Mr Lockey, news out on your pick PFN-t:
Pacific North West acquires PGM interest in Quebec
Wed 13 Jun 2001
News Release
Mr. Harry Barr reports
Pacific North West Capital (PFN) has entered into an option agreement
whereby it may acquire a 100-per-cent interest in mineral claims covering
3,552 hectares located east of Schefferville, Que., within the southern
part of the Quebec/Labrador trough. In order to exercise the option the
company is required to complete cash payments totalling $125,000, issue
60,000 PFN shares and complete $800,000 in exploration expenditures over
four years. A 2.5-per-cent net smelter return will be retained by the
vendor. A finders fee is payable. The foregoing is subject to regulatory
approval.
Significant mineral exploration has been carried out in this area over the
past 60 years, during which time numerous copper, nickel and platinum group
metal (PGM) showings were discovered. The area is underlain by folded
Proterozoic metasedimentary and metavolcanic rocks. Copper, nickel and PGM
mineralization is associated with ultramafic sills.
A $200,000 exploration program will commence shortly on the property which
will focus on sampling known copper, nickel and PGM showings. The field
program will be managed by Peter Dasler, PGeo, -- Kamaka Resources Ltd.
WARNING: The company relies upon litigation protection for
"forward-looking" statements. |
