|September 21, 2006|
Crowflight Completes Purchase of Used Mill for Bucko Project Development
|CROWFLIGHT MINERALS INC. (Crowflight, the Company) (TSX Venture Exchange: CML) is pleased to announce the conclusion of an agreement signed August 2006 to purchase a concentrator plant for the development of the Bucko Lake Nickel Deposit. Since the signing of the initial agreement, Crowflight has directed the confirmation of the integrity of the plant and equipment. The purchase includes the plant building, primary semi-autogenous mill, regrind ball mill, 35 tonne overhead crane, floatation cells, various cyclones and conveyances and concentrate dryer. |
The purchase of the concentrator plant is being satisfied by a $1.5 million in cash payments over a five month period to the end of 2006 and the issuance of 1,666,667 common shares of the Company, subject to regulatory approval. Construction activities to dismantle the plant have been underway since August and it is expected components will begin to arrive on site later this year for installation in 2006 and 2007. Crowflight expects to save approximately $2.0 million in costs associated with the purchase, refurbishment and installation of the plant on site at the Bucko Lake Nickel Deposit in Manitoba, relative to the cost of new equipment as calculated in the recently completed feasibility study.
Paul Keller, Crowflight's Vice President Operations comments on the plant purchase, stating: "We're pleased to have been able to have sourced a plant of this quality which fits well with our Bucko Lake Deposit. Disassembly activities of the plant began in August and are significantly advanced. We're excited about commencing construction activities at Bucko, both as regards underground rehabilitation and development activities and the construction of the concentrator plant in the near future."
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 Xstrata plc 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 regarding Crowflight, including details of its properties, and where relevant its earn-in interests in properties, 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.
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