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TSX -
PFN OTCBB - PAWEF Frankfurt: P7J |
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http://www.pfncapital.com |
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This
news just announced |
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Stillwater
Mining Company signs |
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Letter
Agreement to Option/ Joint
Venture
Goodnews
Bay
Platinum Project
&
to complete a reconnaissance program on Alaskan PGM
Properties
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February
26, 2007,
Vancouver, BC -- Pacific North West Capital Corp. ('PFN') (TSX: PFN; OTCBB: PAWEF;
Frankfurt: P7J), is pleased to announce that PFN and Stillwater
Mining Company ('Stillwater') (NYSE: SWC) have
entered into a non-binding Letter Agreement pertaining to
ongoing exploration of the Goodnews Bay Platinum
Project ("GBPP"), Alaska.
The Letter Agreement also provides for Stillwater to
fund reconnaissance on other Alaskan PFN exploration
projects with the provision for Stillwater to enter into
option/joint venture agreements on the Goodnews Bay Project
and 1 or more of the reconnaissance projects.
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The
GBPP agreement is subject to approval by Calista
Corporation. Calista
Corporation is the second largest land owner of 13 regional
Alaskan Native corporations formed in 1971 under the Alaska
Native Claims Settlement Act (ANCSA).
Calista Corporation's land entitlements exceed 6.5
million acres in Southwest Alaska and contain several
significant mineral occurrences, including Goodnews Bay
(platinum) and Donlin Creek gold project (16.6 million
ounces Measured plus Indicated and 17.1 million ounces
Inferred). For more information on Calista visit their
website www.calistacorp.com.
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Under
the terms of the Letter Agreement,
Stillwater will spend $4 million to earn 50%
of GBPP by December
31, 2010.
Stillwater may elect to increase its
interest to 60% by incurring an additional
$8 million in exploration expenditures
within an additional two year period or upon
completion of a Feasibility Study, whichever
occurs first.
Stillwater may increase its interest
to 65% by arranging for 100% of the project
financing required to place the Property
into Commercial Production within an
additional three years. |
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PFN
will be the Project Manager during the option period, as
defined in the Option Agreement, and will receive a
management fee.
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Reconnaissance
Properties Option
Under
the reconnaissance portion of the Letter Agreement,
Stillwater will expend $500,000 in 2007 which will allow it
to inspect several of PFN's proposed projects and after
the field season Stillwater may elect to continue
participation in 1 or more projects by committing to fund
the following year's approved program for each elected
project
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Stillwater
Strategic Investment
On
November 17, 2006,
Stillwater acquired approximately 11% interest in PFN
by completing a $2 million private placement.
On December 12, 2006, PFN announced a $0.47
private placement for $1 million in which Stillwater
maintained their position by a proportionate investment in
the placement
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The
Goodnews Bay Project
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April 12, 2006, PFN announced
that it has acquired a 100% working interest
in a long-term exploration and mining lease
on the Goodnews Bay ultramafic platinum
complex located on the southwest coast of
Alaska (Figure 1), approximately 550 air
miles south-southwest of Anchorage. The
Goodnews Bay Project is located near year
round ice free tidewater and is road
accessible from the village of Platinum,
which has a public airstrip. |
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| The
mining lease, with Calista Corporation,
encompasses an area of interest comprising
about 82 square miles (212 square kilometres).
Previous placer operations in the
streams draining the project area produced
approximately 650,000 troy ounces of
platinum. |
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| 2006
field exploration efforts focused on the
Goodnews Bay ultramafic intrusion in the
Susie Mt. area (Figure 2) of the project
where historical exploration resulted in
discovery of +1 gram per tonne platinum in
rock and soil samples. The 2006 evaluation
program consisted of basal soil samples, pan
concentrate samples and rock samples in
addition to reconnaissance scale
prospecting. |
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Results
released on January 29, 2007, from
the 2006 programs provided significant
encouragement with anomalous Pt values in
the basal soil layer on the southwest flank
of Susie Mountain with Pt values as high as
268 ppb. The anomalous values are
underlain by clinopyroxene dominated rocks.
The approximate 650,000 ounces of placer
platinum recovered from the Salmon River
(Figure 2) likely originated from the deeply
eroded Red Mountain massif. The
potential to find additional lode platinum
in the geological units on Susie Mountain
remains untested. |
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Based
on the results of the 2006 field program as
well as synthesis of previous work at
Goodnews Bay, a series of soil, rock and pan
concentrate sampling programs followed by
surface trenching and/or diamond core
drilling have been recommended for 2007. |
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About
Stillwater Mining Company
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Stillwater
Mining Company is the only U.S. producer of palladium and
platinum and is the largest primary producer of platinum
group metals outside of South Africa and Russia. The
Company's shares are traded on the New York Stock Exchange
under the symbol SWC. Information on Stillwater Mining can
be found at its Web site: www.stillwatermining.com.
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About
Pacific North West Capital Corp.
Pacific
North West Capital Corp. (TSX: PFN; OTCBB: PAWEF) is an
exploration company focused on platinum group metal projects
in North America. PFN is currently exploring the River
Valley Project (joint ventured with Anglo American Platinum
Corporation Limited ("Anglo Platinum"), the
world's largest primary producer of platinum). Anglo
Platinum has committed over $19 million to the River Valley
Project to date and may earn a 65% interest by funding it
through to production. PFN is the Project Operator.
In
late 2004 PFN established a Nickel Division and currently
has an Option / Joint Venture in the Timmins Mining District
with Xstrata Nickel (previously Falconbridge Ltd). An
extensive geophysical and ground proofing exploration
program has recently been completed. PFN has expended
approximately $1.4 million on the project to date. A diamond
drill program has been approved to evaluate EM conductors to
depths of 200 meters south of the Montcalm Mine claims,
Timmins, Ontario. The targets are within the strike
extension of the interpreted mine stratigraphy of the
Montcalm Intrusive Complex (MIC). A planned deep drill
program on the Montcalm Mine Claims by Xstrata Nickel
(formerly Falconbridge Limited) has just commenced and
drilling on PFN claims will commence shortly after.
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Pacific
North West Capital Corp. is currently involved in an
aggressive acquisition program with negotiations currently
underway to add new PGM and base metal projects to its
portfolio throughout 2007. We remain committed towards
developing new and existing projects by way of self-funding
or Option / Joint Venture agreements with Major PGM and Base
Metal companies. PFN presently has approximately $5
million in working capital.
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The
qualified person responsible for this news release is Curt
Freeman, M.Sc. P. Geo.
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On
behalf of the Board of Directors
"Harry Barr"
Harry Barr, President & CEO |
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| For
further information, please contact our Investor Relations
Department at Toll Free 1-800-667-1870 |
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Toll free 1.800.667.1870
Telephone: +604.685.1870 Fax: +604.685.8045 info@pfncapital.com
This email should not be construed
as an offer to buy or sell securities of Pacific North West Capital Corp.
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Stillwater Mining Co
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PRODUCTEUR |
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CODE : SWC |
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ISIN : US86074Q1022 |
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Stillwater Mining est une société de production minière de cuivre et de nickel basée aux Etats-Unis D'Amerique. Stillwater Mining est productrice de cuivre, de nickel, de palladium, de pgm et de platine en USA, et détient divers projets d'exploration au Canada. Ses principaux projets en production sont EAST BOULDER MINE, STILLWATER MINE et EAST BOULDER en USA et son principal projet en exploration est SIM LAKE au Canada. Stillwater Mining est cotée aux Etats-Unis D'Amerique et en Allemagne. Sa capitalisation boursière aujourd'hui est 2,2 milliards US$ (2,0 milliards €). La valeur de son action a atteint son plus bas niveau récent le 21 novembre 2008 à 1,76 US$, et son plus haut niveau récent le 03 mai 2017 à 18,00 US$. Stillwater Mining possède 121 080 187 actions en circulation. |