A Visit To River Valley With The Pacific North West Team

On Saturday October 19th, Pacific North West Capital Corporation, conducted a site visit to their River Valley project located approximately 60 km, Northeast of Sudbury Ontario.  The group was composed of approx. 12 investors and analysts from the New York City area plus several people from the Canadian brokerage community and led by people from PFN including, Mr. Harry Barr, President and CEO, Scott Jobin-Bevans, V.P. of Exploration, Shane Starnes, Office Manager in Vancouver, and Heather Pearson, Investor Relations in Sudbury for a total of approximately 27 people.  This visit came on the heels of a just released resource calculation confirming slightly over 1 million ozs of PGMs, both measured and inferred, at River Valley.

The site tour was confined to the Dana North Section of the property. The PGMs primarily are found in a breccia zone which occurs at the contact between a layered mafic intrusion and country rock. This breccia zone is quite evident to the eye as is the contrast with country rock. In this northerly area of the River Valley, the breccia dip is to the west and can be easily recognized by eyeing the layering of the intrusive. A bit south, the dip becomes near vertical and in some areas can dip slightly to the east.

Mr. Scott Jobin-Bevans did an intimate presentation to the attendees later that evening, revealing that Pacific North West Capital will be starting the next phase of drilling in November.  The presentation explained, the next areas of interest will be:  Dana Lake, Lismer’s Ridge, Banshee zone,  Varley and MacDonald showings on the property.  Mr. Harry Barr explained that a road is presently being pushed in on the property in order to access the Varley, and MacDonald showings (South of Lismer's Ridge)

PFN is actively exploring the River Valley Property with joint venture partner Anglo American Platinum Corporation Limited (Anglo Platinum).  To date, a total of 221 holes have been drilled on the property. PFN, the Project Manager, has recently made a recommendation for a major new program and budget, with a significant drill component, to be carried out over the next twelve months.  This recommendation is currently under consideration by Anglo Platinum which is funding exploration costs. Only 30% of the property has been tested to date.  Pacific North West Capital Corporation is listed on the Toronto Stock Exchange under the symbols of PFN and also is listed on the OTC BB in the United States and call letters are: PAWEF.  Please visit the website for more information at:  http://www.pfncapital.com. or call toll free at: 1-800-667-1870

The photo shows Mr. Scott Jobin-Bevans (Vice President of Exploration and Project Geologist) with distinguished guests, along with Mr. Harry Barr (CEO and President), and Mr. Shane Starnes, Office Manager, looking on to the right.  The photo's location is in the Dana Lake discovery area. 

PFN's main project is the River Valley Project. The River Valley property is located in Dana Township and in the southwest corner of Pardo Township, about 20 road km northwest of the village of River Valley and about 65 km northeast of the City of Sudbury in a Mining District with a 100 year history of production. The area has excellent road accessibility and a well-established mining infrastructure. The property covers most of the northern portion (northern contact and main body) of the intrusion and represents the largest single land-holding and exploration budget for all of PFN's properties. Much of the River Valley Intrusion has not been examined for its Cu, Ni, Platinum-Group metal (PGM = platinum + palladium + rhodium) potential and most of the past work concentrated along its southern contact (i.e. Crerar and Henry Townships). The River Valley property is no exception and until now has had no attention directed toward examining its potential to host economic concentrations of PGM.

For Photos of previous site visits: Click Here

Wed Nov 6, 2002
Freegold Enters into Option/Joint Venture with Pacific North West Capital Corp. on Union Bay Platinum Property, Alaska

FREEGOLD ENTERS INTO OPTION/JOINT VENTURE WITH PACIFIC NORTH WEST CAPITAL CORP. ON UNION BAY PLATINUM PROPERTY, ALASKA Freegold Ventures Limited (Freegold) (ITF: TSX) and Pacific North West Capital Corp. (PFN) (PFN: TSX)  are pleased to announce that Pacific North West Capital Corp. has entered into an option/joint venture agreement with Freegold on the Union Bay Platinum Project, located in southeastern Alaska.  PFN may earn a 50% interest in the project by completing exploration expenditures totaling $1 million, participating in the current Freegold financing for $165,000, making cash payments totaling $100,000 over 4 years and issuing 60,000 PFN shares.  PFN may earn a 60% interest by completing a feasibility study, and a 70% interest by arranging all financing through to commercial production. The foregoing is subject to regulatory approval. The Union Bay Property is centred on a 12 km by 7 km zoned Ural --Alaska comples consisting of a dunite core grading outward through olivine pyroxenite and pyroxenite to hornblendite and gabbro. Freegold originally acquired the property in 2000 after a regional review of PGE potential in the Alexander Platinum Belt of Southeastern Alaska. Initial efforts were concentrated on the northeastern part of the Union Bay complex where government surveys indicated values up to 19 grams per tonne Pt in pan concentrates Six Zones of multi-gram platinum/palladium mineralization identified to date: Exploration conducted in 2000 and 2001 identified six zones of multi-gram platinum/palladium mineralization in grab samples from the outcrop and drill core. Over US $600,000 has been spent on exploring the property since 2000. Surface exploration to date has covered only 40% of the Union Bay complex.   Grab samples from the North zone frequently assay greater than  1 gram per tonne Pt + Pd, with sporadic samples assaying up to  17.0 - 19.0 g/t Pt & Pd.  Continuous five-foot rock chip samples taken at the North zone returned combined Pt & Pd values of 17.3g/t, 6.03g/t and 3.45 g/t, respectively. The western-most mineralized zone discovered to date is Mt. Burnett zone. Combined Pt & Pd values assay up to 11.5g/t. This zone remains open along strike. Other zones discovered include the Lexus zone with combined Pt & Pd values up to 5.01g/t ; the Jaguar zone combined Pt & Pd values up to 3.34g/t. In addition, reconnaissance sampling  at the Cobra east zone and the Cobra west returned sample grades up to 8.8g/t and 3.6g/t, respectively. A diamond drill program ( 4 holes, 356 m) completed in September 2001, intersected values up to 11.2 g/t over 0.5m (UB-UB01-1). Two holes (UB-01-1, UB-01-2) were drilled in the North Zone where previous surface sampling and rock saw trenching had returned values up to 18 grams per tonne (g/t) platinum (Pt) and palladium (Pd).  Two additional holes (UB01-3 and UB01-4) were drilled at Mt. Burnett, about 3.2 kilometres west of the North Zone, where previous surface sampling returned values up to 11.5 g/t Pt and Pd. Values intersected ranged up to 1.1 g/t Pt and Pd over a one-foot interval in hole UB01-4. PFN is currently reviewing all the project data in order to facilitate planning of an exploration program on this highly prospective property. The Qualified Person for the project is Curtis Freeman, MSc., Geologist Freegold is listed on The Toronto Stock Exchange and has received 20F clearance in the United States. PFN is listed on The Toronto Stock Exchange and has received 20F clearance in the United States. On behalf of the Board of Directors "Colin Bird" Colin Bird, President The Toronto Stock Exchange has neither approved nor disapproved the contents of this news release.  CUSIP: 356455 10 5-Reg# 82-1225 Freegold is listed on The Toronto Stock Exchange (ITF) and has received 20F clearance in the United States. Freegold trades on the OTC BB: FGOVF DISCLAIMER This news release contains 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

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