|Pacific North West Capital Doubles Drill Program on West Timmins Nickel Project, adjacent to Xstrata Nickel's Montcalm Mine, Ontario|| || |
PFN NEWS - June 15, 2007
June 15, 2007, Vancouver, BC -- Pacific North West Capital Corp. (PFN)
(TSX: PFN OTCBB: PAWEF Frankfurt: P7J) is pleased to announce that the diamond drill program that commenced on May 11, 2007 has doubled to evaluate additional geophysical and geological targets along with the deep EM conductors
(to depths of 200
The meterage has been increased to 4000 meters to test earlier indicated targets south of the Montcalm Mine as well as others within the Montcalm Intrusive Complex (MIC).
The PFN drill program is continuing to evaluate deep
conductive targets, identified from a Pulse EM survey, with
coincident magnetic signatures similar to those identified
over the Montcalm Mine mineralization. These drill targets
are also supported by the identification of a geological
environment from previous drill results in 2005, to the
south-west of the Montcalm Mine, similar to that hosting the
ore mineralization (Cu-Ni) in the Montcalm Mine.
Off-hole EM conductors
identified in 2005 drill holes as well as some of the
defined AeroTem conductors will also be tested with this
added drilling meterage. Additionally, all of the 2007 drill
holes are being probed with down-hole pulse surveys to
determine if the best parts of the conductors have been
The West Timmins Nickel Project was obtained by an Option / Joint Venture with Xstrata Nickel, whereby PFN may earn a 100% interest in the Project. The West Timmins Project covers 355 kms2 (26,928 hectares), some 60 kms west of Timmins, Ontario.
(See location figure)
Numerous other anomalies, in the MIC, delineated by airborne EM
(AeroTEM), downhole geophysics, and geochemical techniques (MMI survey) will still remain to be drill tested. Other geological target areas within the MIC have to be evaluated by ground reconnaissance surveys. These follow-up programs are expected to be initiated later in the year.
The West Timmins project is located adjacent to Xstrata Nickel's Montcalm deposit. The deposit contains a Proven Mineral Reserve of 4.1 million tonnes @ 1.38% Ni, 0.64% Cu as of December 31, 2006. Ore is transported 108 km east from the Montcalm Mine to the Kidd Creek Metallurgical Complex to be processed (See Location Figure).
About Pacific North West Capital Corp.
Pacific North West Capital Corp. is a North American industry leader in the search for Platinum Group Metals
(PGMs) and Nickel.
PFN is currently in the most aggressive acquisition phase of the company's history and is committed to advancing its existing projects and acquiring new projects via self-funding or option/joint venture agreements with major mining companies. The company has over $8 million in working capital and securities.
In late 2004 PFN established a Nickel Division that is rapidly growing and today has an Option / Joint Venture in the Timmins Mining District with Xstrata Nickel with further announcements pending on other projects. An extensive geophysical and ground proofing exploration program has been completed. PFN has expended approximately
$1.69 million on the project to date.
In May, a diamond drill program commenced to evaluate EM conductors to depths of 200 meters south of the Montcalm Mine claims, Timmins, Ontario.
The targets are within the strike extension of the interpreted mine stratigraphy of the Montcalm Intrusive Complex (MIC). The program was expanded to 3000 meters in June 2007.
Stillwater Mining Company (NYSE: SWC), the largest producer of palladium and platinum in the Western hemisphere, recently purchased 11% of PFN and is a strategic partner in the search for new platinum group metal discoveries in North America.
PFN and Stillwater have entered into a non-binding Letter Agreement pertaining to ongoing exploration of the Goodnews Bay Platinum Project. The Letter Agreement also provides for Stillwater to fund reconnaissance on other Alaskan PFN exploration projects with the provision for Stillwater to enter into option/joint venture agreements on the Goodnews Bay Project and 1 or more of the reconnaissance projects.
Under the terms of the Letter
Agreement, Stillwater will spend $4 million to earn 50% of 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.
Under the Reconnaissance portion of the Letter Agreement,
Stillwater will expend $500,000 in 2007 which will allow it to inspect several of PFN's proposed projects.
In event Stillwater elects to continue participating in one or more projects, they will automatically be able to enter into one or more agreements identical to the Goodnews Bay. Pacific North West Capital is the project operator.
In addition, PFN is exploring the River Valley Project, located near Sudbury, Ontario, joint ventured 50/50 with Anglo Platinum 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 measured and indicated resources: 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).
The objective of the 2006 $1.1 million Phase 9A budget was to extend the new Platinum Group Metal mineralized horizons discovered during the 2005 fieldwork and to better understand the structural controls on the
mineralization. Management recently presented Anglo Platinum with the 2007 work program and budget.
In 2006, PFN signed a Cooperation Agreement with SOQUEM Inc., a wholly owned subsidiary of the Société Générale de Financement du Québec
("SGF"), mandated to put new mines into production. Under the terms of the Agreement, PFN and SOQUEM are participating in a 50/50 joint venture with the objective of identifying viable PGM and base metal properties for further exploration. PFN and SOQUEM recently announced a Phase Two 2007 budget of $460,000 to advance work on reconnaissance properties in Quebec. The summer exploration program has begun on this project.
PFN management is currently negotiating and acquiring several new PGM and Nickel / Base Metals projects throughout North America more specifically in Labrador, Quebec, Ontario, Manitoba, Saskatchewan, British Columbia, North West Territories and Alaska.
The company has over $8 million in working capital and securities.
The Qualified Person for this release is John W. Londry,
M.Sc, P. Geo, VP Exploration, Pacific North West Capital.
of the Board of Directors
Harry Barr, President & CEO
information, please contact our Investor Relations Department at
Toll Free 1-800-667-1870
|The Toronto Stock Exchange have not reviewed and does
responsibility for the adequacy or accuracy of this release.
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.
You can view the Next News Releases item: Tue Jun 19, 2007, Nickelmuir Project Acquired, Timmins, Ontario - Aggressive Nickel & PGM Exploration Acquisition Programs Underway
You can view the Previous News Releases item: Thu Jun 14, 2007, Phase I Nickel Acquisition Program Completed Saskatchewan, PFN Acquires Nickel Plats Project
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