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July 5, 2011 - Vancouver,
Canada -- Pacific North West Capital Corp. (TSX: PFN; OTCQX:
PAWEF; Frankfurt: P7J) (the "Company") is pleased to
announce that, further to its news release June 23, 2011
announcing a non-brokered private placement of Non-Flow-Through
Units ("NFT Units") at $0.30 per NFT Unit and Flow-Through Units
("FT Units") at $0.35 per FT Unit for gross proceeds $2,100,000,
the private placement has been oversubscribed to gross proceeds
of $2,545,000, under the same terms and conditions as set out in
the June 23, 2011 news release. The private placement and any
finder's fees that may be payable are subject to regulatory
approval.
The proceeds from the flow-through portion of the private
placement will be used for the further development of the River
Valley PGM Project located in the Sudbury region of Ontario (see
news releases dated May 17, 2011, May 31, 2011 and June 15,
2011); the Destiny Gold Project, located approximately 75 km
north of Val d'Or in the Abitibi-Témiscamingue region, Québec
(see news release dated March 7, 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 April 27, 2010). The
Rock and Roll 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. Proceeds from the non-flow-through portion of
the financing will be used for the above; for the advancement of
the Company's Alaska property, and for the acquisition of
additional platinum group metals, precious metals and base
metals projects in Canada, the United States and Africa.
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. In January 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 (as of January, 2011). In
special situations, like our 100% owned River Valley PGM
Project, the Company is prepared to fund the project through to
feasibility and on to production. The River Valley PGM project
is one of North Americaʹs newest and largest primary platinum
group metals (PGM) deposits. The project has an excellent
infrastructure and is located 60 mile from Sudbury, Ontario, one
of Canada's largest mining centres with 2 large capacity mineral
processing facilities that have extra capacity
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. ("Alto"). 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 also has PGM, gold and base metal projects in BC,
Québec, Ontario, Saskatchewan and Alaska and continues to
aggressively acquire new acquisition of additional platinum
group metals, precious metals and base metals projects on an
international scale.
On April 20, 2011, PFN announced that it has commenced the Phase
I of the $5 million, 15,500 metre drill program for its 100%
owned River Valley PGM Project and results are expected in May
2011. Work to date at River Valley suggests that the best
potential for economic accumulations of PGM-Cu-Ni sulphide
mineralization is within the Breccia Zone, which includes the
main mineralized breccia zone The Main Zone occurs within about
20 metres of the intrusive contact with Archean gneisses. This
contact zone extends for over 9 km of prospective strike length,
holds the current defined resource and is the main target of the
Company's renewed exploration efforts.
In addition, PFN is a significant shareholder of
Fire River Gold Corp
(FAU:TSX.V) which company is developing the
Nixon Fork Gold Mine in Alaska, with production slated to
commence in summer of 2011. (Click
here to view Fire River Gold's 2011 President's Message)
Pacific North West Capital Corp. is well funded with an
experienced management team and the ability to take advantage of
its growing asset base 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. PFN has approximately $6.5 million
in working capital and securities and no debt.
Pacific North West Capital Corp.
is an International Metals Group Company
(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.
Disclaimer: 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. Not to be construed as an offer to buy or sell
securities of this company.
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