|June 25, 2008|
Crowflight Provides Update on Underground Drilling at Bucko
CROWFLIGHT MINERALS INC. (Crowflight, the Company) (TSX Venture Exchange: CML) today presents results from underground drilling activities at its wholly-owned Bucko Lake Nickel Project (Bucko) located in the Thompson Nickel Belt near Wabowden, Manitoba.
Detailed drilling from the 1,000 foot level has confirmed reserves for initial production. In addition, two new zones of lower grade mineralization near existing development have been outlined. These areas have been chosen as the focus of initial mining, with mining from these areas expected to commence in August. Definition drilling targeting the central portion of the deposit on sections 517 and 521N is well in progress. Results from drilling to date have been consistent with expectations.
Highlights from the assay results include:
Two underground diamond drills operated by Boart Longyear are stationed on the 1,000 foot level and have completed 30 holes totalling 5,371 metres to date. The drilling results confirm the location and quality of reserves in advance of development crews currently driving lateral development toward areas of initial ore extraction.
Assay Results from 1,000 Foot Level Delineation Program
Stock Option Terms Amendment & Investor Relations Agreements
Crowflight also announces that it has amended the terms of certain stock options granted in March 2007.
In March 2007, the Company granted an aggregate of 5 million options to European investor relations consultants, Arvin Consultants and Talman Alliance. These options constitute the total consideration offered to these investor relations consultants. Of these options 1 million options have an exercise price of $0.60, 1 million options have an exercise price of $0.70, 1 million options have an exercise price of $0.80, 1 million options have an exercise price of $0.90, and 1 million options have an exercise price of $1.00. Crowflight has amended these options by cancelling 500,000 of the options with an exercise price of $0.80 and all of the options with exercise prices of $0.90 and $1.00, for a total of 2.5 million cancelled options. The remaining options are scheduled to expire on March 30, 2009. Arvin Consultants and Talman Alliance are investment and merchant banking firms that advise emerging junior and small-cap companies with respect to corporate financing and corporate transactions. Crowflight engaged these firms, beginning in March 2007 and continuing on an on-going basis, to develop corporate opportunities for the Company, advance the interests and profile of the Company within German speaking regions of Europe, establish contact with potential partners and significant investors and provide market making services in connection with the Company's listing on the Frankfurt Stock Exchange.
These options have been cancelled to reflect the Company's increased internal handling of investor relations activities.
The Company has employed Heather Colpitts as its Manager, Investor and Public Relations on a full-time, on-going basis since May 2007 to handle the Company's marketing and investor relations initiatives. Prior to joining Crowflight, she was an Account Manager for a number of domestic and international resource companies at CHF Investor Relations, a Toronto-based consulting firm. Ms. Colpitts holds a Master of Arts degree in English from McMaster University in Ontario and a Bachelor of Arts degree with Distinction from Mount Allison University in New Brunswick. Upon her appointment, she was granted 100,000 stock options, the terms of which were disclosed in the press release dated June 28, 2007. In addition, she receives an annual salary.
Qualified Person/Quality Control Procedures
This press release has been prepared and reviewed by Mr. Greg Collins, P.Geo (APGO/APEGM), a Qualified Person under the National Instrument 43-101 guidelines. All assays were performed at the ALS-Chemex laboratory in Vancouver and undergo an ICP-AES finish and Sodium Peroxide Fusion. Standards and blanks are submitted with each sample batch.
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 fully-funded Bucko Lake Nickel Project located near Wabowden, Manitoba into production by the third quarter of 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 estimated capital and operating costs, expected production timeline, benefits of updated development plans, foreign exchange assumptions and regulatory approvals. 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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