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Pacific North West Capital
Corp. (TSX: PFN; OTCBB: PAWEF; Frankfurt: P7J) (the
"Company") is pleased to announce a non-brokered
private placement of up to 10,000,000 units at a purchase price of
$0.30 per unit for gross proceeds of up to $3,000,000. Each unit will
consist of one common share in the capital of the Company and
one-half of one share purchase warrant, each whole Warrant entitling
the holder thereof to purchase one additional common share of the
Company for one year at a price of $0.35.
A portion of all the units may be flow-through units and will be
priced a $0.35 cents per unit. Each unit will consist of one common
share in the capital of the Company and one-half of one share
purchase warrant, each whole Warrant entitling the holder thereof to
purchase one additional non flow-through common share of the Company
at $0.45 for a period of one year.
The proceeds from the private placement received from the sale of the
units will be used for the further development of the River Valley
PGM Project located in the Sudbury region of Ontario (see news
release dated January 31, 2011); the Destiny Gold Project, located
approximately 75 km north of Val d'Or in the Abitibi-T�miscamingue region, Qu�bec (see news release
dated January 24, 2011); and the Rock and Roll project located in the
Liard Mining District approximately 9 km west of the Bronson airstrip
and exploration camp in northern British Columbia (see press release
dated October 27, 2010). The project hosts precious metals rich,
volcanogenic massive sulphide
mineralization in a volcano-sedimentary host rock package. The
mineralization shows similarities to the gold and silver rich
mineralization of Barrick Gold's past
producing Eskay Creek mine; Part of the
proceeds from the financing will also be used for the advancement of
the additional projects that the Company currently holds in its portfolio
situated in Qu�bec, Ontario, Saskatchewan and Alaska, and for the
acquisition of additional platinum group metals, precious metals and
base metals projects in Canada, the United States and Africa.
A finder's fee may be paid. The foregoing is subject to regulatory
approval.
About Pacific North West Capital Corp.
Pacific North West Capital Corp. (TSX: PFN; OTCQX: PAWEF; Frankfurt:
P7J.F) is a mineral exploration company whose corporate philosophy is
to be a project generator, explorer and project operator with the
objective of option / joint venturing its projects through to
production. The River Valley PGM project is one of North America's
newest and largest primary platinum group metals (PGM) deposits. The
project located in the Sudbury region of Ontario.
On January 31, 2011, Pacific North West Capital successfully
negotiated the 100% acquisition of the River Valley PGM Project from
Anglo Platinum Limited, making Anglo Platinum the largest shareholder
of PFN holding approximately 12% of the Company (see news release
dated January 31, 2011).
On January 24, 2011, PFN announced a new NI43-101 mineral resource
estimate on the Destiny Gold Project which is situated 75 km near
Val-d'Or, Qu�bec (see news release dated January 24, 2011). The
Destiny Project is under option from Alto Ventures Ltd. Under the
terms of the option agreement, PFN can earn a 60% interest in the
property over a four year period by completing $3.5 million in
exploration expenditures, paying $200,000 and providing a total of 250,000
PFN shares to Alto. The Company is also advancing a polymetallic project in the Iskut
River region of British Columbia. PFN is also a significant
shareholder of Fire River Gold Corp
(FAU:TSX.V) which company is developing the Nixon Fork Gold
Mine in Alaska, which is slated for production in summer of 2011.
Pacific North West Capital Corp. is well funded with an experienced
Management team and the ability to take advantage of its growing
assets based in Platinum Group Metals, gold and base metals. To that
end, the Company is in the process of adding key technical and
financial people to our management, advisory team and our board of
directors. Prior to completion of the of the February 21 2011
offering, PFN has approximately $6.6 million in working capital and
securities.
Pacific North West Capital Corp. is a member of the International
Metals Group of Companies
(www.internationalmetalsgroup.com).
On behalf of the Board of Directors
"Harry Barr"
Harry Barr, President & CEO
For further information, please contact our Investor Relations
Department at Toll Free 1-800-667-1870
The Toronto Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
This news release may contain certain "Forward-Looking
Statements" within the meaning of Section 21E of the United
States Securities Exchange Act of 1934, as amended. All statements,
other than statements of historical fact, included herein are
forward-looking statements that involve various risks and uncertainties.
There can be no assurance that such statements will prove to be
accurate, and actual results and future events could differ
materially from those anticipated in such statements. Important
factors that could cause actual results to differ materially from the
Company's expectations are disclosed in the Company's documents filed
from time to time with The Toronto Stock Exchange, British Columbia
Securities Commission and the United States Securities & Exchange
Commission. Not to be construed as an offer to buy or sell securities
of this company.
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