Interesting news from Goodnews Bay platinum project

first_imgPacific North West Capital (PFN) has finalised the option/joint venture agreement on the Goodnews Bay Platinum Project (GBPP) with Stillwater Mining Co. By spending $4 million Stillwater is entitled to earn a 50% interest in GBPP by December 31, 2010. Stillwater may elect to increase its interest 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.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.The GBPP agreement was subject to approval by Calista Corp, which provided its approval in December 2007. Calista is the second largest landowner of 13 regional Alaskan Native corporations formed in 1971 under the Alaska Native Claims Settlement Act (ANCSA). Calista Corporation’s land entitlements exceed 6.5 million acres in Southwest Alaska and contain several significant mineral occurrences, including Goodnews Bay (platinum) and Donlin Creek gold project (14.8 Moz Measured and Indicated and 13.6 Moz Inferred).PFN and Stillwater are exploring the GBPP where numerous rock, shallow soil and deep auger overburden samples have been taken in the Red Mountain and Susie Mountain target areas. This sampling program was completed in 2006 and 2007 and resulted in definition of drilling targets at both Red Mountain and Susie Mountain.In November 2006, Stillwater acquired approximately 11% interest in PFN by completing a $2 million private placement. In 2007, Stillwater participated in two additional private placements and currently holds approximately 10% of Pacific North West Capital Corp.PFN is a mineral exploration company focused on Platinum Group Metals (PGMs) 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 mining companies through to production. To that end, PFN’s current option/joint ventures agreements are with Anglo Platinum, Stillwater, Xstrata Nickel and SOQUEM.last_img read more