November 21, 2008, Vancouver, BC --
Pacific North West Capital Corp. ('PFN') (TSX: PFN; OTCBB: PAWEF;
Frankfurt: P7J, announces the termination of the exploration
agreement with Stillwater Mining Company ('Stillwater') (NYSE:SWC)
and Calista Corporation on the Goodnews Bay Platinum property.
The Goodnews Bay property is located on the southwest coast of
Alaska, approximately 550 air miles south-southwest of
On April 12th 2006, PFN announced that it had signed an option
to acquire up to 100% interest in a long-term exploration and
mining lease from Calista Corporation, which encompassed an area
of 82 square miles in the Goodnews Bay area. Previous placer
operations in the streams draining the project area produced
approximately 650,000 troy ounces of platinum. PFN began an
exploration program on the Goodnews Bay property with the goal
of identifying the lode source of the placer deposits.
In a second agreement dated February 26, 2007, Pacific North
West Capital Corp. and Calista Corporation had entered into an
option/joint venture agreement with Stillwater Mining Company,
granting them the right to acquire up to 60% of its interest in
The exploration programs conducted on the Goodnews Bay project
culminated with the completion of a seven-hole, 1706 meter drill
program completed over the summer field season of 2008. The
drill program targeted platinum mineralization at the Last
Chance showing, and at the Susie West soil geochemical anomaly.
No significant platinum-palladium mineralization was identified
during the program.
Based on the 2008 exploration results, Stillwater Mining Company
and Pacific North West Capital Corp. have decided to terminate
the exploration joint venture and have given proper notice to
Pacific North West Capital Corp. would like to thank both
Calista Corporation and Stillwater Mining Company for their
participation in the exploration of Goodnews Bay and look
forward to potential business relationships with both parties in
The Qualified Person for this release is Curt
Freeman, M.Sc. P.Geo.
About Pacific North West Capital Corp:
Pacific North West Capital Corp. (TSX.PFN OTCBB.PAWEF Frankfurt.P7J.F) 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, Pacific North West Capital's current option/joint ventures agreements are with Anglo Platinum, Xstrata Nickel, Benton Resources, First Nickel and SOQUEM.
About Benton Resources Corp:
Benton Resources Corp. is a mineral exploration company listed
on the TSX Venture Exchange under the symbol BTC. Benton's
aggressive and experienced management team is focused on base
and precious group metal exploration. The Company's diverse
property portfolio includes Canadian projects which are highly
prospective for gold, uranium, platinum, palladium, nickel and
copper. The Company currently has approximately $18.5 million in
Pacific North West Capital Corp. has approximately $7.8 million in working capital and securities.
of the Board of Directors
Harry Barr, President & CEO
information, please contact our Investor Relations Department at
Toll Free 1-800-667-1870
The Toronto Stock Exchange have not reviewed and does
responsibility for the adequacy or accuracy of this release.
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. Not to be construed as an offer to buy or sell securities of this company.