Live Precious Metals Prices

Thursday, January 17, 2008

Pacific North West Capital And Stillwater Mining Agree On Terms Of JV

1/16/2008 12:29:16 PM Pacific North West Capital (PFN.TO), a mineral exploration company, said Wednesday it finalized a joint venture agreement on the Goodnews Bay Platinum Project with the Billings, Montana-based Stillwater Mining Co. (SWC).

Under the terms of the agreement, Stillwater by spending $4 million is entitled to earn a 50% interest in the project by December 31, 2010.

Stillwater has the option to increase its interest in the project 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.

PFN and Stillwater are exploring the Goodnews Bay Platinum Project. The sampling program was completed in 2006 and 2007 and resulted in definition of drilling targets at both Red Mountain and Susie Mountain.

The Vancouver, Canada-based Pacific North West Capital disclosed that a $1 million exploration budget has been approved for 2008 with the objective to drill one or more established targets and to define additional new platinum mineralization.

PFN and Stillwater are currently engaged in two distinct platinum group metal projects in Alaska. In addition, PFN management is currently negotiating and acquiring several new PGM and Nickel projects throughout North America.

PFN.TO is trading at $0.3650 on a volume of 5,000 shares.

No comments: