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Pacific North West Capital Corp. enters into an Option Agreement with Alto Ventures Ltd. to Explore the Destiny Gold Project, Quebec
Pacific North West Capital Corp. enters into an Option Agreement with Alto Ventures Ltd. to Explo...
About this update from Big Ridge Gold Corp
[{"type":"text","content":"\nPacific North West Capital Corp. enters into an Option Agreement with Alto Ventures Ltd. to Explore the Destiny Gold Project, Quebec\n\n\n Sep. 1, 2009 (TheNewswire.ca) -- -PFN will complete $3,500,000 in exploration expenditures over a four year period to earn a 60% interest in the project-Property hosts high grade gold mineralization in quartz veins and alteration zones-NI 43-101 compliant indicated resource of 166,863 tonnes grading 6.88 grams per tonne (g/t) gold and an inferred resource of 444,753 tonnes grading 4.46 g/t gold-Open along strike and at depthSeptember 1, 2009 Vancouver, BC - Alto Ventures Ltd. (TSXV:ATV) (ATV: TSX-V) is pleased to announce that it has entered into an option agreement with Pacific North West Capital Corp. (PFN)(TSX: PFN; OTCBB: PAWEF; Frankfurt: P7J.F) on the Destiny Gold Project (formerly the Despinassy Project) located approximately 75 km north of Val d'Or in the Abitibi-Témiscamingue region of Québec. The property is road accessible, and excellentmining infrastructure and support facilities are available in nearby Val d'Or. The property consists of 175 mining claims totalling 7260 ha.Click to View Image: http://www.altoventures.com/i/nr/2009-09-01-destiny-location.gifTerms of AgreementUnder the terms of the Option Agreement with Pacific North West Capital, PFN will pay Alto $200,000, provide Alto with 250,000 common shares of PFN, and complete a total of $3,500,000 in exploration expenditures over a four year period to earn a 60% interest in the Destiny Gold property. Subsequent to vesting of its interest, PFN will form a joint venture with ATV to further develop the project. Certain claims comprising the property are subject to underlying net smelter return royalties ranging from 1% to 3.5%, with varying buy-back provisions. Details of the underlying NSR's are available on the PFN website.Click to View Image: http://www.altoventures.com/i/nr/2009-09-01-destiny-darla-section.gif2009 Work ProgramPFN has allocated a $600,000 budget to the Destiny Gold Project for 2009. The majority of the work to be completed will be infill and step-out drilling to expand the known resources at the DAC zone. This will be followed by an updated resource estimate to be completed in late 2009 or early 2010. The work program will be managed by Alto Ventures Ltd.Destiny Gold ProjectThe Destiny Gold prop...