🕐07.02.12 - 15:54 Uhr
PACIFIC NORTH WEST CAPITAL CORP. ANNOUNCES RECEIPT OF MINING LEASES FOR ITS RIVE
R VALLEY PGM PROJECT, SUDBURY, ONTARIO
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Re: News Releases - Tuesday, February 07, 2012
Pacific North West Capital Corp.
Announces Receipt of Mining
Leases for its River Valley PGM Project, Sudbury, Ontario
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- PFN received the Mining Leases for its 100% owned River Valley PGM
Property
- River Valley is one of North Americas most advanced primary
platinum group metal exploration projects
- PFNs goal for exploration is to at least double the size of the
resource in order to establish a more robust open pit mine project
February 7, 2012, Vancouver, Canada -- Pacific North West Capital Corp.
(TSX: PFN; OTCQX: PAWEF; Frankfurt: P7J) is pleased to announce that it
has received its Mining Lease for its 100% owned River Valley PGM-Gold
Property, 70 km from Sudbury, Ontario.
The Mining Leases give PFN security of title on the land and the
exclusive right to mine the River Valley deposit.
The Mining Leases
include surface rights that allow for siting of project infrastructure
and processing facilities.
The Mining Leases are for a period of 21
years (commencing on November 1, 2011) and are renewable.
Harry Barr, CEO of PFN commented, "Receiving River Valleys mining
lease is a major step forward for Pacific North West Capital Corp.
and
marks another important milestone on the path to development at River
Valley located only one hundred kilometres from the nickel-copper-PGM
smelting and refining activities in Sudbury, Ontario.
PFNs goal is to
at least double the size of the resource in order to establish a more
robust open pit mine project.
We are grateful to the Ontarios
government for its support and we look forward to the successful
development of the River Valley Project".
The Mining Leases cover an area of 5381.1 hectares, including 4,756.2
hectares of Surface and Mining Rights and an additional 624.9 hectares
of Mining Rights.
The Mining Leases cover all of the NI43-101 mineral
resources of the River Valley PGM Project.
About River Valley Project
On April 20, 2011 PFN announced that it commenced the Phase I of a
$5,000,000, 15,500 metre drill program for its 100% owned River Valley
PGM Project.
As of October 2011, PFN completed more than 13,500 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-Cu-Ni 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, hosting the current defined resource.
The
latest mineral resource estimate in accordance with the guidelines set
out by NI43‐101 was published in 2006 and the results are
summarized as follows:
NI43-101 Compliant 2006 Mineral Resources for River Valley
Measured Resources:
7.99 million tonnes grading 1.33 g/t p palladium, 0.44 g/t platinum,
0.08 g/t gold, 0.12% copper and 0.02% nickel using a cut-off grade of
1.00 g/t palladium + platinum (Pd+Pt).
Indicated Resources:
11.31 million tonnes grading 1.08 g/t palladium, 0.36 g/t platinum,0.07
g/t gold, 0.10% copper and 0.02% nickel using a cut-off grade of 1.00
g/t Pd+Pt.
Inferred Resources:
0.88 million tones grading 1.36 g/t palladium,, 0.47 g/t platinum ,
0.07 g/t gold, 0.10% copper and 0.02% nickel using a cut-off grade of
1.00 g/t Pd+Pt
PFNs objective for River Valley is to delineate sufficient resources
to establish a multi-million tonne open pit PGM mine.
Completion of a
new NI43-101 mineral resource estimate is scheduled for the end of the
first quarter of 2012.
View Figure 1- Location Map of River Valley Mining Lease and Current
Resource Area at the following hyperlink:
http://www.pfncapital.com/s/NewsReleases.asp?ReportID=505742
Qualified Person Statement
This news release has been reviewed and approved for technical content
by Ali Hassanalizadeh M.Sc.
P.Geo, Vice President, Exploration for PFN
a Qualified Person under the provisions of National Instrument 43-101.
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 optioning/joint venturing its projects
through to production.
In January 2011, Pacific North West Capital
Corp.
successfully negotiated the 100% acquisition of the River Valley
PGM Project from Anglo Platinum Limited, which makes Anglo Platinum the
largest shareholder of PFN.
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 100 km from Sudbury, Ontario, one of Canadas largest mining
centres with two large mineral processing facilities that have excess
capacity.
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 (defined as "PGM" above), 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
board of directors.
PFN has approximately $5.4 million in working
capital and securities and no debt.
The Company has PGM, gold and base metal projects in BC, Ontario,
Saskatchewan and Alaska and continues to acquire additional PGM,
precious metals and base metals projects on an international scale.
The Company has recently begun significantly expanding its PGM project
portfolio in Canada and the U.S.
(Alaska) and will be releasing updates
when these acquisitions have been completed.
Pacific North West Capital Corp.
is an International Metals Group
Company.
(www.pfncapital.com)
Please send requests for further information to:
Harry Barr
Chairman & CEO
Pacific North West Capital corp.
Tel: 604-685-1870
Email:
Bill Stone
President & COO
Pacific North West Capital corp.
Tel: 416-368-5268
Email:
On behalf of the Board of Directors
Harry Barr
Chairman and CEO
For further Information, contact: Tel: +1.604.685.1870 Fax:
+1.604.685.8045
Email: , or visit www.pfncapital.com
650 - 555 West 12th Avenue, Vancouver, B.C., Canada, V5Z 3X7
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.
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Copyright (c) 2012 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 Tue Feb 7, 2012 at 5:54:26 AM Pacific Time
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