Vancouver, BC (PRWEB) November 30, 2004
Pacific North West Capital Corp. (Toronto Stock Exchange: PFN - OTCBB: PAWEF) is pleased to announce that it has entered into an agreement with Falconbridge Limited (Falconbridge) whereby it may earn up to a 100% interest in the West Timmins Project. The West Timmins Project covers 355 square kilometres (87,720 acres) some 60kms west of Timmins, Ontario. "The Timmins area has excellent infrastructure and an experienced workforce within a mining friendly environment," says Harry Barr, President of PFN.
PFN's exploration activities on the West Timmins project will be focussed on nickel and associated metals. Participation in nickel exploration projects is the natural progression for PFN and is compatible with PFN's principal business of exploring for platinum group metals.
The West Timmins project is located adjacent to Falconbridge's Montcalm project. The Montcalm deposit comprises an estimated resource of 7 million tonnes of nickel/copper sulphide, of which an estimated 5.1 million tonnes grading 1.46% nickel and 0.7% copper are in the measured and indicated category and are expected to support a mine life of 8.5 years (source Falconbridge).
Ore from the Montcalm operation will be trucked to Kidd Metallurgical Site, a distance of approximately 90 km commencing early in 2005.
For the past several years PFN has focussed exclusively on platinum group metal exploration. For the past three years PFN has had one of the most aggressive platinum group metal exploration budgets in North America. Our exploration team, in addition to its expertise in platinum group metals, has considerable expertise in nickel exploration and now has the opportunity to partner with Falconbridge, providing a strategic link with a major mining and smelting partner in the Sudbury-Timmins Area. "The West Timmins Nickel Project is an excellent opportunity to explore for nickel in one of Canada's richest mining districts," says Barr. The recently completed modifications to the Kidd Metallurgical Circuit to facilitate the treatment of nickel bearing material has generated additional exploration interest within this famous mining camp.
Under the terms of the Agreement PFN will spend $4 million over a 4 year period in order to vest with a 100% interest in the Project. Falconbridge, for its part, will retain a 2 % NSR and may, under certain circumstances, back in and earn up to a 65% interest by either completing a feasibility study or spending $20 million on a feasibility study whichever occurs first. Under the Agreement PFN will act as Project Operator effective January 1st, 2005. Year 1 expenditures through December 31st, 2005 will total $750,000 and will include the flying of an AeroTEM survey, ground geophysical work and a follow-up drilling program. The AeroTEM airborne geophysical survey will cover the entire Montcalm Intrusion in an effort to delineate additional drill targets. The survey is currently in progress. The Qualified Person for this release is John Londry, P.Geo, VP Exploration Pacific North West Capital Corp.
About Pacific North West Capital
Pacific North West Capital Corp. (TSX.PFN, OTCBB: PAWEF) is an exploration company focused on the discovery of platinum group metals in North America. PFN is currently exploring the River Valley Project (joint ventured with Anglo American Platinum Corporation Limited "Anglo Platinum", the world's largest primary producer of platinum) and the Agnew Lake Project, currently under option to Anglo Platinum. Anglo Platinum has committed over $15.8 million to the River Valley Project to date and may earn a 65% interest by funding it through to production. In Alaska, PFN has a Joint Venture Agreement with Lonmin Plc, the world's third largest primary underground platinum group metal producer. Exploration by the Joint Venture in 2003 confirmed that Union Bay has potential to host significant accumulations of PGE mineralization. The Budget for the 2004 Union Bay Project is US $1.8 Million and will be 100% funded by Lonmin Plc. PFN is the Operator of all three projects.
On behalf of the Board of Directors
Harry Barr, President & CEO
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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