The River Valley property is a PGM exploration project located in the Sudbury Mining Division in Ontario, Canada. The Company has fulfilled its commitments to earn a 100% interest in certain claims comprising the River Valley property. The mining interest consists of title to optioned and staked unpatented mining claims.
The Property is located on the south part of the River Valley Intrusive Complex. Pacific North West Capital Corp. controls much of the north part of the intrusion and has outlined a significant resource of platinum group metals to date.
On December 14, 1999, the Company entered into a joint venture agreement with Impala Platinum Holdings Limited ("Implats"). In order to earn a 60% interest in the property, Implats needed to make cash payments of $225,000 and make exploration expenditures of $6,000,000 over five years. On February 11, 2003, Implats ceased spending on this property after having spent approximately $3,800,000 on exploration to earn a 38% interest.
The company has written down its investment in the River Valley property. The Company has sufficient assessment credits to keep the River Valley currently in good standing