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Gold/Mining/Energy : Precious and Base Metal Investing -- Ignore unavailable to you. Want to Upgrade?

To: TheBusDriver who wrote (23106)	10/29/2003 11:33:50 AM
From: Condor	Respond to of 39344

Drill results out on PFN's River Valley. The Varley is hitting nice. Up 11% today. Pacific North West discovers new PGM zone at Varley Pacific North West Capital Corp PFN Shares issued 21,079,701 Oct 28 close $1.15 Wed 29 Oct 2003 News Release Mr. Harry Barr reports NEW PGM DISCOVERY AT VARLEY ZONE RIVER VALLEY PROJECT, SUDBURY, ONTARIO A significant new zone of mineralization has been delineated on the River Valley platinum, palladium plus gold (PGM) property. Hole VA-01 intersected 73 metres (239 feet) of 1.52 grams per tonne (g/t) PGM including 23 metres (75 feet) of 2.2 g/t PGM. The mineralization is centred on the Varley zone located three kilometres south of the Lismer's Ridge area. A previously reported mineral resource estimated prepared and reported in accordance with National Instrument (NI) 43-101, indicates the presence of approximately 825,900 ounces PGM, and 200,600 ounces PGM in the indicated and inferred categories, respectively, at Dana Lake and Lismer's Ridge. The phase 5 ($5.3-million) drill program, currently in progress, is aimed at expanding the current resources on the property, as well as investigating the more than six kilometres of prospective intrusive contact that has not yet been drill tested. A new mineral resource estimate is in progress. Pacific North West has known for some time that higher platinum and palladium values (greater than 10 g/t PGM) outcrop in gabbroic breccias in the Varley zone, however, because of the extensive strike length of the mineralized breccia, this is the first opportunity that Pacific North West has had to drill test this target. It is important to note the scale of the mineralized zones drilled and delineated to date (Dana Lake -- one kilometre and Lismer's Ridge -- two kilometres). There is the substantial opportunity for the discovery of additional sizable mineralized zones at Varley and along the prospective breccia contact, which extend another four kilometres southeast of Varley. Drilling is continuing with two drill rigs and will extend at least until the end of November. The qualified person for this release is Peter Dasler, MSc, PGeo. Assays were carried out by XRAL Laboratories (SGS Group).