|November 15, 2007|
Crowflight Partners with Pure Nickel to Explore Past Producing Manibridge Mine
|CROWFLIGHT MINERALS INC. (Crowflight, the Company) (TSX Venture Exchange: CML) is pleased to announce that it has entered into a 50-50 Joint Venture Agreement with Pure Nickel Inc. to explore for and develop nickel deposits on properties controlled by both parties proximal to the past producing Manibridge Nickel Mine, approximately 20 kilometres south of the town of Wabowden, Manitoba. In a separate but related transaction, Crowflight has concluded an option agreement with Hudson Bay Exploration and Development Ltd. (HBED) to acquire a 100% interest in two claims within the area of interest of the Pure Nickel Joint Venture. |
Pursuant to the terms of the agreement with Pure Nickel, each party will contribute property to the Joint Venture and make an initial aggregate contribution of $6 million over a three year period to fund preliminary exploration activities within the joint venture area and perform further detailed technical studies as necessary to evaluate the potential for development and mining on the properties. Crowflight will be the operator of the joint venture. In addition, Pure Nickel will have an option to earn a 50% interest from Crowflight in the Pure Nickel Option Area (see Figure 1) surrounding the JV area by spending $1.5 million over a three year period.
Mike Hoffman, Crowflight's President and CEO commented: "We are very excited about this joint venture with a solid partner such as Pure Nickel. We feel that enormous potential remains in this area, and given that we will soon have an operational mill nearby, it is in Crowflight's best interest to continue exploration work in an area that has been a proven mineral producer in the past."
Jay Jaski, Pure Nickel's Chairman and CEO commented: "This transaction will enable Pure Nickel to leverage the potential at Manibridge by exploring not only the areas surrounding the mine but the historical mineralization along strike that are evident in exploratory drill holes from the 1960s and 1970s. By partnering with Crowflight not only we do team up with a strong management and exploration team, it is a company that is committed to the highly prospective Thompson Nickel Belt properties and discovery of additional sources of mill feed for its Bucko operation."
Properties contributed by Pure Nickel to the joint venture contain the claims and tailings deposition area of the past producing Manibridge Mine and are subject to rights held by Xstrata Nickel, a business unit of Xstrata Canada Corporation ("Xstrata") pursuant to an exploration property purchase agreement entered into between Xstrata and Pure Nickel on August 2, 2007. Specifically, Xstrata will, among other things (i) retain an off-take option to purchase all or any portion of concentrates and other mineral and other mineral products produced from the affected properties; and (ii) be entitled to a 2% net smelter return (NSR) royalty with respect to the Pure Nickel claims.
Properties contributed by Crowflight are shown on the attached map Figure 1.
Under to the terms of the HBED Agreement on the NIM Claims, Crowflight must make cash payments of $250,000 and fund a total of $750,000 in exploration expenditures by 2011 to earn a 100% interest in the property subject to a back in clause, right of offer for off-take, and a 2% NSR.
Execution of the JV Agreement is anticipated to occur on or around November 15, 2007 and is subject to applicable approvals.
Qualified Person Comments/Quality Control Procedures
The technical content of this press release has been prepared and approved by Mr. Greg Collins, P. Geo., Crowflight's Vice President of Exploration, a Qualified Person under the NI 43-101 guidelines.
Crowflight Minerals - Canada's Next Nickel Producer
Crowflight Minerals Inc. is a Canadian junior mining exploration and development company 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 800 square kilometres of exploration and development properties in Manitoba and Ontario.
Crowflight's priority is to bring the Bucko Nickel deposit located near Wabowden, Manitoba into production by mid-2008.
About Pure Nickel Inc.
Pure Nickel is a mineral exploration company with multiple nickel sulphide and PGE projects in Canada and Alaska. Pure Nickel is well on its way to becoming one of the largest nickel exploration companies in North America. The above noted transaction accelerates Pure Nickel's aggressive drilling program beyond its three core properties, MAN and Salt Chuck in Alaska and William Lake, Manitoba. The Company's 2008 drilling program is fully funded.
Cautionary Note on Forward-Looking Information
Except for statements of historical fact contained herein, the information in this press release constitutes "forward-looking information" within the meaning of Canadian securities law. Such forward-looking information may be identified by words such as "plans", "proposes", "estimates", "intends", "expects", "believes", "may", "will" and include without limitation, statements regarding the Company's plan of business operations; mineral resource estimates, the benefits and liabilities associated with the joint venture, and projected costs and expenditures. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include, among others, metal prices, competition, risks inherent in the mining industry, and regulatory risks. Most of these factors are outside the control of the Company. Investors are cautioned not to put undue reliance on forward-looking information. Except as otherwise required by applicable securities statutes or regulation, the Company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.
The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Further information is available on the Company's website at www.crowflight.com or contact:
President and CEO
Tel: (416) 861-2964
Manager, Investor and Public Relations
Tel: (416) 861-5803
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