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.
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 + Indicated||91,339,550||0.58||0.22||0.021||0.04||0.34||0.06||0.02||0.002||1.38|
|Contained Metal Contents||
|PGM+Au (oz)||PdEq (oz)||PtEq (oz)||AuEq (oz)|
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
On behalf of the Board of Directors
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.For further information:
Tel: +1.604.685.1870 Fax: +1.604.685.8045
Email: [email protected], or visit www.pfncapital.com
Suite 650 - 555 West 12th Ave., Vancouver, B.C., Canada, V5Z 3X7