Pacific North West Capital Corp. Closes Third Tranche
VANCOUVER, Sept. 20, 2013 /CNW/ - Pacific North West Capital
Corp. (TSX:
PFN; OTCQX: PAWEF; Frankfurt: P7J) (the "Company") is pleased
to
announce that it has closed the third and final tranche of its
non-brokered flow-through and non flow-through private placement
for
gross proceeds of $100,000.00 for a
total of $275,000.00.
The Company issued 2,000,000 non flow-through units ("NFT Unit")
at
$0.05 per NFT Unit. Each NFT
Unit consists of one common share and
one-half of one non-transferable, non flow-through, share
purchase
warrant. Each whole Warrant will entitle the holder to
purchase one
non flow-through common share of the Company at a price of
$0.10 per
share for a period of 12 months from closing.
All of the securities to be issued by the Company in connection
with
this third and final tranche of the private placement will be
subject
to a hold period which expires January 21,
2014, four months and one
day after the closing date.
The proceeds from the private placement received from the sale of
the
NFT Units will be used as working capital and for the
additional
projects that the Company currently holds in Ontario and Alaska and for
evaluation and potential acquisition of additional platinum
group
metals and precious metals projects in Canada and the
United States.
About Pacific North West Capital Corp.
PFN is a mineral exploration company whose philosophy is to be a
project
generator, explorer and project operator in order to
option/joint
venture its projects to partners for funding through to production.
PFN
is focused on the discovery, exploration and development of PGM
and
nickel?copper sulphide deposits in geologically prospective regions
in
North America, particularly
Canada. The Company's key asset is
its 100%
owned River Valley PGM Project in the Sudbury region of northern
Ontario. River Valley is one of the largest undeveloped
primary PGM projects in
Canada. PFN also has PGM
and nickel?copper projects in Alaska. The Company
continues to evaluate PGM and nickel?copper properties and projects
in
North America for potential
acquisition opportunities.
Figure 1. Exploration targets for new higher grade resources in
the
footwall to the River Valley Intrusion. The peak of the IP
chargeability anomalies (red outlined in white) plot
to the east of the main PGM mineralized zone ($) on the basal
contact
of the intrusion. The anomalies represent untested and under
tested
drill targets in the footwall, adjacent to the current PGM
resources.
http://www.pfncapital.com/i/pdf/092013PFN.pdf
About River Valley Project
In January 2011, Pacific North West
Capital Corp. successfully
negotiated the 100% acquisition of the River Valley PGM Project
from
Anglo Platinum Limited. In May 2011,
Pacific North West Capital Corp.
commenced a $5 million drill program
on the project. The program was
successfully completed in May 2012.
The drilling data were combined
with holes drilled previously and delivered to Tetra Tech for a
new
mineral resource estimation.
An indicative budget includes drilling untested and under tested
drill
targets in the footwall to the River Valley Intrusion at Dana
North,
including potential footwall embayments (Fig. 1) and magma
feeder
features interpreted during the 2012 exploration program, and
exploration on regional properties (River
Valley East and West).
The NI43?101 compliant mineral resources for the River Valley
Project
effective May 1, 2012 are listed in
the table below. With 2.5 Moz
Pd+Pt+Au in Measured and Indicated resources, the River Valley
Project
is one of the largest undeveloped primary PGM projects in
Canada. The
project has excellent infrastructure support and is located 100 km
from
the city of Sudbury, Ontario,
Canada's largest nickel?copper?PGM mining
and processing centre.
NI43-101 Compliant Mineral Resource Estimate at cut-off grade of
0.8 g/t
PdEq effective May 1, 2012.
|
Class
|
TONNES
|
Pd (g/t)
|
Pt (g/t)
|
Rh (g/t)
|
Au (g/t)
|
Ag (g/t)
|
Cu (%)
|
Ni (%)
|
Co (%)
|
PdEq (g/t)
|
Total Measured
|
25,584,850
|
0.63
|
0.23
|
0.022
|
0.04
|
0.55
|
0.06
|
0.02
|
0.003
|
1.46
|
Total Indicated
|
65,754,700
|
0.56
|
0.21
|
0.020
|
0.04
|
0.26
|
0.06
|
0.02
|
0.002
|
1.35
|
Total Measured + Indicated
|
91,339,550
|
0.58
|
0.22
|
0.021
|
0.04
|
0.34
|
0.06
|
0.02
|
0.002
|
1.38
|
Total Inferred
|
35,911,000
|
0.36
|
0.14
|
0.014
|
0.03
|
0.11
|
0.06
|
0.03
|
0.002
|
1.07
|
|
|
|
|
|
|
|
|
|
|
|
Contained Metal Contents
|
Note:
• Mineral resources are not mineral
reserves and do not have
demonstrated economic viability. There is no certainty that
all or any
part of the mineral resource will be converted into mineral
reserves
• See www.pfncapital.com for more
details and notes on the mineral resource estimation
• Resource estimation based on 462
holes drilled at a sectional
spacing of 25m to 100m on eight separate mineralized zones
|
PGM+Au (oz)
|
PdEq (oz)
|
PtEq (oz)
|
AuEq (oz)
|
742,130
|
1,168,450
|
555,400
|
823,710
|
1,720,900
|
2,774,470
|
1,318,800
|
1,955,900
|
2,463,060
|
3,942,910
|
1,847,200
|
2,779,610
|
614,500
|
1,201,000
|
571,000
|
847,000
|
With these mineral resources, the River Valley Project under
assessment
for development potential as an open pit PGM?Cu?Ni mining operation
as
the project advances towards a Preliminary Economic Assessment
Study.
Qualified Persons Statement
This news release has been reviewed and approved for technical
content
by Dr. William Stone Ph.D., P.Geo. a Qualified Person under the
provisions of National Instrument 43?101.
Pacific North West Capital Corp. is an International Metals
Group
Company.
(www.internationalmetalsgroup.com)
On behalf of the Board of Directors
Harry Barr
Chairman and CEO
The Toronto Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this
release.
Disclaimer: 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.
SOURCE Pacific North West Capital Corp.