Some interesting notes, Koan.
Pacific Northwest Capital Corp. (www.pfncapital.com) holds in excess of 50,000 acres of mining claims geologically favourable for platinum group metals (PGM) discovery located in the Sudbury Mining District.
It recently completed a 13 hole Phase 1 drill program in the River Valley Intrusive area which intersected significant PGM values over substantial core lengths (May 3, 2000 news release). Phase 2 drill program well start by June 15.Canalaska Ventures Ltd. (www.canalaska.com) and
International Freegold Mineral Development Inc.(www.augoldgroup.com) have acquired approximately 67,000 acres strategically located relative to the Pacific Northwest Capital Corp. discovery location.The companies exploration programs in the Sudbury Mining District are based on favourable PGM geology and the short and long term price outlook for platinum and palladium. This strategy has become even more significant with this recent news agency article.
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The article reported that the Russian news service Interfax quoted Gokhran, the country's precious metal and gems reserve, as saying that there would be no PGM exports this year. However, the head of Gokhran reportedly told Reuters in March that its stocks of the precious metals, especially palladium, were too small to influence the market at any rate. The actual amount of what the country has as reserves is a state secret, but Gokhran previously told Reuters that it "has practically no palladium left." PGM prices, especially those for palladium, have increased wildly in the last six months, based on Russia's news of palladium stockpiles, or lack of them. Russia produces nearly two-thirds of global palladium, the demand for which is on the rise due to its use in the auto industry. (Jun 1/00)
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There are only two PGM producing mines in North America. It is our understanding that one of them has been in acquisition discussions wih a major international gold mining company.As a result of recent exploration activities and Pacific Northwest Capital drill program results, the Sudbury area has become the focus of an unprecedented staking rush. New York closing bid prices to-day for platinum, palladium and rhodium were $678 U.S., $606 U.S. and $2,000 U.S. respectively. |
