|June 28, 2006|
Crowflight Signs Option Agreement with Wallbridge on Peter's Roost Property in the Sudbury Basin
|CROWFLIGHT MINERALS INC. (Crowflight, the Company) (TSX Venture Exchange: CML) is pleased to announce that it has reached formal Agreement with Wallbridge Mining Limited (Wallbridge) regarding its 100% owned Peter's Roost Property (the Joint Venture Property) located in the North Range of the Sudbury Igneous Complex (SIC), Sudbury, Ontario.|
The Joint Venture covers an area of 500 square kilometres strategically located on the North Range of the Sudbury Igneous Complex, which were covered by Crowflight's 2004 Megatem survey. Within this area Crowflight and Wallbridge have staked a total of 492 claims covering 26 conductive targets.
Greg Collins, Crowflight's Exploration Manger, commented on the joint venture, stating: "We're pleased to see exploration activity resume on our property in Sudbury. From 2000 to 2004, Crowflight assembled an impressive land position and identified numerous attractive exploration targets in the Sudbury Basin, one of the world's foremost nickel-copper-PGM camps. Our partnership with Wallbridge teams us up with an experienced and committed company with excellent experience in the Sudbury region while Crowflight concentrates on advancing its exploration and development objectives in the Thompson Nickel Belt, Manitoba."
Wallbridge has announced plans to aggressively explore the North Range of the Sudbury Igneous Complex and has already begun preliminary work on the Joint Venture Property by re-establishing grids over targets identified by Crowflight in 2004 and preparing for summer field work. The Joint Venture has approved a 2006 work program which includes linecutting over identified airborne geophysical targets, surface mapping, prospecting and ground geophysics as well as 2,000 meters of diamond drilling. Results from work related to this program will be released over the coming months.
For More Information: www.crowflight.com
Terms of the Joint Venture Agreement
The Peter's Roost Property consists of 38 claims (6,994 ha). Under the terms of the joint venture Agreement between Crowflight and Wallbridge, Wallbridge has the right to earn a conditional 50% interest in the Joint Venture Property by expending $700,000 prior to the end of 2007. Wallbridge can increase this interest to a 70% vested interest in any of four specific Project Areas within the Joint Venture Property by spending an additional $1,000,000 on each project area it wishes to vest in prior to the end of 2010. In April, Wallbridge acquired 8 additional claims (approximately 560 ha) in the Area of Common Interest as defined under the Agreement. For any new properties Wallbridge acquires within the Joint Venture Area (a 495 square kilometre area within the North Range of the Sudbury Intrusive Complex), Crowflight will have the right to acquire a 25% participating interest by reimbursing Wallbridge 50% of its exploration costs to that point at such time as an Indicated Resource is identified.
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 ("PGM") projects in the Thompson Nickel Belt ("TNB") and Sudbury Basin. The company currently owns and/or has under option approximately 600 square kilometres of exploration and development properties in Manitoba and Ontario.
In Manitoba, these properties include: (1) the Bucko Nickel Deposit; (2) an earn-in option with Falconbridge Limited on five highly prospective properties (Bucko/Bowden, Resting Lake, Rock Island Lake, Halfway Lake and Gonlin Lake) on the TNB South Project located within 30 kilometres of the Bucko Deposit; and (3) six additional properties (Burntwood River, Birchtree South, Birchtree North, Airport, Moak Lake and Strong Lake) located 100 kilometres to the north on the TNB North Project.
In the Sudbury Basin, these properties include: (1) the 100% owned AER Kidd Project adjacent to Inco's Totten Deposit (10.1 million tonnes grading 1.5% nickel, 2.0% copper and 4.8 g/t PGM's); (2) the 100% owned Peter's Roost Property, the subject of a recent joint venture agreement with Wallbridge Mining Co. Ltd.; and (3) the Airport Property (a 50/50 joint venture with Millstream Mines Ltd.) located 4 kilometres south, and on-strike, with Falconbridge's Nickel Rim South Deposit (13.2 million tonnes grading 1.7% nickel, 3.5% copper and 4.1 g/t PGM's).
Further information is available on the Company's web site at www.crowflight.com.
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 Company cautions investors that the projections for increases to the Indicated Resources are based on Inferred Resources. There is no certainty that these projections will be added to the Indicated Resources or that they will be economically viable.
For further information please contact:
Thomas Atkins, President and CEO
Bruce Korhonen, Investor Relations
Ascenta Capital Partners Inc.
604-684-4743 ext. 230
You can view the Next News Release item: Thu Jul 6, 2006, Crowflight Appoints Mr. Bernard Wilson to its Board of Directors
You can view the Previous News Release item: Wed Jun 21, 2006, Crowflight Closes Private Placement Financing
You can return to the main News Release page, or press the Back button on your browser.