TSX: PFN OTCQX: PAWEF Frankfurt: P7J
VANCOUVER, July 25, 2013 /CNW/ - Pacific North West Capital Corp. (TSX:
PFN; OTCQX: PAWEF; Frankfurt: P7J) (the "Company") is pleased to
announce that it has closed the first tranche of its non-brokered
flow-through and non flow-through private placement for gross proceeds
of $150,000.00.
The Company issued 3,000,000 flow-through units ("FT Unit") at $0.05 per
FT Unit. Each FT Unit consists of one common flow-through share and
one-half of one non-transferable, non flow-through, share purchase
warrant. Each whole Warrant will entitle the holder to purchase one
non flow-through common share of the Company at a price of $0.10 per
share for a period of 12 months from closing.
The Company has paid finder's fees in connection with this first tranche
closing of the private placement.
All of the securities to be issued by the Company in connection with
this private placement will be subject to a hold period which expires
November 26, 2013, four months and one day after the closing date.
The proceeds from the private placement received from the sale of the FT
Units will be used for the further development and exploration of the
River Valley PGM Project and exploration of two large adjacent
properties, all located in the Sudbury region of Ontario.
An indicative budget includes drilling untested and under tested drill
targets in the footwall to the River Valley Intrusion at Dana North,
including potential footwall embayments (Fig. 1) and magma feeder
features interpreted during the 2012 exploration program, and
exploration on regional properties (River Valley East and West).
About Pacific North West Capital Corp.
PFN is a mineral exploration company whose philosophy is to be a project
generator, explorer and project operator in order to option/joint
venture its projects to partners for funding through to production. PFN
is focused on the discovery, exploration and development of PGM and
nickel‐copper sulphide deposits in geologically prospective regions in
North America, particularly Canada. The Company's key asset is its 100%
owned River Valley PGM Project in the Sudbury region of northern
Ontario. River Valley is one of the largest undeveloped primary PGM projects in
Canada. PFN also has PGM and nickel‐copper projects in Alaska. The Company
continues to evaluate PGM and nickel‐copper properties and projects in
North America for potential acquisition opportunities.
Figure 1. Exploration targets for new higher grade resources in the
footwall to the River Valley Intrusion. The peak of the IP chargeability anomalies (red outlined in white) plot
to the east of the main PGM mineralized zone ($) on the basal contact
of the intrusion. The anomalies represent untested and under tested
drill targets in the footwall, adjacent to the current PGM resources.
http://www.pfncapital.com/s/NewsReleases.asp?ReportID=594748
About River Valley Project
In January 2011, Pacific North West Capital Corp. successfully
negotiated the 100% acquisition of the River Valley PGM Project from
Anglo Platinum Limited. In May 2011, Pacific North West Capital Corp.
commenced a $5 million drill program on the project. The program was
successfully completed in May 2012. The drilling data were combined
with holes drilled previously and delivered to Tetra Tech for a new
mineral resource estimation.
The NI43‐101 compliant mineral resources for the River Valley Project
effective May 1, 2012 are listed in the table below. With 2.5 Moz
Pd+Pt+Au in Measured and Indicated resources, the River Valley Project
is one of the largest undeveloped primary PGM projects in Canada. The
project has excellent infrastructure support and is located 100 km from
the city of Sudbury, Ontario, Canada's largest nickel‐copper‐PGM mining
and processing centre.
|
NI43-101 Compliant Mineral Resource Estimate at cut-off grade of 0.8 g/t
PdEq effective May 1, 2012.
|
|
Class
|
TONNES
|
Pd (g/t)
|
Pt (g/t)
|
Rh (g/t)
|
Au (g/t)
|
Ag (g/t)
|
Cu (%)
|
Ni (%)
|
Co (%)
|
PdEq (g/t)
|
|
Total Measured
|
25,584,850
|
0.63
|
0.23
|
0.022
|
0.04
|
0.55
|
0.06
|
0.02
|
0.003
|
1.46
|
|
Total Indicated
|
65,754,700
|
0.56
|
0.21
|
0.020
|
0.04
|
0.26
|
0.06
|
0.02
|
0.002
|
1.35
|
|
Total Measured + Indicated
|
91,339,550
|
0.58
|
0.22
|
0.021
|
0.04
|
0.34
|
0.06
|
0.02
|
0.002
|
1.38
|
|
Total Inferred
|
35,911,000
|
0.36
|
0.14
|
0.014
|
0.03
|
0.11
|
0.06
|
0.03
|
0.002
|
1.07
|
|
|
|
Contained Metal Contents
|
Note:
-
Mineral resources are not mineral reserves and do not have demonstrated
economic viability. There is no certainty that all or any part of the
mineral resource will be converted into mineral reserves
-
See www.pfncapital.com for more details and notes on the mineral resource estimation
-
Resource estimation based on 462 holes drilled at a sectional spacing of
25m to 100m on eight separate mineralized zones
|
|
PGM+Au (oz)
|
PdEq (oz)
|
PtEq (oz)
|
AuEq (oz)
|
|
742,130
|
1,168,450
|
555,400
|
823,710
|
|
1,720,900
|
2,774,470
|
1,318,800
|
1,955,900
|
|
2,463,060
|
3,942,910
|
1,847,200
|
2,779,610
|
|
614,500
|
1,201,000
|
571,000
|
847,000
|
With these mineral resources, the River Valley Project under assessment
for development potential as an open pit PGM‐Cu‐Ni mining operation as
the project advances towards a Preliminary Economic Assessment Study.
Qualified Persons Statement
This news release has been reviewed and approved for technical content
by Dr. William Stone Ph.D., P.Geo. a Qualified Person under the
provisions of National Instrument 43‐101.
Pacific North West Capital Corp. is an International Metals Group
Company.
(www.internationalmetalsgroup.com)
On behalf of the Board of Directors
(signed)
Harry Barr
Chairman and CEO
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 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.
SOURCE: Pacific North West Capital Corp.
