Vancouver, BC (PRWEB) May 30, 2005
Pacific North West Capital Corp.(PFN: TSX, OTCBB: PAWEF)) It is my pleasure to provide you with an update of our latest activities at Pacific North West Capital.
Pacific North West Capital has undertaken one of the most aggressive platinum group metals (PGM) exploration programs in North America over the past three years and our success accruing from these efforts have firmly established Pacific our Company as a leader in North American platinum-palladium exploration.
A summary of our key accomplishments follows:
River Valley, Ontario
Developments at our flagship joint venture with Anglo American continue to progress most favourably. The $3.0 million Phase 7 program, completed in March 2005, undertook a total of 20,740 metres of diamond drilling, metallurgical testing and bulk sample collection. Strong mineralization was reported in the newly-discovered Lismer's Extension zone and additional drilling, geophysics and geological mapping in the Varley, Varley Extension, and Pardo zones have served to increase the known mineralization and strike length of the River Valley deposit from 9 kilometres (reported in Phase 6) to 15 kilometres.
We are now working to compile the final results of the Phase 7 program, following which, a revised resource estimate incorporating new mineralization results from the Lismer Extension and Varley zones will be prepared. Planning is also presently underway towards finalization of the Phase 8 exploration budget.
Union Bay, Alaska
Pacific North West Capital completed 5,973 feet of diamond drilling and 744 kms of airborne geophysical surveys under its 2004 exploration program. Favourable PGE mineralization was traced over a strike length of approximately 6 kilometres. A budget of US$1.1 million has recently been announced by the Company and joint venture partners Lonmin Plc and Freegold Ventures Limited to extend exploration activities for a third season. The new season will focus on the further delineation and drilling of targets identified from previous years' airborne geophysical surveys and field work.
West Timmins, Ontario
In November 2004, Pacific North West Capital entered into an agreement with Falconbridge whereby it may earn up to a 100% interest by undertaking exploration on the West Timmins nickel property. This broadening of focus into nickel is seen as a natural progression for the Company and is compatible with its principal PGM exploration business as many nickel deposits contain associated PGMs. The West Timmins Project is located adjacent to Falconbridge's Montcalm Mine, which recently received mine permit approval.
Pacific North West Capital recently completed a high-resolution airborne geophysical survey over the property aimed at identifying Montcalm style targets, for drill testing later this year.
Pacific North West Capital presently holds $5.5 million in working capital. We remain committed to developing our existing projects by way of joint venture agreements. However, your Company is now entering into an aggressive phase of major new acquisitions whereby we will expend our internal funds to finance projects and add shareholder value. I look forward to reporting our achievements to you in the future.
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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