|January 21, 2008|
Crowflight Accepts $55 Million Debt Facility Offer; Commences 2008 Exploration Program
|CROWFLIGHT MINERALS INC. (Crowflight, the Company) (TSX Venture Exchange: CML) today announced that it has accepted the offer for up to Cdn$55 million in debt finance from RMB Resources Inc. (RMB). 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 and 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.
Further details about the debt finance are available in the Crowflight press release dated January 10, 2008.
Crowflight is also pleased to announce the commencement of 2008 exploration activities on its Manitoba Thompson Nickel Belt properties. In 2008, the Company intends to spend approximately $2.5 million on properties held under option from Xstrata Nickel and $2.0 million jointly funded by partner Pure Nickel on properties including and adjacent to the past producing Manibridge Nickel mine, located approximately 20 kilometres south of the town of Wabowden.
The Company plans to complete 25 holes for a total of 10,000 metres during the winter 2008 drilling season. In the spring, Crowflight expects to initiate an 8,000 metre drilling program at Manibridge with the aim to establish NI 43-101 compliant mineral resource estimates at this past producing property and evaluate targets of high exploration potential identified nearby.
Greg Collins, Crowflight's Vice President of Exploration commented: "Our focus during this 2008 winter program will be further expanding Inferred Resources identified at Halfway Lake and the evaluation of high-priority exploration targets located in close proximity to the Bucko Lake Nickel Mine, particularly the Bucko North target, located 300 metres north of planned underground workings associated with the Bucko Lake Mine."
Three drills supplied by More Core Diamond Drilling Services Ltd. of Stewart B.C. are currently coring. Results from the winter exploration program are expected to become available over the coming weeks.
Meanwhile, construction of the Bucko Mine site is progressing steadily. The hoist and headframe set was commissioned in November and is now fully operational. The underground shaft de-watering and rehabilitation to the 1000 Level (approximately 330 metres below surface) is complete, thereby providing access to commence the underground development and exploration program. Two drills supplied by Boart Longyear are on site and Crowflight is preparing to commence underground drilling activities in late January. Work continues to advance on the mill and other surface buildings.
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. (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 debt financing, 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
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