entitled to earn a 50% interest in 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 years.
A $1,000,000 exploration budget has been approved for 2008 with the
objective to drill one or more established targets and to define additional
new platinum mineralization.
The GBPP agreement was subject to approval by Calista Corporation which
provided its approval in December 2007. Calista Corporation is the second
largest landowner of 13 regional Alaskan Native corporations formed in 1971
under the Alaska Native Claims Settlement Act (ANCSA). Calista Corporation's
land entitlements exceed 6.5 million acres in Southwest Alaska and contain
several significant mineral occurrences, including Goodnews Bay (platinum) and
Donlin Creek gold project (14.8 million ounces Measured and Indicated and 13.6
million ounces Inferred). For more information about Calista visit their
PFN and Stillwater are currently engaged in two distinct platinum group
metal (PGM) projects in Alaska; the first involves advanced exploration at the
Goodnews Bay Platinum Project.
Goodnews Bay Platinum Project
PFN and Stillwater are exploring the Goodnews Bay Platinum Project where
numerous rock, shallow soil and deep auger overburden samples have been taken
in the Red Mountain and Susie Mountain target areas. This sampling program was
completed in 2006 and 2007 and resulted in definition of drilling targets at
both Red Mountain and Susie Mountain.
Stillwater Mining Company - Strategic Shareholder
On November 17, 2006, Stillwater acquired approximately 11% interest in
PFN by completing a $2 million private placement. In 2007, Stillwater has
participated in two additional private placements and currently holds
approximately 10% of Pacific North West Capital Corp.
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 and SOQUEM.
PFN management is currently negotiating and acquiring several new PGM and
Nickel projects throughout North America.
Pacific North West Capital Corp. has over $9.5 million in working capital
The Qualified Person for this release is Curt Freeman, M.Sc. P.Geo.
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