Pacific North West's Agnew exploration program approved
Pacific North West Capital Corp PFN
Shares issued 19,357,480 Aug 7 close $0.68
Fri 10 Aug 2001 News Release
Also New Millennium Metals Corp (PGM)
Mr. Harry Barr reports
Anglo American Platinum Corporation Limited has now approved a
$1.18-million 2001 program for the Agnew platinum group metals property,
situated 60 kilometres west of Sudbury, Ont. The exploration program was
approved pursuant to an agreement between Anglo Platinum, PFN and New
Millennium Metals which was announced in Stockwatch June 27, 2001. That
agreement became effective on July 9, 2001. Anglo Platinum is the world's
largest producer of platinum group metals.
Field programs conducted by project operator PFN are currently under way at
Agnew Lake. The program includes geological mapping, prospecting,
stripping, sampling, geophysical surveys and diamond drilling. The program
will focus on the intrusive contact where substantial platinum group metal
values (up to 8.4 grams per tonne combined Pt+Pd) are known in magmatic
breccias in a comparable setting to mineralization on PFN's River Valley
property located east of Sudbury, Ont.
Under an agreement dated Aug. 15, 2000, PFN may earn 50 per cent of New
Millennium's interest in the Agnew platinum group metals property. Anglo
Platinum may earn a 49.5-per-cent interest in the property by making cash
payments of $200,000 to both PFN and New Millennium (payment made),
reimbursing PFN $226,000 for its year 2000 exploration expenditures on the
property (payment made) and by completing $6.0-million in exploration
expenditures by Dec. 31, 2004. Anglo Platinum can increase its interest in
the property to 57-per-cent by completing a feasibility study, and to
60-per-cent by arranging 100-per-cent project financing and bringing the
project into commercial production.
River Valley update
The phase 4 drill program has been completed. Assay results from the
remaining 45 holes will be reported as assays are received. Preliminary
resource studies based on the 138 holes drilled to date on the property are
now in progress and are expected to be completed by the end of September.
The data will be reviewed by PFN and Anglo Platinum and used as a basis for
determining subsequent programs and budgets.
The River Valley project is financed through the terms of an agreement with
Anglo Platinum, which can earn a 50-per-cent interest in River Valley and
certain other PFN properties in the Sudbury area by paying $300,000 for the
option (payment made) and spending $4-million on exploration; a 60-per-cent
interest by completing a feasibility study; and 65-per-cent by financing
the property through to production.
WARNING: The company relies upon litigation protection for
"forward-looking" statements.
(c) Copyright 2001 Canjex Publishing Ltd. stockwatch.com |
