- Mr. Harry Barr, Chairman and CEO noted that to better reflect the Company’s business plan and with the addition of a second “Green Metal Division” the Board of Directors of PFN have approved a name change of the Company, from Pacific North West Capital to “NewAge Metals Inc.”
No Share Consolidation -Share Structure to remain the same
June 9, 2016 / Vancouver, Canada – Pacific North West Capital Corp. (“PFN”, or the “Company”) (TSX.V: PFN; Frankfurt: P7J.F; OTCQB: PAWEF) – Mr. Harry Barr, Chairman and CEO noted that to better reflect the Company’s business plan and with the addition of a second “Green Metal Division” the Board of Directors of PFN have approved a name change of the Company, from Pacific North West Capital to “NewAge Metals Inc.” The website NewAgeMetals.com is near completion. There will be no change to the corporate structure (ie: no share consolidation) and in the meantime the Company will continue to aggressively pursue its business plan. The name change will be subject to regulatory approval and is anticipated to be completed within 90 days.
In April 2016 the Company added a Lithium Division, Lithium Canada Development Inc. (LI Canada) to its’ Platinum Group Metal Division (PGMD). In the U.S., the Company is expanding and developing its lithium division; the Board believes NewAge Metals Inc. better reflects the Go Forward Plan for the Company. For additional corporate information please go to www.pfncapital.com and Opt in to be on the Company’s news dissemination list.
About The Company’s Lithium Division
The Company’s new Lithium Division will focus on the acquisition, exploration and development of Lithium Projects in Canada. In the United States the Company will use its wholly owned U.S.A subsidiary to acquire and develop projects in active mining camps in Nevada, Arizona and California.
Management believes that these new age metals, Lithium, PGM’s and Rare Earths, have robust macro trends with surging demands and limited supply. Going forward, this new division will explore for the minerals needed to fuel the demand for energy storage and other core 21st Century Technologies.
The Company has a growing portfolio of Lithium projects. The Clayton Valley Forks Li Project in Nevada is a recent Lithium brine project acquired by the Company. (PFN News Releases April 25th, 2016, May 9th, 2016 and May 24th, 2016) The Company also has hard rock Lithium projects in Canada.
Lithium and Platinum group metal prices have improved dramatically in recent months. Lithium supplies remain in deficit relative to their demand. Both metals groups are used for the expanding worldwide automobile industry (conventional and electric). In the case of PGM’s, demand is increasing for autocatalysts, a key component for reducing toxic emissions for automotive, gasoline and diesel engines. In regards to Lithium, there is an ever increasing demand for batteries in cellphones, laptops, electric cars, solar storage, wireless charging and renewable energy products.
About the Company’s Platinum Group Metals Division
Achievements to date and future plans for River Valley are outlined below as follows:
- 1.PFN currently has 100% ownership in the River Valley Project, subject to a 3% NSR, with options to buy down
- 2.Completed exploration and development programs on the River Valley property include more than 600 holes drilled since year 2000 and several mineral resource estimates and metallurgical studies;
- 3.Results for the current (2012) mineral resource estimate are below;
- 4.2015 drill program confirms new high grade T2 discovery
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- 5.Exploration and development plans outlined for 2016
- 6.Ongoing strategic partner search for River Valley project
- 7.Results for the most recent Metallurgical Testwork Study are summarized below:
– Prepared by Tetra Tech (Wardrop)
– High Confidence: Measured plus Indicated = 72% of total
– Reported on PdEq basis: Pd=40% & Pt=20% of the payable metals
– Pd to Pt ratio = 2.5:1; Cu to Ni ratio = 3:1
– High Grade potential, particularly in the north part of River Valley deposit
– Resources under evaluation for development potential as open pit mining operation
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- 8.Results for the 2015 discovery drill program on the T2 target are as follows:
-Drill hole intercepts much higher than the average grade of current mineral resource estimate
-Possible new mineralized zone at the north end of the River Valley deposit
-Show potential to take the River Valley PGM Project in a new direction
-More drilling required
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- 9. Exploration and Development Plans for 2016
- -Mineral prospecting and geological mapping on surface-Drill programs targeted to add more higher grade-Geological interpretation and 2D/3D modelling of all drill and surface results
-Application to the OPA’s Junior Exploration Assistance Program (JEAP) for 33% refund of all exploration expenditures up to $300,000.
-Strategic Partner Search for River Valley
QUALIFIED PERSON
The contents contained herein that relates to Exploration Results or Mineral Resources is based on information compiled, reviewed or prepared by Dr. Bill Stone, Principal Consulting Geoscientist for Pacific Northwest Capital. Dr. Stone is the Qualified Person as defined by National Instrument 43-101 and has reviewed and approved the technical content.
On behalf of the Board of Directors
” Harry Barr ”
Harry Barr
Chairman and CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward Looking Statements. This release contains forward-looking statements that involve risks and uncertainties. These statements may differ materially from actual future events or results and are based on current expectations or beliefs. For this purpose, statements of historical fact may be deemed to be forward-looking statements. In addition, forward-looking statements include statements in which the Company uses words such as “continue”, “efforts”, “expect”, “believe”, “anticipate”, “confident”, “intend”, “strategy”, “plan”, “will”, “estimate”, “project”, “goal”, “target”, “prospects”, “optimistic” or similar expressions. These statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors, including, among others, the Company’s ability and continuation of efforts to timely and completely make available adequate current public information, additional or different regulatory and legal requirements and restrictions that may be imposed, and other factors as may be discussed in the documents filed by the Company on SEDAR (www.sedar.com), including the most recent reports that identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. The Company does not undertake any obligation to review or confirm analysts’ expectations or estimates or to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Investors should not place undue reliance on forward-looking statements.