Pacific North West Capital Corp PFN
Shares issued 16,175,375 Feb 2 close $0.80
Mon 5 Feb 2001 News Release
Mr. Harry Barr reports
Drilling on the River Valley property has commenced. Over the next several
months a minimum of 11,000 metres will be drilled. The phase 4 drill
program has two principal objectives, firstly, to define a bulk minable
mineral resource in the Dana Lake area and secondly, to test induced
polarization and geological targets along the more than
eight-kilometre-long mafic intrusive contact. The company will also be
carrying out additional induced polarization surveys as well as stripping
and sampling programs. Anglo Platinum has allocated $2-million to complete
these programs. The program is expected to be completed in early June at
which time Anglo Platinum will review the exploration program and an
additional budget will be determined for phase 5.
The River Valley project is a platinum group metals target, situated 60
kilometres to the northeast of Sudbury, Ont. River Valley is principally a
palladium target (3:1 Pd:Pt). Palladium is currently trading at $1,040
(U.S.) per ounce. River Valley is a joint venture between Anglo American
Platinum Corporation Limited (Anglo Platinum) and Pacific North West
Capital Corp. (PFN). The project is 100-per-cent financed by Anglo
Platinum, the world's largest platinum producer. The River Valley project
is financed by Anglo Platinum. Anglo Platinum may earn up to 65-per-cent
interest in the project by providing financing through to production.
Pacific North West Capital is the operator.
In 2000, 40 holes were completed on the River Valley property, 37 at the
Dana Lake area and three at Lismer's Ridge, located about 1.3 km southeast
of the Dana Lake area. Highlights from phase 1, 2 and 3, -- 2000 drill
program can be found at the company's Web site: www.pfncapital.com.
The company has recently raised $912,750 in flow-through financing and as
of Feb. 2, has approximately $2.8-million in working capital.
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