To: koan who wrote (1825 ) 6/28/2000 6:10:00 PM From: Brumell Respond to of 2255
A News Release from PFN..... Pacific North West to earn into New Millennium's property Pacific North West Capital Corp PFN Shares issued 15,988,625 Jun 27 close $1.53 Wed 28 Jun 2000 News Release See New Millennium Metals Corporation (PGM) News Release Mr. Marek Kreczmer reports New Millennium Metals Corporation (PGM) has signed a letter of intent with Pacific North West Capital Corporation (PFN) under which PFN may acquire 50 per cent of all PGM's rights and interests in the Agnew Lake property. PGM has expended approximately $500,000 on the property to date and PFN must match the level of exploration expenditure and meet the following conditions to vest its 5O-per-cent interest: PFN will issue 50,000 shares to PGM, including $25,000 upon signing; PFN will make cash payments totalling $200,000, including $30,000 on signing. PFN will become responsible for completion of all assessment and filing requirements as long as it remains operator. The agreement also provides for the proposed future involvement of a major mining company wherein the major would earn up to a 60-per-cent interest in the Agnew Lake property. PGM and PFN have agreed that neither party can unreasonably withhold its consent to involve a major in the project. If a major is brought into the joint venture prior to PFN matching PGM's expenditures to date, and the major completes a level of exploration expenditure which satisfies the underling property agreement between PGM and the original property vendors, PFN may still vest its 50-per-cent interest by paying PGM the number of PFN shares equivalent in value to $500,000 less the cost of any direct exploration expenditures incurred by PFN. The Agnew Lake property encompasses most of the Agnew Lake mafic intrusion which hosts a number of platinum/palladium occurrences at the contact of the intrusion and the host rocks. Values obtained to date include up to 8.5 grams per tonne combined platinum and palladium. The platinum/palladium mineralization which occurs at the basal contact with the surrounding sediments and is present for over 13 kilometres, resembles very closely that found in PFN's River Valley property.