|July 12, 2007|
Crowflight -- Xstrata Nickel Complete Transfer Of Bucko Lake Mining Lease To Crowflight
|CROWFLIGHT MINERALS INC. (Crowflight, the Company) (TSX Venture Exchange: CML) is pleased to announce that the Company and Xstrata Nickel have concluded the transfer of the 5.5 square kilometre Mining Lease 031, which surrounds and includes the Bucko Lake Nickel Deposit, from Xstrata Nickel to Crowflight. Crowflight completed all of its earn-in commitments, including the expenditure of $7.5 million on a Bankable Feasibility Study of a technical standard acceptable to a bank for financing such a project's development and signed all documents for the transfer of ownership of Mining Lease 031 to Crowflight. |
Thomas Atkins, President and CEO of Crowflight, commented on the transfer, stating: "It is gratifying that after almost three years of hard work that the Company has accomplished this milestone, having earned a 100% interest in an asset as attractive and with as much potential as Mining Lease 031. We remain confident of our ability to continue to enhance the value of this asset in the future through additional exploration and project development efforts. Construction of the Bucko Lake mine is progressing well and we continue to build our management and operating team to begin nickel production in approximately 12 months time."
Under the terms of the jointly signed Mining Lease Transfer Agreement (refer to press release dated January 31, 2007), Crowflight had the right to earn a 100% interest in Mining Lease 031 by completing its expenditure commitments and having completed a Bankable Feasibility Study. In connection with the closing of the lease transfer, Crowflight has issued 2,000,000 common shares to Xstrata Nickel. These shares are subject to a four month statutory hold period from the date of issue.
Crowflight Minerals -- Canada's Next Nickel Producer
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 and currently owns or has under option approximately 600 square kilometres of exploration and development properties in the Thompson Nickel Belt ("TNB") in the province of Manitoba and Sudbury Basin in Ontario.
In the Thompson Nickel Belt, Manitoba, these properties include: (1) the Bucko Lake Nickel Deposit; (2) an earn-in option with Xstrata Nickel on 400 square kilometres in 11 highly prospective properties within the TNB South Project Area (located within 30 kilometres of the Bucko Deposit) and the TNB North Project Area (immediately adjacent to CVRD-Inco's nickel operations at Thompson, Manitoba); and (3) a 100% interest in the Clarke Lake property comprising approximately 100 square kilometres of recently staked ground south and adjacent to the TNB South Project Area that surround the formerly producing Manibridge Mine.
In the Sudbury Basin, Ontario 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, being explored under a 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 applicable securities laws. 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:
President and CEO
Tel: (416) 861 - 5900
Manager Investor & Public Relations
Tel: (416) 861 - 5803
Tel: (604) 684 - 4743 ext 226
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