| | | Phase 9A $1,100,000 Exploration Budget Approved, River Valley Platinum Group Metals Project, Sudbury, Ontario | | |
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May 18, 2006, Vancouver, BC -- Pacific North West
Capital Corp. (TSX: PFN; OTCBB: PAWEF;
Frankfurt: P7J) is
pleased to report that a Phase 9A
$1.1 million field exploration budget
for 2006 has been approved for the River
Valley PGM Project by Joint Venture
Partner Anglo American Platinum Corporation
Limited ("Anglo Platinum") the world's
largest producer of platinum.
Work on the project, located near
Sudbury, Ontario, has been initiated. |
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Program
Highlights:
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$19 Million Committed to River Valley Project to Date
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Phase 9A $1.1 Million Dollar Program has Commenced
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Detailed mapping and geophysics on new unexplored
areas
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Platinum prices have hit an all time high; Palladium
prices have hit a 4-year high
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The program will be directed at
expanding the new platinum group metal (PGM)
zones within the River Valley Intrusive (RVI)
discovered during the Phase 8 field program
completed in 2005 (PFN press release dated
April 5, 2006).
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| The detailed mapping and geophysics
will follow up on the new PGM mineralized
horizons, which trend onto unmapped areas.
Other areas of the RVI will also be
investigated to help explain geophysical
anomalies within the RVI.
A drill program to test new targets
will be proposed following the compilation of
this new data.
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| The objectives of the
programs are to locate new PGM
mineralization that would expand the project
PGM resource numbers reported March 27,
2006, based on a total of over 500 drill
holes and approximate $19 million dollars
committed to date. |
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Click
on the map for larger image |
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The reported numbers included measured
and indicated resources of
30.5 million tonnes containing 953,900
ounces of palladium, 329,500 ounces of
platinum, and 59,500 ounces of gold with an
additional 2.3 million tonnes containing
67,000 ounces of palladium, 23,800 ounces of
platinum and 4,000 ounces of gold of
inferred resources using a 0.7 g/t cut off
(pt/pd).
This represented an increase over the
previous resource calculation, conducted in
2004.
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About
Recent PGM Prices
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With
the recent upward trends in platinum and
palladium prices (see 1-year charts for
platinum and palladium below), PFN continues
to remain encouraged with the results and
progress achieved to date on the River
Valley Project.
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About
Pacific North West Capital Corp.
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| Pacific North West Capital Corp.
(TSX:
PFN; OTCBB: PAWEF; Frankfurt: P7J) is an
exploration and development company focused
on platinum group metal (PGM) projects in
North America. PFN is currently exploring
the River Valley Project, located near
Sudbury,Ontario, Canada, (joint ventured
50/50 with Anglo American Platinum
Corporation Limited ("Anglo
Platinum"), the world's largest primary
producer of platinum). Anglo Platinum has
committed over $19 million to the
RiverValley 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. PFN
is the Project Operator. |
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In
late 2004 PFN established a
Nickel / Base Metals Division and currently
has an Option / Joint Venture in the Timmins
Mining District with Falconbridge Ltd.
An extensive geophysical and ground proofing exploration
program has recently been completed and a joint pulse EM
survey is currently underway.
PFN has expended approximately $1.4 million on the
project to date.
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On
April 12, 2006,
Pacific North West Capital Corp. acquired a 100% working
interest in
a long-term lode exploration and mining lease on the
Goodnews Bay ultramafic platinum complex
located on the west coast of Alaska. Previous placer
operations in the streams draining the project area produced
approximately 600,000 troy ounces of platinum. A 2006
exploration program is being developed.
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PFN
is engaged in an aggressive acquisition phase and plans to
add several new PGM and base metal projects to its portfolio
in 2006. The Company has approximately $3.3
million in working capital and no debt.
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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: Fri May 19, 2006, Stock Options Granted
You can view the Previous News Releases item: Tue May 16, 2006, Pacific North West Capital Corp. and Falconbridge Commence Joint Pulse EM Survey South of Montcalm Mine, West Timmins Nickel Project, Timmins, Ontario
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