|October 28, 2008|
Crowflight Restructures $55 Million Debt Facility: Pays Off $42 Million Of Debt And Adds $19.4 Million In Cash
CROWFLIGHT MINERALS INC. (Crowflight, the Company) (TSX Venture Exchange: CML) is pleased to announce that in conjunction with RMB Resources Inc. acting as agent for Crowflight's lender, FirstRand Ireland Plc, Crowflight has restructured the Cdn $55 million debt facility entered into in February 2008 (see Press Release February 13, 2008).
Both Crowflight and RMB Resources have decided to close out most of the nickel forward sales contract entered into in July 2008 (see Press Release July 30, 2008). At that time, Crowflight hedged 20.5 million pounds of nickel at a price of US$8.49 per pound over a four year period. Details of the debt restructuring are as follows:
Crowflight expects to initiate production of nickel concentrate at the Bucko Mine by the end of October. Final testing and commissioning of mill components continues to advance.
Crowflight Minerals - Canada's Next Nickel Producer
Crowflight Minerals Inc. (TSX-V: CML) is a Canadian junior mining company that is bringing the Bucko Lake Nickel Mine near Wabowden, Manitoba into production. Full commercial production is expected to be achieved at Bucko in early 2009. The Company is also focused on nickel, copper and Platinum Group Mineral (PGM) projects in the Thompson Nickel Belt and Sudbury Basin.
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:
Mike HoffmanPresident and CEO
Tel: (416) 861-2964
Manager, Investor and Public Relations
Tel: (416) 861-5803
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