News Release

 October 31, 2006
Crowflight Completes Private Placement Financings

 CROWFLIGHT MINERALS INC. (Crowflight, the Company) (TSX Venture Exchange: CML) is pleased to announce that it has completed its previously announced brokered private placement financing for gross proceeds of approximately $12.3 Million through the issuance of 10,952,000 units ("Units") priced at $0.35 per Unit and 21,150,000 common shares which qualify as flow-through shares for the purposes of the Income Tax Act (Canada) (the "Flow-Through Shares") priced at $0.40 per Flow-Through Share. In addition, the Company has completed the second tranche of its previously announced non-brokered private placement through the issuance of 3,010,002 Units priced at $0.35 per Unit and 1,400,000 Flow-Through Shares priced at $0.40 per Flow-Through Share for gross proceeds of approximately $4.0 million (including $2.6 million from the first tranche of the non-brokered private placement). In total, the Company has raised gross proceeds of approximately $16.6 Million.

Thomas Atkins, Crowflight's President and Chief Executive Officer commented on the financing, stating: "We are very pleased by the support of investors in Canada, Europe and the United States as evidenced by this financing. These funds will be used to advance the development of the Bucko Deposit through facilitating construction, purchase of equipment, rehabilitating the historical underground workings and to advance the underground develop into the nickel mineralized regions of the Deposit. A variety of activities are underway in this regard and we look forward to reporting on this work in the coming months."

Each Unit consisted of one common share in the capital of the Company and one half of one transferable common share purchase warrant (each whole common share purchase warrant, a "Warrant"). Each whole Warrant entitles the holder thereof to acquire one common share (a "Warrant Share") at a price of $0.50 until April 30, 2008. However, if over a period of 15 consecutive trading days between February 28, 2007 and April 30, 2008, the daily volume weighted average trading price of the common shares on the TSX Venture Exchange, or such other stock exchange where the majority of the trading volume occurs, exceeds $0.75 on each of those 15 consecutive days, the Company may, within 30 days of such an occurrence, give written notice to the holders of the Warrants that the Warrants will expire at 4:00 p.m. (Toronto time) on the 45th day following the giving of notice unless exercised by the holders prior to such date.

The brokered private placement was completed by a syndicate of agents led by Orion Securities Inc. and included Sprott Securities Inc. and Pacific International Securities Inc (the "Agents"). In connection with the private placement, the Agents received $737,592 in commission as well as 657,120 compensation options, each of which entitles the Agents to purchase one Unit at a price of $0.35 per Unit until April 30, 2008, and 1,269,000 compensation options, each of which entitles the Agents to purchase one common share at a price of $0.40 per share until April 30, 2008.

Each of the Flow-Through Shares, common shares comprising a portion of the Units, Warrants and compensation options are subject to a hold period that will expire on March 1, 2007.

The gross proceeds from the sale of the Units will be used for exploration and development of the Bucko Nickel project in the Thompson Nickel Belt, Manitoba and for general corporate purposes. The gross proceeds from the sale of the Flow-Through Shares will be used for general exploration expenditures, which will constitute Canadian exploration expenses (as defined in the Income Tax Act (Canada)) and will be renounced for the 2006 taxation year.

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
Tel: (416) 861 - 5900
Fax: (416) 861 - 8165

Bruce Korhonen
Ascenta Capital Partners Inc.
Tel: (604) 684 - 4743 ext 230



This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

You can view the Next News Release item: Wed Nov 1, 2006, Crowflight Begins Construction Activities at Bucko Lake Deposit, Manitoba

You can view the Previous News Release item: Tue Oct 24, 2006, Crowflight Announces Amendment to Private Placement Financings

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CANICKEL MINING LIMITED. P.O. Box 35 1655-999 West Hastings Street, Vancouver, British Columbia, Canada V6C 2W2 P: 778-372-1806 F: 604-254-8863 E: