|January 18, 2008|
Crowflight Announces Changes To Board of Directors
|CROWFLIGHT MINERALS INC. (Crowflight, the Company) (TSX Venture Exchange: CML) today announces the resignation of Mr. Thomas Atkins from the Board of Directors. Mr. Atkins' resignation follows his departure from the Company as President and CEO (refer to the press release dated September 10, 2007).|
The Company would like to acknowledge the contributions Mr. Atkins made towards the growth of the Company as it advanced from a base metal exploration company with a market capitalization of approximately $20 million on his arrival to a future nickel producer with a market capitalization of as much as $350 million in 2007. During his two and a half year tenure, Mr. Atkins was responsible for guiding the Company's development of the Bucko Lake Nickel Deposit and the Thompson Nickel Belt exploration properties, including: raising over $50 million in equity capital, the completion of a bankable feasibility study regarding the development of the Bucko Deposit, negotiated two sweeping amendments to the original earn-in agreements on the Bucko Deposit and Thompson Nickel Belt properties, initially with Falconbridge and later with Xstrata Nickel, including a life-of-mine offtake agreement with Xstrata Nickel to treat the nickel concentrate produced form the Bucko Lake Nickel mine.
In his place, Mike Hoffman, Crowflight's current President and CEO, has been appointed to the Board of Directors.
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 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 Venture Exchange 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
You can view the Next News Release item: Mon Jan 21, 2008, Crowflight Accepts $55 Million Debt Facility Offer; Commences 2008 Exploration Program
You can view the Previous News Release item: Thu Jan 10, 2008, Crowflight Secures $55 Million Debt Facility to Complete Bucko Lake Nickel Mine Development
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