TSX: PFN
OTCQX: PAWEF
FRANKFURT: P7J.F
News Releases
| | | $1.5 Million Phase 8 Budget Approved by Anglo Platinum to Advance River Valley Project | | |
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Highlights
of Phase 8 Budget:
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June 6, 2005 - Vancouver, BC - Pacific North West Capital Corp (TSX: PFN; OTCBB: PAWEF)
and Anglo American Platinum Corporation Limited
(Anglo Platinum) are pleased to announce the
approval of a Phase 8 $1.5 million budget for the
River Valley PGM Project located near Sudbury,
Ontario.
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This budget represents
a new phase for the River Valley project. A portion of the
newly approved budget will be allocated towards third
party economic modeling to assist the Joint Venture in its
allocation of exploration resources as the project moves
forward.
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The budget also makes allowance for
the shipment of the 40-tonne bulk sample to Anglo
Platinum's facilities in Johannesburg for metallurgical
testing.
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The Company expects to
report assays/results for the remaining drill holes from
the Phase VII program over the next 30 days. After
evaluating all the results from Phase VII program, PFN's
management will make the necessary recommendations for the
next phase of exploration.
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About Pacific North West Capital
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Pacific North West
Capital Corp. (TSX: PFN; OTCBB: PAWEF) is an exploration
company focused on the discovery of platinum group metals in
North America. PFN is currently exploring the River Valley
Project (joint ventured with Anglo American Platinum
Corporation Limited ("Anglo Platinum"), the
world's largest primary producer of platinum) and the Agnew
Lake Project, currently under option to Anglo Platinum.
Anglo Platinum has committed over $15.8 million to the River
Valley Project to date and may earn a 65% interest by
funding it through to production. In Alaska, PFN has a Joint
Venture Agreement with Lonmin Plc, the world's third largest
primary underground platinum group metals producer where a
US $1.1 million program is in progress. In late 2004 PFN
established a Nickel Division. The company currently has an
Option/Joint Venture in the Timmins Mining District with
Falconbridge Ltd., where ground exploration is being carried
out to further define the airborne conductors
identified by the Aerotem survey in preparation for drill
testing later this year. (Please
visit www.pfncapital.com for additional information on the
Company and its properties). The Company has $5.5 Million in
working capital.
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On behalf
of the Board of Directors
"Harry Barr"
Harry Barr, President & CEO
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| For further
information, please contact our Investor Relations Department at
Toll Free 1-800-667-1870 |
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| The Toronto Stock Exchange have not reviewed and does
not accept
responsibility for the adequacy or accuracy of this release. |
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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. Not to be construed as an offer to buy or sell securities of this company.
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| | You can view the Next News Releases item: Mon Jun 20, 2005, Pacific North West Capital Drill Program Underway, Union Bay Platinum Project, Ketchikan, Alaska
You can view the Previous News Releases item: Thu May 26, 2005, AeroTEM Airborne Survey Results, Priority Conductor Targets Identified for Follow -- Up, West Timmins Nickel Project, Timmins, Ontario
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