News Release

 January 10, 2008
Crowflight Secures $55 Million Debt Facility to Complete Bucko Lake Nickel Mine Development

 CROWFLIGHT MINERALS INC. (Crowflight, the Company) (TSX Venture Exchange: CML) is pleased to announce that it has obtained an offer for up to Cdn$55 million in debt finance from RMB Resources Inc. (RMB) of Lakewood, Colorado. RMB is arranging the finance as Agent for FirstRand Ireland Plc, the Lender and underwriter of the debt finance package.

The proposed $55 million facility will be used to finance the remaining construction and start-up of the Bucko Lake Nickel Mine near Wabowden, Manitoba. The proposed loan is subject to final approval by the FirstRand Underwriting Committee among other conditions typical of a facility of this nature. RMB is a well-known arranger and provider of mining project finance. FirstRand is one of South Africa's most prominent financial institutions. Auramet Trading, LLC of Fort Lee, New Jersey is advising Crowflight on this transaction.

Mike Hoffman, Crowflight's President and CEO commented: "Securing this debt facility is a critical step in bringing the Bucko Lake Nickel Mine to fruition. By financing the remainder of this project by a debt facility, rather than equity, we are utilizing the most capital efficient means of financing that offers the least amount of dilution. These funds will enable us to complete construction at Bucko and commence production as planned by mid-2008."

The debt facility will be divided into three tranches. The first tranche of $10 million is a secured loan with attaching warrants. The term of the warrants is 36 months and the exercise price is to be determined in the context of the market at the time of satisfaction of certain condition precedents. The proceeds of the warrant conversion are to be used to pay off the Tranche 1 debt facility.

The second bridge tranche is a $15 million short term secured loan, which is to be repaid by drawing upon funds from the final tranche, a senior, secured $45 million debt facility. The senior tranche of $45 million may be drawn once permits for Bucko are in place. In total, this gives Crowflight access to $55 million to fund the Bucko Lake Nickel Mine.

In addition, a total of one million warrants will also be issued with an exercise price to be determined in the context of the market at the time of satisfaction of certain condition precedents. The term of the warrants is 24 months.


Crowflight Minerals -- Canada's Next Nickel Producer
Crowflight Minerals Inc. (TSX-V: CML) is a Canadian junior mining exploration and development company focused on nickel, copper and Platinum Group Mineral ("PGM") projects in the Thompson Nickel Belt 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.

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 approval and finalization of the debt facility, the benefits of the facility, availability of financing, construction and permitting timelines and costs of timing of production. 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 Venture 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:

Mike Hoffman
President and CEO
Crowflight Minerals
Tel: (416) 861-2964

Heather Colpitts
Manager, Investor and Public Relations
Crowflight Minerals
Tel: (416) 861-5803
info@crowflight.com
 
 

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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: