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Gold/Mining/Energy : Pacific North West Capital Corporation-PFN on Alberta
PFN 7.540-0.4%Nov 13 4:00 PM EST
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To: koan who wrote (1910)8/11/2000 4:48:54 PM
From: Brumell  Read Replies (1) of 2255
 
A reply Koan!!

I made the following post on SH and believe it should be here also. PFN management have been taking a very bad rap for some time. I believe our shares have suffered as a result. The person (Vic???) making these charges is a member of S.I. and his reply would be welcomed here.

I don't believe a cheap participation is or was planned. I believe it was exactly the opposite. The reasons are below. When finished reading, ask yourself if it's likely Haywood will be doing a participation at any price for PFN as alleged by the SH poster.
___________________________________________________________________________
The following was released last night by Haywood in their Radar Screen Commentary. It is a downgrade of PFN.

>>> Pacific North West Capital (PFN-V) released Phase II drill results late
yesterday afternoon. The Company completed fourteen holes (2820 m) in the
vicinity of the Dana Lake PGM. The five holes (16, 17, 14, 24, 23), which
targeted a broad IP anomaly north of Hole 8, encountered narrow intervals
of
low grade mineralization. Step-out and infill holes in the Road Zone and
North Zone have extended broad PGM mineralization to 180 m depth at some
cost to grade. Hole 27 drilled in the Trench Zone gap intersected two
zones
of weak (subgram) mineralization. Phase II results are clearly a
disappointment and we expect the market to cast doubt over the project. We
are downgrading our recommendation on PFN to a HOLD. Dana Lake remains one
of the best grassroots PGM discoveries in the realm of the juniors and
Amplats appears to agree. Yesterday, PFN announced that Amplats will
increase exploration spending on the property this year by 50% to $1.5
million. Speculative investors with strong nerve and patience may want to
re-enter the stock after the sell-off to play round three. <<<
____________________________________________________________________________

Now let’s take a look at Vic’s posts about the upcoming PP. Actually he recently referred to two upcoming PP’s. What follows is from his post to me dated 08/10/00 number 1935366 entitled Vic’s Crystal Ball

>>> If all you doubters think PFN is flush with cash at $1.5 mil well wait until the big PP from LOM goes thru after the Haywood cheapie…. Vic <<<

Many assume that shares sold by Haywood were insiders selling. Not true and insider reports have conformed this. Yet selling was consistent by Haywood so who was doing it? The answer was probably normal Haywood accounts but certainly the house was unloading theirs.

As Vic has noted, LOM was on the scene. I believe PFN wanted to do a PP at high prices calculated to put serious money in the company’s coffers. Nothing wrong with that and actually a good idea. They did not want a cheap PP contrary to Vic. The problem was Haywood already tried doing that for ITF and failed. They wanted to do a cheap one for PFN and PFN balked. So PFN talked with other brokers and it appears LOM was the one selected. Cut out of future business, Haywood has been dumping. Their final step and finishing touch was last night’s downgrade. Nice folks at Haywood!!

Some may ask if Haywood had inside info. My guess would be no. With Vic it appears the answer could be different. If so, it means once again he’s placed friends in jeopardy. We’ll see. Hope not!
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