TSX.V: PFN      OTCQB: PAWEF      FRANKFURT: P7J.F

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$3,000,000 Non-Brokered Private Placement
PFN NEWS - Feb 21 2011

February 21, 2011 Vancouver, Canada -- Pacific North West Capital Corp. (TSX: PFN; OTCBB: PAWEF; Frankfurt: P7J) (the "Company") is pleased to announce a non-brokered private placement of up to 10,000,000 units at a purchase price of $0.30 per unit for gross proceeds of up to $3,000,000. Each unit will consist of one common share in the capital of the Company and one-half of one share purchase warrant, each whole Warrant entitling the holder thereof to purchase one additional common share of the Company for one year at a price of $0.35.

A portion of all the units may be flow-through units and will be priced a $0.35 cents per unit. Each unit will consist of one common share in the capital of the Company and one-half of one share purchase warrant, each whole Warrant entitling the holder thereof to purchase one additional non flow-through common share of the Company at $0.45 for a period of one year.

The proceeds from the private placement received from the sale of the units will be used for the further development of the River Valley PGM Project located in the Sudbury region of Ontario (see news release dated January 31, 2011); the Destiny Gold Project, located approximately 75 km north of Val d'Or in the Abitibi-Témiscamingue region, Québec (see news release dated January 24, 2011); and the Rock and Roll project located in the Liard Mining District approximately 9 km west of the Bronson airstrip and exploration camp in northern British Columbia (see press release dated October 27, 2010). The project hosts precious metals rich, volcanogenic massive sulphide mineralization in a volcano-sedimentary host rock package. The mineralization shows similarities to the gold and silver rich mineralization of Barrick Gold's past producing Eskay Creek mine; Part of the proceeds from the financing will also be used for the advancement of the additional projects that the Company currently holds in its portfolio situated in Québec, Ontario, Saskatchewan and Alaska, and for the acquisition of additional platinum group metals, precious metals and base metals projects in Canada, the United States and Africa.

A finder's fee may be paid. The foregoing is subject to regulatory approval.

About Pacific North West Capital Corp.
Pacific North West Capital Corp. (TSX: PFN; OTCQX: PAWEF; Frankfurt: P7J.F) is a mineral exploration company whose corporate philosophy is to be a project generator, explorer and project operator with the objective of option / joint venturing its projects through to production. The River Valley PGM project is one of North America's newest and largest primary platinum group metals (PGM) deposits. The project located in the Sudbury region of Ontario.

On January 31, 2011, Pacific North West Capital successfully negotiated the 100% acquisition of the River Valley PGM Project from Anglo Platinum Limited, making Anglo Platinum the largest shareholder of PFN holding approximately 12% of the Company (see news release dated January 31, 2011).

On January 24, 2011, PFN announced a new NI43-101 mineral resource estimate on the Destiny Gold Project which is situated 75 km near Val-d'Or, Québec (see news release dated January 24, 2011). The Destiny Project is under option from Alto Ventures Ltd. Under the terms of the option agreement, PFN can earn a 60% interest in the property over a four year period by completing $3.5 million in exploration expenditures, paying $200,000 and providing a total of 250,000 PFN shares to Alto. The Company is also advancing a polymetallic project in the Iskut River region of British Columbia. PFN is also a significant shareholder of Fire River Gold Corp (FAU:TSX.V) which company is developing the Nixon Fork Gold Mine in Alaska, which is slated for production in summer of 2011.

Pacific North West Capital Corp. is well funded with an experienced Management team and the ability to take advantage of its growing assets based in Platinum Group Metals, gold and base metals. To that end, the Company is in the process of adding key technical and financial people to our management, advisory team and our board of directors. Prior to completion of the of the February 21 2011 offering, PFN has approximately $6.6 million in working capital and securities.
 

Pacific North West Capital Corp. is a member of the International Metals Group of Companies (www.internationalmetalsgroup.com).


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 has 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.

 
 

You can view the Next News Releases item: Fri Feb 25, 2011, Pacific North West Capital Appoints Gordon Chunnett to Advisory Board

You can view the Previous News Releases item: Mon Jan 31, 2011, Pacific North West Capital Acquires 100% Interest in the River Valley Platinum Group Metals (PGM) Project, ON

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