| | | Phase 9B $525,000 Exploration Budget on River Valley, River Valley Platinum Group Metals Project, Sudbury, Ontario | | | |
PFN NEWS - Nov 5 2007
November 5, 2007, Vancouver, BC -- Pacific North West Capital Corp.
(TSX: PFN; OTCBB: PAWEF; Frankfurt: P7J) is pleased to report that a Phase 9B $525,000 budget for continued evaluation of the Interior River Valley Intrusive
(RVI) has been approved for the River Valley PGM Project by joint venture partner Anglo Platinum Limited ("Anglo Platinum"); the world's largest primary producer of platinum. The River Valley Project, located near Sudbury, Ontario.
Further ground sampling, stripping, channelling and continued evaluation on the Interior RV intrusive will
begin immediately to evaluate the mineral potential on PGM zones identified in the 2006 mapping and prospecting programs.
The objective of the programs is to define the new PGM mineralization that could expand the potential of the project. These new areas appear to be reflected by geophysical (magnetic and IP) responses within the
RVI.
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The River Valley PGM Project is Joint Ventured 50/50 with Anglo Platinum Limited ("Anglo Platinum"), the world's largest primary producer of platinum. Anglo Platinum has committed over C$20 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 resource is 8.53 million tonnes containing 353,200 ounces of palladium (1.29 g/t), 116,800 ounces of platinum (0.43 g/t) and 20,400 ounces of gold (0.07 g/t) and an indicated resources of 22.02 million tonnes containing 600,700 ounces of palladium (0.85 g/t), 212,800 ounces of platinum (0.30 g/t) and 39,000 ounces of gold (0.06 g/t) with an additional inferred resource of 2.39 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) using a 0.7 g/t cut off (pt/pd)
(PFN press release March 22, 2007).
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.
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About Pacific North West Capital Corp.
Pacific North West Capital Corp. (TSX.PFN OTCBB.PAWEF Frankfurt.P7J) is a North American industry leader in the search for Platinum Group Metals
(PGMs) and Nickel.
Management's corporate philosophy is to be Project Generator, Explorer and Project Operator with the objective of option/joint venturing projects with major mining companies through to production. To that end, Pacific North West Capital's current option/joint ventures agreements are with Anglo Platinum, Stillwater Mining Company, Xstrata Nickel and
Soquem.
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In late 2004 PFN established a Nickel Division that is expanding and to date has an Option / Joint Venture in the Timmins Mining District with
Xstrata.
An extensive geophysical and ground proofing exploration program has been completed. PFN has expended approximately $2.8 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 4000 meters in June 2007. Currently, a geophysical program is underway to outline additional drill targets for a winter 2008 drill program.
In November 2006, Stillwater Mining Company (NYSE: SWC), the largest producer of palladium and platinum in the Western hemisphere, purchased an initial 11% of PFN and has followed its position in two recent financings and currently has approximately 10% of the
PFN.
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PFN and Stillwater have entered into a non-binding Letter Agreement pertaining to ongoing exploration of the Goodnews Bay Platinum Project (GBPP). The Letter Agreement also provides for Stillwater to fund reconnaissance on other Alaskan PFN exploration projects with the provision for Stillwater to enter into an option/joint venture agreements on the Goodnews Bay Project and 1 or more of the reconnaissance projects in Alaska.
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 Agreement, Stillwater may 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 be able to enter into one or more agreements identical to the Goodnews Bay. Pacific North West Capital is the project operator.
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In addition, Pacific North West Capital is exploring the Coldwell PGM Project. The Project is within the Alkaline Coldwell Intrusive Complex which hosts a number of PGE and Copper showings and occurrences. The three groups of 71 mineral claims (968 units or 38,270 acres) have been designated Coldwell West, Coldwell Central and Coldwell South. The projects are 100% owned by PFN and are centrally situated approximately 215 km north east of the city of Thunder Bay, 10 km north of the town of Marathon, and 40 km west of the prolific Hemlo Gold Camp.
Work continues on the Coldwell West, Central and South Projects. Analytical results of lake bottom sediments and prospecting samples collected in September have been sent for assay. A 3,100 line kilometre VETM airborne survey is presently being flown by Geotech Limited of Aurora, Ontario. According to Mr. John
Londry, VP Exploration, "this survey will enhance and better define the mineralized zones and structure of the Eastern Border Gabbro lithology and its extensions associated within the Coldwell Complex".
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.
PFN management is currently negotiating and acquiring several new PGM and Nickel projects throughout North America.
The company has over $9.5 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.
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On behalf
of the Board of Directors
"Harry Barr"
Harry Barr, President & CEO
For further
information, please contact our Investor Relations Department at
Toll Free 1-800-667-1870
The Toronto Stock Exchange have not reviewed and does
not accept
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.
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