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PFN news May 2
May 2, 2012, Vancouver, BC -- Pacific
North West Capital Corp. ("PFN" or the "Company") (TSX: "PFN"; OTCQX: PAWEF;
Frankfurt: P7J) is pleased to announce that it has entered into an agreement
with El Condor Minerals Inc. ("El Condor") (TSX.V: LCO) to which El Condor
has the option to earn a 100% interest in the Glitter Lake Property in the
James Bay lowlands region of Quebec.
El Condor can earn a 100% interest in the Property by paying an initial
$50,000 and issuing 350,000 common shares to PFN upon regulatory approval of
the Agreement, by making additional cash payments totaling $100,000 and
issuing an additional 650,000 common shares of El Condor to the Company on
or before the second anniversary of the Agreement, and by maintaining the
Glitter Lake Claims in good standing for the 2-year term of the Agreement. A
2% net smelter return royalty has been granted to the Company, of which 1%
may be purchased by El Condor for $1,000,000. The Property is also subject
to a pre-existing aggregate 2% royalty payable to various royalty holders.
The Agreement is subject to regulatory approval.
About Pacific North West Capital Corp:
PFN is a mineral exploration company whose philosophy is to be a project
generator, explorer and project operator in order to option/joint venture
its projects through to production. PFN is focused on the discovery,
exploration and development of PGM and nickel-copper sulphide deposits in
geologically prospective regions in North America, particularly Canada. The
Company's key asset is its 100% owned River Valley PGM Project in the
Sudbury region of northern Ontario. PFN also has PGM and nickel-copper
projects and properties in northwest Ontario, Quebec, Saskatchewan, and
Alaska, and an option to joint venture a base metal project in northwestern
BC's Golden Triangle region. The Company continues to evaluate PGM and
nickel-copper properties and projects in North America for potential
acquisition opportunities.
On behalf of the Board of Directors
"Harry Barr"
Harry Barr
Chairman and CEO
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 Securities Commission and the
United States Securities & Exchange Commission.
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