🕐08.09.11 - 01:27 Uhr
PACIFIC NORTH WEST CAPITAL CORP. APPOINTS NEW PRESIDENT AND COO
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Re: News Releases - Wednesday, September 07, 2011
Pacific North West Capital Corp.
Appoints New President and COO
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September 7, 2011.
Vancouver, BC -- Pacific North West Capital Corp.
("PFN" or "the Company") (TSX:PFN; OTCQX:PAWEF; FSE:P7J) announces:
Corporate Change
Harry Barr and the Board of Directors (the ʺBoardʺ) of PFN
announce that, effective today, Mr.
Barr has elected to step down as
President of PFN.
Dr.
William Stone, M.Sc and Ph.D, Geology, has been
appointed as President and Chief Operating Officer.
Mr.
Barr remains as
Chief Executive Officer and has been appointed Chairman of the Board.
Dr.
Stone has held senior positions with international and Canadian
mining and mineral exploration companies based in Vancouver and Toronto
and has more than twenty-five years of exploration experience,
including significant experience with platinum group metals (PGMs) and
nickel-copper sulphides and a wealth of technical and practical
experience.
He served as Principal Geologist and Vice President of
Exploration with several Canadian and Australian listed firms,
including positions with WMC Resources Ltd.
at Kambalda (Western
Australia), location of world-class nickel sulphide and gold mining
districts.
Dr.
Stone was also a Senior Lecturer in Economic Geology
and Geochemistry at the University of Western Australia in Perth.
Dr.
Stone joins us from his most recent position as Vice-President of
Exploration, Canada, for Magma Metals Ltd., where he was responsible
for exploration of the recently discovered TBN PGE-Cu-Ni sulphide
deposit near Thunder Bay, Ontario.
Previously he served as Vice
President of Exploration for North American Palladium Ltd., where he
was responsible for PGE exploration at the Lac des Iles Mine near
Thunder Bay and the APP Joint Venture Project in Finland, and gold
exploration at the Sleeping Giant Mine near Amos, Quebec.
Mr.
Barr stated "We are very pleased to have Bill Stone join us at this
juncture when we are concentrating on advancing our flagship River
Valley PGM Project near Sudbury, Ontario.
The River Valley Project is
one of North Americas newest and largest primary PGM deposits and
Bills extensive experience will greatly assist us in developing the
River Valley Project to its full potential.
Bill will also lead the
initiative to build a more significant exploration presence for PFN in
Canada and elsewhere."
About Pacific North West Capital Corp
Pacific North West Capital Corp.
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, PFN 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 9% of the Company (as of July 2011).
In special
situations, like our 100% owned River Valley PGM Project, the Company
is prepared to fund the project through to feasibility and into
production.
The River Valley PGM Project is one of North Americas
newest and largest primary platinum group metals (PGM) deposits.
The
project has excellent infrastructure support and is located only 60
miles (100 km) from Sudbury, Ontario, one of Canadas largest mining
centres with two large mineral processing facilities with excess
capacity for production.
On April 20th, 2011, PFN announced that it had commenced the Phase I of
the $5 million, 15,500 metre drill program for its 100% owned River
Valley PGM Project.
As of July 2011, PFN has completed more than 7800
metres of drilling and more than 140 line km of 3D IP geophysics
survey.
Work to date at River Valley suggests that the best potential
for economic accumulations of PGM-Copper-Nickel sulphide mineralization
is within the Breccia Zone.
This Zone includes the main mineralized
breccia or Main 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 Companys renewed exploration
efforts.
On April 27th, 2011, PFN announced a new NI43-101 mineral resource
estimate on the Rock & Roll Gold-Silver-Polymetallic Project, located
in Northern BC (see news release dated April 27th, 2011).
The mineral
resource estimate significantly increased the historic resource.
The
indicated resource includes: 2,155,679 tonnes grading 0.68 g/t gold
("Au") (47,040 contained oz of Au), and 82.7 g/t silver (Ag")
(5,734,445 contained oz of Ag) at a cut‐off grade of 0.5 g/t gold
equivalent ("AuEq"), including 0.22% Copper ("Cu") (10,500,833 lbs Cu),
0.22% Lead ("Pb") (10,399,960 lbs Pb), and 0.94% Zinc ("Zn")
(44,522,995 lbs Zn).
The Rock & Roll Gold-Silver-Polymetallic Project
is under option from Equity Exploration Consultants Ltd., First Fiscal
Enterprises Ltd.
and Pamicon Developments Ltd.
Management is currently
finalizing a technical and financial plan to further develop the Rock &
Roll Project.
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 asset
base in PGMs, 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 $6.3
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 Companys expectations are
disclosed in the Companys documents filed from time to time with The
Toronto Stock Exchange, British Columbia Securities Commission and the
United States Securities & Exchange Commission
This email should not be construed as an offer to buy or sell
securities of Pacific North West Capital Corp.
To unsubscribe: MAILTO:?subject=UNSUBSCRIBE
from PFN distribution
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Copyright (c) 2011 PACIFIC NORTH WEST CAPITAL CORP.
(TSX:PFN -
OTCQX:PAWEF - FSE:P7J.F) All rights reserved.
For more information
visit our website at http://www.pfncapital.com/ or send
mailto:
Message sent on Wed Sep 7, 2011 at 3:30:27 PM Pacific Time
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