|March 01, 2005|
Crowflight Updates Progress On The Feasibility Study Of The Bucko Deposit, Thompson Nickel Belt
|TORONTO, ONTARIO: CROWFLIGHT MINERALS INC. (TSX VENTURE:CML) is pleased to provide an update on the progress of the Bucko Deposit Feasibility Study. Crowflight has an option to earn a 100% interest in the Bucko Resource Block by completing a feasibility study, arranging financing and bringing the deposit into production. To date a number of activities are progressing to advance the project to the feasibility stage, including resource block modeling, metallurgical testing, environmental and geotechnical studies and mine design and milling to name a few.|
President and CEO, Stan Bharti commented on the work to date on the feasibility study stating: "I am pleased at the progress to date in advancing the Bucko Resource Block towards feasibility. This progress is a reflection of the efforts of our technical team together with the support of our strong technical advisory committee. I look forward to continued progress in the coming months as we advance towards completion of the feasibility study, expected early in the second half of the year."
Review of Feasibility Activities
Following the completion of a preliminary economic evaluation by Micon International Limited (Micon) in October 2004 (refer to the Press Release dated October 28, 2004) on the Bucko Deposit, in the Thompson Nickel Belt, Manitoba, Crowflight initiated a Feasibility Study ("Feasibility") in November 2004 under the direction of Richard Adams, P. Eng., Crowflight's Manager, Engineering. Micon is also the main contractor working on the Feasibility, supported by a number of contractors and consultants.
The Feasibility is based on the currently defined Indicated Resources outlined by GEOLOGICA Groupe-Conseil Inc. in their NI 43-101 technical evaluation of the Bucko Deposit (refer to Crowflight Press Release dated October 13, 2004) entitled "43-101 Technical Evaluation Report of the Bucko Lake Property, Northern Manitoba", September 24, 2004 (filed under Crowflight Minerals Inc. on the SEDAR website at www.sedar.com). The GEOLOGICA resource estimate was conducted on a higher grade portion of the Bucko Deposit within the boundaries of the historical (pre-NI 43-101) resource of 19 million tonnes grading 1% Nickel. Based on the review by GEOLOGICA Groupe-Conseil Inc., the current Indicated Resources are:
Level (depth below surface) Indicated Resources --------------------------- ------------------- Tonnes % Nickel ------ -------- 400 to 600 (surface to -150 meters) 57,000 2.16 600 to 1000 (-150 to - 375 meters) 554,000 2.96 1000 to 1600 (-375 to -750 meters) 439,000 2.51 Below 1600 (below -750 meters) 169,000 2.62 ------- ---- Total 1,218,000 2.71This press release has been prepared by Mr. Richard Adams, P. Eng., Manager Engineering and Mr. Jean Lafleur, P. Geo., VP Exploration at Crowflight. Both individuals are Qualified Persons under NI 43-101 guidelines.
Crowflight - The Base Metal Builder
Crowflight Minerals Inc. is a Canadian junior mining exploration and development company listed on the TSX Venture Exchange. The company is focused on Nickel, Copper and Platinum Group Mineral projects in the Thompson Nickel Belt ("TNB") and Sudbury Basin. The company currently owns and/or has under option more than 672 km2 of exploration and development properties in Manitoba and Ontario.
In Manitoba, these properties include: (1) the Bucko Deposit where the Company is conducting a feasibility study, and (2) an earn-in option on ten highly prospective properties with Falconbridge Limited, including four within 30 kilometres of the Bucko Deposit (Bowden Lake, Resting Lake, Halfway Lake and Gonlin Lake), and six located 100 kilometers to the north on the TNB Thompson North Project (Burntwood River, Birchtree South, Birchtree North, Airport, Moak Lake and Strong Lake).
In the Sudbury Basin, these properties include: (1) the 100% owned AER Kidd Project adjacent to Inco's Totten Deposit (10.1 million tonnes @ 1.5% Ni, 2% Cu, 4.8 g/t PGE's), (2) the Airport Property (a 50/50 joint venture with Millstream Mines Ltd.) located 4 km on-strike with Falconbridge's Nickel Rim South Deposit (13.2 million tonnes @ 3.5% Cu, 1.7% Ni, 0.8 g/t Au, 4.1 g/t PGE's), (3) the optioned (100% earn-in) Mystery Offset Dyke Property and (4) the 100% owned Peter's Roost Property.
Statements in this release that are not historical facts are "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned that any such statements are not guarantees of future performance and that actual developments or results may vary materially from those in these "forward-looking statements. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
FOR FURTHER INFORMATION PLEASE CONTACT:
President and CEO
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