Pacific North West Capital Corp. releases news again today:
Thursday,03 September 2009Pacific North West Capital Corp. ("PFN") (TSX: PFN;OTCBB: PAWEF;Frankfurt: P7J.F) is pleased to announce that it hasentered into anoption agreement with Alto Ventures Ltd. (TSX.V: ATV) onthe DestinyGold Project (formerly the Despinassy Project) locatedapproximately 75km north of Val d'Or in the Abitibi-T miscamingueregion of Qu bec. Theproperty is road accessible, and excellent mininginfrastructure andsupport facilities are available in nearby Val d'Or. The propertyconsists of 175 mining claims totalling 7260 ha.
TheDestiny Gold property is underlain by Archean metavolcanicandmetasedimentary rocks of the Abitibi Greenstone Belt. A regionalscalestructure, the Despinassy shear zone, transects the property.Highgrade gold mineralization occurs in quartz veins and alterationzonesassociated with this structure. Mineralization has been identifiedinseveral locations along the Despinassy shear zone on the propertyovera strike distance of about 4 km.
The main area of mineralization, the DAC zone, occurs over a strikelength of about 600 metres.In this area, four to five identifiableintervals of quartz veining andshear-related alteration zones carryhigh grade gold mineralization,with drill intersections ranging up to178.5 g/t gold over a drill width of 1.0 metres. The DAC zone hosts aNI 43-101 compliant indicated resource of 166,863 tonnes grading 6.88g/t gold (36,892 ounces) and an inferred resource of 444,753 tonnesgrading 4.46 g/t gold (63,839 ounces)as calculated by W.A. HubacheckConsultants Ltd. in 2007 (see "AResource Estimate of the DAC GoldDeposit, Despinassy Twp., Val d'Or,Quebec" dated January 9, 2007). TheDAC zone is open along strike and atdepth. The occurrence of highgrade mineralization at the Darla and 20 and 21 zones to the eastclearly indicates that the mineralizing system occurs across asignificant portion of the property.
Terms of Agreement
Under the terms of the Option Agreement with Alto Ventures Ltd, PFNwill pay Alto $200,000, provide Alto with 250,000 common shares of PFN,and complete a total of $3,500,000 in exploration expendituresover afour year period to earn a 60% interest in the Destiny Goldproperty.Subsequent to vesting of its interest, PFN will form a jointventurewith ATV to further develop the project. Certain claimscomprising theproperty are subject to underlying net smelter returnroyalties rangingfrom 1% to 3.5%, with varying buy-back provisions.
2009 Work Program
PFNhas allocated a $600,000 budget to the Destiny Gold Project for2009.The majority of the work to be completed will be infill andstep-outdrilling to expand the known resources at the DAC zone. Thiswill befollowed by an updated resource estimate to be completed inlate 2009 orearly 2010. The work program will be managed by AltoVentures Ltd.
JonFindlay, Ph.D, P.Geo, PFN's Vice President of Exploration, istheQualified Person as defined under NI-43-101 for this press release.
About Alto Ventures Ltd:
AltoVentures Ltd. is a gold exploration and development companywith aportfolio of highly prospective properties in the CanadianShield.Alto's Management and Board of Directors have a long andsuccessfultrack record of creating shareholder value throughsystematicexploration, acquisitions and discovery. The Company iscurrently activein Qu bec where it is focussed on the Destiny Goldproject in theAbitibi Greenstone Belt and in Ontario in the Beardmoreand Shebandowangold districts.
About Pacific North West Capital Corp:
PacificNorth West Capital Corp. (TSX: PFN; OTCBB: PAWEF; Frankfurt:P7J.F) is amineral exploration company focused on Platinum GroupMetals (PGM),precious and base metals. Management's corporatephilosophy is to be aProject Generator, Explorer and Project Operatorwith the objective ofoption/joint venturing projects with major andjunior mining companiesthrough to production. To that end, PacificNorth West Capital's currentoption/joint ventures agreements are withAnglo Platinum, First Nickel,Kinbauri Gold and Fire River Gold.Pacific North West Capital Corp. iswell funded with an experiencedmanagement team and the ability to takeadvantage of the tremendousopportunities that are available in themining sector today. Our focuswill be to acquire advanced stageprecious metals projects, continue toexpand our PGM and base metalsdivision and to look for specialsituations and under-funded projects inthe resource sector.
Pacific North West Capital Corp. has approximately $4.6 million in working capital and securities.
On behalf of the Board of Directors
President and CEO