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Gold/Mining/Energy : SUDBURY AREA AND THE PGM PLAY -- Ignore unavailable to you. Want to Upgrade?

To: Diamond Daze who wrote (285)	6/16/2000 8:38:00 PM
From: Brumell	Respond to of 349

Pacific North West begins phase II at River Valley Pacific North West Capital Corp PFN Shares issued 15,988,625 Jun 16 close $1.31 Fri 16 Jun 2000 News Release Mr. Harry Barr reports Phase II drilling is now under way on the River Valley project with an objective to infill drill toward a minable resource and to increase strike length of the known mineralization. Holes will be drilled north of RV8 (the most northerly hole drilled to date) to test for continuity of mineralization indicated by earlier surface stripping, sampling and IP (induced polarization). Infill drilling will also be carried out between 600N and 215S to better ascertain the dip and depth extent of the mineralization. The Trench zone, where grab samples assay as high as 13.17 grams per tonne combined Pt, Pd, Rh and Au, will also be drilled. Detailed stripping and sampling over the IP chargeability anomaly has been completed in the Dana Lake area and has commenced in the Hen Lake area (three kilometres to the south). Results are expected over the next 30 to 60 days. Stripping and sampling in the Dana Lake area has exposed the western and eastern limits of mineralization and the intrusive contact with the underlying basement gneisses. Every hole in the phase 1 to 13 hole program intersected significant platinum group metal (PGM) values over substantial core lengths. Hole RV8, the most northerly hole drilled, intersected the longest mineralized section in the drill program, with an intercept of 130.5 metres (428.2 feet) of 1.21 g/t PGM (Pt+Pd+Au+Rh) which includes higher-grade intersections of 7.20 metres (23.60 feet) of 3.42 g/t PGM, 0.16 per cent Cu, 0.02 per cent Ni and 28.60 metres (93.8 feet) of 2.18 g/t PGM, 0.17 per cent Cu, 0.03 per cent Ni. The River Valley project is financed through an agreement with Anglo American Platinum Corporation (Amplats), the world's largest platinum producer, which can earn a 50-per-cent interest in various 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. In addition to financing, Amplats is providing PFN with technical expertise in its search for platinum group metal deposits. PFN remains operator of the projects. Amplats is financing a minimum $1-million exploration program on River Valley and other PFN projects in 2000.