Pacific North West Capital - Freegold Ventures Limited Drill Program Underway - Union Bay Platinum Project, Ketchikan, Alaska
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
BB:FGOVF
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
Disclaimer:
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