To date, Lonmin plc has committed US $ 3.9 million to the Union Bay program.
(PRWEB) June 23, 2005 -- Pacific North West Capital Corp
TSX:PFN,OTCBB:PAWEF)www.pfncapital.com and Freegold Ventures Limited TSX.ITF OTC
http://www.freegoldventures.com are pleased to announce that the US$ 1.1 million drill program on the Union Bay Platinum Project, fully funded by Lonmin plc., has commenced. To date, Lonmin has committed $US 3.9 million to the Union Bay program.
A total of 10,000 feet of diamond drilling, as well as field work are budgeted in this phase, which will test five separate target areas identified from last year’s drill program and airborne electromagnetic and magnetic surveys. The partners expect drill program completion by mid-August of 2005.
The 2004 exploration program consisted of reconnaissance geochemical sampling, core drilling on the Continental Zone, and a combined airborne magnetic and multifrequency electromagnetic (EM) survey. Platinum values ranging from 1 to 14 grams per tonne have been identified in various locations on the project.
The Union Bay Project is hosted in an Alaska–Ural type zoned ultramafic complex located at tidewater 35 miles north of Ketchikan, Alaska, and consists of 711 unpatented Federal lode mining claims covering 15,940 acres, and 6 State of Alaska mining claims covering 240 acres. The project is a joint venture between Pacific North West Capital Corp., (the Operator), Freegold Ventures Limited and Lonmin plc. Lonmin may earn up to a 70% interest in the project by delivering a full feasibility study. Upon the decision by the JV Management Committee to proceed to place the project into commercial production, Lonmin will arrange 100% of the required financing.
The qualified person for this release is Peter Dasler, M.Sc., P.Geo, Vice President Business Development of Pacific North West Capital Corp. To listen to a radio interview go to :http://www.pfncapital.com/i/rm/KRBD_interview_Pdasler_June2005.mp3
About Pacific North West Capital Corp
Pacific North West Capital Corp. (TSX: PFN; OTCBB: PAWEF) is an exploration company focused on the discovery of platinum group metals in North America. In Alaska, PFN has a Joint Venture Agreement with Lonmin plc, the world’s third largest primary platinum producer. PFN is also currently exploring the River Valley Project in Joint Venture with Anglo American Platinum Corporation Limited (“Anglo Platinum”), the world’s largest primary producer of platinum, and the Agnew Lake Project, currently under option to Anglo Platinum. Anglo Platinum has committed over $18 million to the River Valley Project to date and may earn a 65% interest by funding it through to production. In late 2004 PFN established a Nickel Division and currently has an Option Joint Venture in the Timmins Mining District with Falconbridge Ltd., where ground exploration is being carried out to further define the airborne conductors identified by the Aerotem survey in preparation for drill testing later this year. (Please visit www.pfncapital.com for additional information on the Company and its properties). The Company has $5.5 Million in working capital.
About Freegold Ventures Limited
Freegold Ventures is a gold exploration company with properties located in Idaho, Alaska and the Yukon. Freegold holds the Golden Summit Project, an advanced stage exploration gold project northeast of Fairbanks, Alaska. Golden Summit lies 5 miles north of the current producing Fort Knox Mine, Alaska's largest gold producer. Freegold’s Rob Project is located in the highly prospective Tintina Gold Belt. The Tintina gold belt has emerged as one of North America's most important gold districts and hosts a number of gold deposits throughout the Yukon and Central Alaska, most notably the Fort Knox, Pogo and Brewery Creek deposits. In addition to its Alaskan gold projects Freegold holds the Union Bay PGE project, a joint venture with Pacific North West Capital Corp, and Lonmin plc, the world's third largest producer of platinum group metals. Lonmin has committed over US$ 3.9 million to the project to date. The 2005 budget is US$1.1 million and a 10,000 foot diamond drill program is underway. The Grew Creek Project in the Yukon Territory is slated for a third round of drilling in the summer and final plans for this program are in progress.
On behalf of the Board of Directors
Harry Barr, Chairman
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.
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Source : http://www.prweb.com/releases/2005/6/prweb254140.htm