|January 23, 2008|
Crowflight Finalizes $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 the offer for up to Cdn$55 million in debt finance from RMB Resources Inc. (RMB) has been has been approved by FirstRand's Underwriting Committee. RMB is arranging the finance as Agent for FirstRand Ireland Plc, the Lender and underwriter of the debt finance package. Closing is anticipated by the end of January.|
The $55 million facility will be used to finance the remaining construction and start-up of the Bucko Lake Nickel Mine near Wabowden, Manitoba. 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: "Finalizing this debt facility marks one of the milestones in our development of the Bucko Lake Nickel Mine, as these funds provide the financial security to bring Bucko into production by mid-2008. We are pleased with the confidence RMB has demonstrated in our project by offering us this debt facility."
Further details about the debt finance are available in the Crowflight press release dated January 10, 2008.
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 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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