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Gold/Mining/Energy : Platinum Group Metals (PGMs) -- Ignore unavailable to you. Want to Upgrade?

To: banco$ who wrote (123)	8/4/1999 6:40:00 PM
From: Just G	Read Replies (2) \| Respond to of 529

I feel this is a significant step forward, towards the proof of pge's in the Sudbury area. Pacific North West signs financing agreement with Amplats Pacific North West Capital Corp PFN Shares issued 8,075,000 Aug 3 close $0.49 Wed 4 Aug 99 News Release Mr. Harry Barr reports The company has signed an agreement with Kaymin Resources Limited, a fully owned subsidiary of Anglo American Platinum Corporation Ltd., for the joint exploration of certain of Pacific North West Capital's properties in the Sudbury region of Ontario. Anglo American PLC, one of the world's largest mining companies, which was recently listed on the London Stock Exchange, is the largest single shareholder of Amplats. South African-based Amplats mines, processes, refines and markets platinum and other platinum group metals and is the world's leading primary producer. Kaymin may earn a 50-per-cent interest (subject to underlying net smelter royalties) in specific PFN properties by paying PFN $300,000 for the option and spending $4-million on exploration over a five-year period. The 1999 and 2000 exploration expenditures, totalling $1.5-million, are contractually guaranteed. Upon completion of the initial agreement, Kaymin may earn a 60-per-cent interest by completing a feasibility study, and a 65-per-cent interest by arranging all mine financing through to production. PFN has been actively exploring the Sudbury region for PGM and has assembled a substantial package of properties in six townships northeast of Sudbury. Significant PGM and copper-nickel values have been identified on several properties. A recent drilling program on the Janes Township project returned highly encouraging results (Stockwatch June 2 and July 5, 1999), which included 1.55 metres of 6.71 grams per tonne PGM and 0.63 per cent Cu-Ni; 3.06 metres of 9.03 g/t PGM and 2.11 per cent Cu-Ni; 15.06 metres of 3.10 g/t PGM and 1.35 per cent Cu-Ni. Summer prospecting and sampling programs to delineate drill targets on PFN properties have been continuing. On PFN's River Valley project, where grab samples from two zones six kilometres apart ranged as high as 12.64 g/t combined palladium, platinum, rhodium and gold, a concentrated exploration program is now in progress to identify specific drill targets. Additional drilling programs are slated for 1999, including further drilling on the Janes project. PFN also has an aggressive North American and international acquisition program in which Amplats has been offered the opportunity to participate. The participation of Amplats in the current PFN projects will result in significantly expanded field programs. In addition to financing, Amplats will provide technical assistance, particularly with regard to geochemical analysis, mineralogy consulting, minerals processing technology and geological modelling. PFN will remain operator of the projects until Kaymin has completed the initial $4-million commitment. The agreement is subject to regulatory approval and a finder's fee is payable. (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com