TSX: PFN OTCQX: PAWEF FSE: P7J
VANCOUVER,
Oct. 26 /PRNewswire/ - Pacific
North West Capital Corp. ("PFN" or the "Company") (PFN:TSX,
OTCQX:PAWEF, FSE:P7J) is pleased to announce that its common
shares have commenced trading on the Pink OTC Market's prestigious
OTCQX market tier under the symbol "PAWEF", effective at the
market open on Tuesday, October 26,
2010. PFN's common shares will continue to trade on the
Toronto Stock Exchange (TSX) under the symbol "PFN". Listing on
OTCQX will provide Pacific North West Capital with greater access
to the U.S. capital markets, increased U.S. investor visibility and
an opportunity to diversify its shareholder base.
The New York
based law firm, Berns & Berns will serve as the Pacific North
West Capital's Principal American Liaison ("PAL") on OTCQX
regulatory matters and Moody Capital LLC will serve as the
Company's exclusive OTCQX financial consultant/advisor for
marketing the Company to U.S. investors and monitoring trading
activity.
"We are pleased to be able to better serve
the growing number of U.S. investors following Pacific North West
Capital with the enhanced U.S.-based trading platform offered by
OTCQX and the advisory services offered by Moody Capital LLC,"
said PFN's President and CEO, Harry
Barr. "The OTCQX has earned a strong reputation for
providing U.S. investors with improved liquidity, transparency,
superior information, and easy access through their U.S. regulated
broker-dealers. We believe that listing on the OTCQX is in
the best interest of the shareholders and will better enable the
Company to raise additional capital to further develop its projects
and provide additional market liquidity."
About OTCQX
The OTCQX marketplace is the premier tier of the U.S.
Over-the-Counter market. Investor-focused companies use the
quality controlled OTCQX listing platform to offer investors
transparent trading, superior information, and easy access through
their regulated U.S. broker-dealers. The innovative OTCQX platform
offers companies and their shareholders a level of marketplace
services formerly available only on a U.S. exchange. For more
about OTCQX, visit www.otcqx.com.
OTCQX provides a gateway to U.S.
securities markets for international companies that are listed on a
qualified non-U.S. exchange. More importantly, OTCQX distinguishes
reputable international issuers from the other 9,000
over-the-counter (OTC) securities traded in the U.S. Only leading
companies that have substantial operating businesses and provide
ongoing, credible disclosure to the public are eligible for
inclusion on the premium-tier OTCQX, which commenced trading on
March 5, 2007. For more about OTCQX,
visit www.otcqx.com.
About Pacific North West Capital
Corp:
Pacific North West Capital Corp. is a mineral exploration company
focused on Platinum Group Metals (PGM), precious and base metals.
Management's corporate philosophy is to be a Project Generator,
Explorer and Project Operator with the objective of option/joint
venturing projects with major and junior mining companies through
to production. To that end, Pacific North West Capital's current
option/joint ventures agreements are with Anglo Platinum, First
Nickel, Alto Ventures and is a major shareholder of Fire River Gold
Corp. (www.firerivergold.com)
About the River Valley PGM Project
The River Valley project is a
50/50 joint venture between PFN and the world's largest PGM
producer, Anglo Platinum Limited. Anglo Platinum can increase its
ownership interest to 60% by completing a positive feasibility
study, and to 65% by advancing the project through to production.
To date, Anglo Platinum has expended approximately $22.5 million on the project. A 43-101-compliant
resource estimate by Geosim Services Inc. (see PFN press release
dated March 27 2006) outlined
measured and indicated resources of 30.5 million tonnes grading
0.06 grams per tonne (g/t) gold, 0.34 g/t platinum and 0.97 g/t
palladium, and inferred resources of 2.39 million tonnes grading
0.05 g/t gold 0.31 g/t platinum and 0.87 g/t palladium. The
resource estimates used a cut-off grade of 0.7 g/t
(platinum+palladium). The other four PGM (osmium, iridium,
ruthenium and rhodium) were not included in any of the resource
calculations due to insufficient assay data.
About the Destiny Gold Project
The Destiny Project is under option from Alto Ventures Ltd. Under
the terms of the option agreement, PFN can earn a 60% interest in
the property over a four year period by completing $3.5 million in exploration expenditures, paying
$200,000 and providing a total of
250,000 PFN shares to Alto. The property is located approximately
100 km by road north of the city of Val-d'Or. Drilling conducted by the Companies
in 2009-2010 revealed a massive sulphide mineralized zone adjacent
to the gold mineralization (see news releases dated February 18 and
April 12, 2010). Drill hole DES10-137 returned 0.73 Cu, 6.4% Zn,
0.3 g/t Au and 18 g/t Ag over a one metre interval. Previous hole
DES06-94 returned 5.79% Cu, 3.42% Zn, 1.21 g/t Au and 118.0 g/t Ag
over a 0.7 m interval. A $350,000
2010 exploration program is currently underway and will focus
primarily on high resolution airborne magnetic surveys, borehole
electromagnetic surveying and drilling.
About the Rock and Roll Polymetallic Project
The Rock & Roll Property hosts precious metals rich,
volcanogenic massive sulphide (VMS) mineralization in a
volcano-sedimentary host rock package of Triassic age. As such, the
mineralization shows similarities to the gold and silver rich
mineralization of Barrick Gold's
past producing Eskay Creek mine (reserves at Eskay Creek as of
January 1, 1999 were estimated at
1,355,965 tonnes grading 57.7 grams per tonne (g/t) gold and
2492.57 g/t silver; Government of BC, MINFILE No 104B 008). A
$150,000, 2010 exploration program is
currently underway and is focusing primarily on re-sampling
previous drill core, and geological mapping / prospecting that will
investigate airborne geophysical survey conductors, and geological
and geochemical targets.
Ongoing Aggressive Acquisition
Program
The Company is well funded and is currently looking to acquire
advanced stage, Platinum Group Metals, Gold and base metal projects
on an international scale.
On behalf of the Board of Directors
(signed)
Harry Barr
President & C.E.O.
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.
Copyright . 26 PR Newswire