$1 Million Budget For Drill Program On Goodnews Platinum Project

VANCOUVER, BC - Pacific North West Capital Corp. reported assay results from the 2007 sampling from the Goodnews Platinum Project JV (GPP). 2007 field activities commenced in June with a six person team collecting 651 grab rock outcrop samples, 26 coarse wash pan concentrate samples, and 110 auger soil samples. The 2007 GPP exploration program has identified numerous areas of lode Pt mineralization in the uplands surrounding the Salmon River drainage. The Goodnews Bay Mine produced 650,000 oz of placer platinum from the Salmon River and its tributaries from 1927 through 1978. During this period the Goodnews Bay Placers was the primary platinum producer in the United States.
Assay results from the 2007 outcrop sampling program range up to 2.3 ppm platinum. Clusters of outcrop samples greater than 100 ppb platinum are located on both Red Mountain and Susie Mountain. Assay results from basal soil samples range from below detection to 432 ppb platinum, with a cluster of samples with greater than 50 ppb platinum located at the SW flank of Susie Mountain.
Based on assay results from 2006-2007 grab rock outcrop samples and basal soil samples, three prospects (Last Chance, Susie West, and Rock Mite) have been delineated as drill targets for the 2008 exploration program.
A $1,000,000 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 company's address is 2303 West 41st Avenue, Vancouver, B.C., Canada, V6M 2A3, (604) 685-1870, fax: (604) 685-8045, email: [email protected], www.pfncapital.com.