Pacific North West Capital Corp. releases news again today:
Thursday,03September 2009Pacific North West Capital Corp. ("PFN") (TSX: PFN;OTCBB:PAWEF;Frankfurt: P7J.F) is pleased to announce that it hasentered intoanoption agreement with Alto Ventures Ltd. (TSX.V: ATV) ontheDestinyGold Project (formerly the Despinassy Project)locatedapproximately 75km north of Val d'Or in the Abitibi-Tmiscamingueregion of Qu bec. Theproperty is road accessible, andexcellent mininginfrastructure andsupport facilities are available innearby Val d'Or. The propertyconsists of 175 mining claims totalling 7260 ha.
TheDestinyGold property is underlain by Archean metavolcanicandmetasedimentaryrocks of the Abitibi Greenstone Belt. A regionalscalestructure, theDespinassy shear zone, transects the property.Highgrade goldmineralization occurs in quartz veins and alterationzonesassociatedwith this structure. Mineralization has been identifiedinseverallocations along the Despinassy shear zone on the propertyovera strikedistance of about 4 km.
The main area of mineralization, the DAC zone, occurs over a strikelength of about 600 metres.Inthis area, four to five identifiableintervals of quartz veiningandshear-related alteration zones carryhigh grade goldmineralization,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)ascalculated by W.A. HubacheckConsultants Ltd. in 2007 (see "AResourceEstimate 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 expendituresoverafour year period to earn a 60% interest in the DestinyGoldproperty.Subsequent to vesting of its interest, PFN will form ajointventurewith ATV to further develop the project. Certainclaimscomprising theproperty are subject to underlying net smelterreturnroyalties rangingfrom 1% to 3.5%, with varying buy-backprovisions.
2009 Work Program
PFNhas allocated a $600,000budget to the Destiny Gold Project for2009.The majority of the work tobe completed will be infill andstep-outdrilling to expand the knownresources at the DAC zone. Thiswill befollowed by an updated resourceestimate to be completed inlate 2009 orearly 2010. The work programwill be managed by AltoVentures Ltd.
JonFindlay, Ph.D, P.Geo,PFN's Vice President of Exploration, istheQualified Person as definedunder NI-43-101 for this press release.
About Alto Ventures Ltd:
AltoVenturesLtd. is a gold exploration and development companywith aportfolio ofhighly prospective properties in the CanadianShield.Alto's Managementand Board of Directors have a long andsuccessfultrack record ofcreating shareholder value throughsystematicexploration, acquisitionsand discovery. The Company iscurrently activein Qu bec where it isfocussed on the Destiny Goldproject in theAbitibi Greenstone Belt andin Ontario in the Beardmoreand Shebandowangold districts.
About Pacific North West Capital Corp:
PacificNorthWest Capital Corp. (TSX: PFN; OTCBB: PAWEF; Frankfurt:P7J.F) isamineral exploration company focused on Platinum GroupMetals(PGM),precious and base metals. Management's corporatephilosophy is tobe aProject Generator, Explorer and Project Operatorwith the objectiveofoption/joint venturing projects with major andjunior miningcompaniesthrough to production. To that end, PacificNorth WestCapital's currentoption/joint ventures agreements are withAngloPlatinum, First Nickel,Kinbauri Gold and Fire River Gold.Pacific NorthWest Capital Corp. iswell funded with an experiencedmanagement team andthe ability to takeadvantage of the tremendousopportunities that areavailable in themining sector today. Our focuswill be to acquireadvanced stageprecious metals projects, continue toexpand our PGM andbase metalsdivision and to look for specialsituations and under-fundedprojects 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