|Update on Platinum Group Metal (PGM) Projects, Sudbury, Ontario|| || |
|Pacific North West Capital Corp,. (PFN) has been advised by Anglo Platinum (formerly Amplats), the largest platinum producer in the world, that it will shortly confirm its proposed level of funding for the River Valley Property in 2001. PFN has previously presented a proposal to Anglo Platinum for an accelerated drill program on the property. Anglo Platinum has an option to earn up to a 65% interest in this platinum group metal property, located 60km northeast of Sudbury, Ontario by funding the project through to production |
Anglo Platinum will also provide PFN with results of technical studies it is completing relating to the mineralization at the Dana Lake Zone. Thirty-seven diamond drill holes have been completed in this particular area.
Anglo Platinum has indicated that it expects to be able to report results in late December or early January 2001 on the metallurgical studies that it is completing on drill core from the Dana Lake Zone.
The above information is expected to be provided to the Company prior to year-end and if available will be released by PFN during December.
AGNEW LAKE UPDATE
PFN is currently carrying out Induced Polarization surveys on the Agnew Lake Property, 60 km west of Sudbury, Ontario. PFN can earn a 50% interest in this property from New Millennium Metals Corporation Inc. (PGM) by making cash payments totalling $200,000, share payments totalling 50,000 and exploration expenditures totalling $500,000.
PFN and New Millennium have both received expressions of interest from major mining companies contemplating participation in this project. The Agnew Lake property has comparable potential to that of the River Valley property for the discovery of platinum group mineralization within breccia/inclusion bearing units close to the margin of the Agnew Lake layered intrusion. Significant platinum group metal values have already been noted (up to 8.4g/t combined Pt+Pd)) from grab samples taken from the inclusion-bearing rocks adjacent to the intrusive contact. PFN has recently expanded landholdings within the area of the Joint Venture adjacent to the Agnew Lake property.
Recently platinum group metals have had a significant price increase and the current price of platinum is $ 618 US, palladium $895 US, and rhodium $2200US.
Pacific North West Capital is a North American leader in platinum group metal exploration.
President and Chief Executive Officer
The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
This news release contains 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 Canadian Venture Exchange, British Columbia Securities Commission and the United States Securities & Exchange Commission
You can view the Next News Releases item: Tue Dec 12, 2000, Anglo Platinum Funds Minimum $2 Million - 2001 River Valley Program
You can view the Previous News Releases item: Wed Oct 25, 2000, Drilling on Lismer's Ridge Outlines Second PGM Discovery, River Valley Project, Sudbury, Ontario
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