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December 8, 2006, Vancouver,
BC -- Pacific North West Capital Corp. ('PFN') (TSX:
PFN; OTCBB: PAWEF; Frankfurt: P7J), is pleased to
announce that further to a news release dated November 17,
2006, the Company has completed a non-brokered private
placement of 4,444,444 common shares at a price of CDN$0.45
per common share for gross proceeds of CDN$2,000,000 with Stillwater
Mining Company ('Stillwater') (NYSE: SWC). No
finder's fee or commission have been paid.
All securities issued
pursuant to this private placement are subject to a Canadian
hold period expiring April 9, 2007.
About Stillwater Mining
Company
Stillwater Mining Company is
the only U.S. producer of palladium and platinum and is the
largest primary producer of platinum group metals outside
of South Africa and Russia. The Company's shares are
traded on the New York Stock Exchange under the symbol SWC.
Information on Stillwater Mining can be found at its Web
site: www.stillwatermining.com.
About Pacific North West
Capital
Pacific North West Capital
Corp. 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 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. Current
River Valley Resource stands at: Measured and Indicated
Resources of 30.5 million tonnes containing 953,900
ounces of palladium (0.97 g/t), 329,500 ounces of platinum
(0.34 g/t) and 59,500 ounces of gold (0.061g/t) with an
additional 2.3 million tonnes containing 67,000 ounces of
palladium (0.87g/t), 23,800 ounces of platinum (0.31g/t) and
4,000 ounces of gold (0.05 g/t) of Inferred Resources using
a 0.7 g/t cut off (pt/pd). PFN is the Project Operator.
In late 2004 PFN established
a Nickel / Base Metals Division and currently has an Option
/ Joint Venture in the Timmins Mining District with Xstrata
plc (formally Falconbridge Ltd.). An extensive geophysical
and ground proofing exploration program and a joint pulse EM
survey was recently completed and the results are pending.
PFN has expended approximately $1.6 million on the project
to date.
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 has
commenced.
On August 1, 2006, PFN
announced that it entered into a Cooperation agreement with
SOQUEM Inc. ("SOQUEM") in order to conduct
research on platinum properties in the province of Quebec.
SOQUEM INC. is a wholly owned subsidiary of the Société générale
de financement du Québec ("SGF"). The mission of
the SGF, an industrial and financial holding company, is to
undertake economic development projects in the industrial
sector in cooperation with partners and in compliance with
the economic development policies of the Government of
Quebec.
PFN is currently involved in
an aggressive acquisition phase of its development and plans
to add several new PGM and base metal projects to its
portfolio in 2006 / 07. The Company will have
approximately $4.2 million in working capital and no debt
after the completion of the Stillwater placement.
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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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