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Gold/Mining/Energy : Pacific North West Capital Corporation-PFN on Alberta -- Ignore unavailable to you. Want to Upgrade?

To: koan who wrote (1987)	9/11/2000 9:43:31 PM
From: VAUGHN	Read Replies (1) \| Respond to of 2255

Hello Koan From the Minmine site: Hot News AMPLATS UPS BUDGET FOR DRILLING ON PACIFIC NORTH WEST'S RIVER VALLEY PROJECT. Back in April, when the excitement over platinum group metals potential in the Sudbury area was at its height in Canada the shares of Pacific Northwest Capital Corporation hit a high point of more than C$4 . They are now languishing at less than C$1, so what went wrong ? The answer seems to be nothing. It is just very hard to sustain investor interest in a stock when the company embarks on a long drawn out exploration programme. The negative aspect seems to be that results from the Phase 11 drilling at Dana Lake on Pacific North West's River Valley project indicated that mineralisation was less regular than expected, but this was counter balanced by the latest round of drilling which has defined the main mineralised zone as having a strike length of 350 metres, a depth of 180 metres and an average width of 30 metres at a grade of 2.0 g/t PGM. This indicates an initial resource of 330,000 ounces PGM, but there should be plenty more to come to judge by the results from IP geophysics on some parts of the properties and surface stripping and rock sampling on others. The ongoing programme is exposing the favourable intrusive contact south east of the Dana Lake zone, which has been the focus of drilling to date, and here initial stripping and sampling has returned individual sample values as high as 6.9 g/t PGM. Pacific North West's partner is none other than Anglo-American Platinum, the biggest PGM producer in the world. It is earning into 50 per cent of the project by paying C$300,000 and spending C$4 million on exploration over five years. It can then go to 60 per cent by taking the project through a positive feasibility study and gets a further 5 per cent by finding the development capital. The fact that it has just upped its exploration budget by 50 per cent is hardly the action of a disillusioned partner. Moreover the noises emanating from Aquiline Resources and the Mustang/Implats venture to the south west are also encouraging. Sudbury itself is only 60 kms away and it is the home of giant nickel producers Inco and Falconbridge. Neither has given any details of the PGM credits that have been won over the years, but they must be fairly substantial at current prices. The encouraging thing is that they provide smelter availability nearby which makes a lot of difference to the economics of mining operation at River Valley as concentrate could be sold on an offtake contract similar to the one Implats has with Kroondal in South Africa. Harry Barr, the CEO of PNW has been doing a tour of Europe and Scandinavia and has been encouraged by the positive response from fund managers, though they may not be stampeding to write out cheques. His aim was to focus their attention on the September drilling programme, the first results from which should be published shortly. If these results are as good as anticipated, it could be a profitable Christmas for shareholders. 12 September 2000 Regards From the Minmine site: