News Release

 March 09, 2009
Crowflight Announces Fourth Quarter And Year- End 2008 Financial Results

 
CROWFLIGHT MINERALS INC. (the "Company") (TSX: CML) today announced its financial results for the fourth quarter and year-ended 2008. Complete audited annual financial statements and related Management's Discussion and Analysis have been filed under the Company's profile on www.sedar.com. All amounts are in Canadian dollars unless otherwise indicated.

Financial Highlights
  • For the year ended December 31, 2008, Crowflight reported a net income of $34.5 million or $0.13 per share compared to a net loss of $4.5 million or ($0.02) per share for the year ended December 31, 2007. The results for 2008 include a realized gain of $62.6 million on the monetization of 89% of the nickel forward sales contracts. It also includes a net unrealized gain on the change in value on the remaining nickel forward sales and foreign exchange contracts of $8 million.
  • Working capital was $7.6 million at December 31, 2008, including cash and cash equivalents of $10.6 million, restricted cash of $3 million and derivative assets of $8.7 million.
  • The Company's total debt was reduced by $42.4 million in 2008 with a restructured debt balance of $7.6 million as at December 31, 2008.
  • Subsequent to year-end, the Company monetized all remaining nickel forward sales and foreign exchange contracts for net proceeds of $10.1 million. Of this, $7.6 million was used to pay off the outstanding balance of the debt facility plus accrued interest. As well, the restriction on the debt reserve account was lifted, providing the Company with cash of approximately $5.5 million. Crowflight is now debt-free as a result of this transaction.
  • In December, the Company completed a private placement financing through the issuance of 23.6 million flow-through common shares at a price of $0.18 per share for total gross proceeds of $4.4 million.
Operational Highlights for 2008
  • Initial production was achieved at the Bucko Lake Nickel Mine (Bucko) with a nickel concentrate being produced in December 2008. Subsequent to year-end, the first nickel concentrate was shipped from Bucko and completion of the Bucko Mine mill construction was announced in February 2009
  • The listing of Crowflight's common shares graduated to the Toronto Stock Exchange (TSX) in December 2008.
  • The Company secured a $55 million debt facility with favourable terms required to complete development of Bucko in March, in addition to raising $11 million in April and $4 million in December, despite difficult financial markets.
  • In March 2008, Crowflight was granted its license pursuant to the Environment Act (Manitoba) from the province of Manitoba to commence production at Bucko.
  • The 2007 -- 2008 winter drilling program resulted in expanded resources for the satellite deposits near Bucko. Of particular note are M11A, which saw a 197% increase in contained nickel, and Halfway Lake, which increased by 46%. Two new zones of mineralization were also discovered near the Manibridge property.
  • Results from the Phase 1 underground delineation drilling at Bucko are consistent with mine design tonnage and grade expectations.
Financial Results

For the three months ended December 31, 2008, the Company reported a net income of $29 million or $0.11 per share, compared to a net loss of $0.4 million or ($0.01) per share in the same period last year. The results for 2008 include a realized gain of $62.6 million on the monetization of 89% of the nickel forward sales contracts. It also includes a net unrealized gain on the change in value on the remaining nickel forward sales and foreign exchange contracts of $8.0 million. For the year ended December 31, 2008 the Company reported a net income of $34.5 million or $0.13 per share compared to a net loss of $4.5 million or ($0.02) per share for the year ended December 31, 2007.

Cash provided by operations for the quarter ended December 31, 2008 was $61.8 million compared to cash provided by operations of $0.02 million in the same period last year. The quarter ended December 31, 2008 includes predominantly general corporate and office charges and a realized gain of $62.6 million on the monetization of derivative contracts. For the year ended December 31, 2008, cash used by operations was $59.2 million compared to $1.7 million last year.

The Company's total debt was reduced by $42.4 million in 2008 with a restructured debt of $7.6 million as at December 31, 2008. Subsequent to December 31, 2008, the Company monetized all remaining nickel forward sales and foreign exchange contracts net proceeds of $10.1 million. Of this, $7.6 million was used to pay off the outstanding balance of the debt facility plus accrued interest. As a result, the Company has no outstanding debt.

Working capital was $7.6 million at December 31, 2008, including cash and cash equivalents of $10.6 million and derivative assets of $8.7 million.

Outlook

Having produced and shipped the first nickel concentrates from Bucko subsequent to the year's end, management intends to focus on the following strategic initiatives in 2009, including:
  • Continuing to ramp up to full commercial production, which management expects to achieve early in the second quarter of 2009
  • Continued development of the main underground ramp to connect surface with the 1,000 foot level
  • Reaching production targets of 9.1 million pounds of payable nickel at average operating cash cost of US$3.61 per pound nickel
  • Sustaining capital of US$10 million
  • Continue to explore value enhancement opportunities for Crowflight shareholders
  • Continue to optimize operational and economic aspects of the operation
Qualified Person/Quality Control Procedures

The scientific and technical information in this press release has been reviewed by Mr. Paul Keller, P.Eng. and COO of Crowflight and Mr. Greg Collins, P.Geo. and VP Exploration of Crowflight, both of whom are Qualified Persons under the National Instrument 43-101 guidelines.

Crowflight Minerals -- Canada's Newest Nickel Producer

Crowflight Minerals Inc. (TSX: CML) is a Canadian junior mining company that is producing nickel at the Bucko Lake Nickel Mine near Wabowden, Manitoba. Full commercial production is expected to be achieved at Bucko early in the second quarter of 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 relating to Crowflight, certain information contained herein constitutes forward-looking information. Forward-looking information includes, but is not limited to, statements with respect to the development potential of the Company's properties; the future price of nickel and other minerals; the estimation of mineral reserves and mineral resources; conclusions of economic evaluation; the realization of mineral reserve estimates; the timing and amount of estimated future production; costs of production; capital expenditures; success of exploration activities; mining or processing issues; currency exchange rates; government regulation of mining operations; and environmental risks. Generally, forward-looking information can be identified by the use of forward-looking terminology such as ''plans'', ''expects'' or ''does not expect'', ''is expected'', ''budget'', ''scheduled'', ''estimates'', ''forecasts'', ''intends'', ''anticipates'' or ''does not anticipate'', or ''believes'', or variations of such words and phrases or statements that certain actions, events or results ''may'', ''could'', ''would'', ''might'' or ''will be taken'', ''occur'' or ''be achieved''. Forward - looking information is based on the opinions and estimates of management as of the date such statements are made. Estimates regarding the anticipated timing, amount and cost of mining at the Company's projects are based on assumptions underlying mineral reserve and mineral resource estimates and the realization of such estimates are set out herein. Capital and operating cost estimates are based on extensive research of the Company, purchase orders placed by the Company to date, recent estimates of construction and mining costs and other factors that are set out herein. Production estimates are based on mine plans and production schedules, which have been developed by the Company's personnel and independent consultants. These estimates are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Crowflight to be materially different from those expressed or implied by such forward-looking information, including but not limited to risks related to: unexpected events and delays during construction, expansion and start-up; variations in mineral grade and recovery rates; delay or failure to receive government approvals; timing and availability of external financing on acceptable terms; actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of gold and other minerals; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.

Further information is available on the Company's website at www.crowflight.com or contact:

Mike Hoffman
President and CEO
Crowflight Minerals
Tel: (416) 861-2964

Heather Colpitts
Manager, Investor and Public Relations
Crowflight Minerals
Tel: (416) 861-5803
info@crowflight.com


1 Non-GAAP Measure
This press release refers to cash cost per pound which is not a recognized measure under Canadian GAAP. This non-GAAP financial measure does not have any standardized meaning prescribed by Canadian GAAP and is therefore unlikely to be comparable to a similar measure presented by other issuers. Management uses this measure internally. The use of this measure enables management to better assess performance trends. Management understands that a number of investors and others who follow the Company's performance assess performance in this way. Management believes that this is a better indication of its expected performance in future periods. This data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with Canadian GAAP.


CONSOLIDATED BALANCE SHEETS
As at December 31,
===========================================================================
                                                        2008           2007
ASSETS
Current
 Cash and cash equivalents                     $  10,607,543 $    9,004,788
 Restricted cash                                   2,999,998              -
 Amounts receivable                                  607,125      1,281,466
 Inventory                                           268,285              -
 Prepaid expenses and deposits                       138,463        276,164
 Derivative asset                                  8,668,392              -
---------------------------------------------------------------------------
                                                  23,289,806     10,562,418

Deposits and advances                                536,709        952,263
Equipment                                            109,241        102,769
Exploration and development property, plant
 and equipment and deferred expenditures         153,939,715     76,596,884
---------------------------------------------------------------------------
                                               $ 177,875,471 $   88,214,334
===========================================================================

LIABILITIES
Current
 Accounts payable and accrued liabilities      $  14,950,385 $    8,465,682
 Equipment leases                                     48,129        188,856
 Derivative liability                                624,223              -
---------------------------------------------------------------------------
                                                  15,622,737      8,654,538

Equipment leases                                     107,286
Long term debt                                     7,600,000              -
Asset retirement obligations                         359,000        331,000
Future income tax liability                       24,139,000      2,490,000
---------------------------------------------------------------------------
                                                  47,828,023     11,475,538
---------------------------------------------------------------------------
SHAREHOLDERS' EQUITY
Common shares                                     99,289,864     86,671,512
Warrants                                           4,944,374      2,025,712
Contributed surplus                               13,485,751     10,193,512
Retained Earnings/(Deficit)                       12,327,459    (22,151,940)
---------------------------------------------------------------------------
                                                 130,047,448     76,738,796
---------------------------------------------------------------------------
                                               $ 177,875,471 $   88,214,334
===========================================================================

These financials should be read in conjunction with the Notes and Management's Discussion and Analysis, available online at www.sedar.com and on the Company's website at www.crowflight.com
Consolidated Statements of Shareholders' Equity

                                                 Common Shares     Warrants
===========================================================================
                                                No.          $            $
----------------------------------------------------------------------------
Balance, December 31, 2006             198,518,056  58,437,271    1,773,748

 Private placement                      28,125,000  25,000,000            -
 Value of warrants granted on private
  placement                                      -  (1,359,375)   1,359,375

 Exercise of warrants and broker
  warrants                              20,192,931   8,372,749            -

 Valuation allocation on exercise
  of warrants                                    -   1,548,505   (1,548,505)
 Exercise of stock options               1,117,500     325,788            -
 Valuation allocation on exercise
  of stock options                               -     281,731            -
 Shares issued for property acquisition  2,025,000   1,896,500            -
 Expiry of warrants                              -           -     (106,500)
 Stock based compensation                        -           -            -
 Flow through share tax effect                   -  (5,782,788)           -
 Value of broker warrants                        -    (547,594)     547,594
 Share issue costs                               -  (1,501,275)           -
 Loss for the period                             -           -            -
===========================================================================

Balance, December 31, 2007             249,978,487  86,671,512    2,025,712

 Private placement                      39,680,000  15,251,000            -
 Value of warrants granted related
  to debt facility                               -           -    3,719,479
 Value of warrants to be granted                 -           -      849,709
 Exercise of warrants and broker
  warrants                               1,115,836     446,334            -
 Valuation allocation on exercise
  of warrants                                    -     118,742     (118,742)
 Exercise of stock options               2,530,000     569,531            -
 Valuation allocation on exercise
  of stock options                               -     979,566            -
 Stock based compensation                        -           -            -
 Flow through share tax effect                   -  (3,563,000)           -
 Value of broker warrants                        -    (375,186)     375,186
 Valuation allocation on expiry of
  warrants and broker warrants                   -           -   (1,906,970)
 Share issue costs                               -  (1,198,635)           -
 Tax effect of cost of issue                     -     390,000            -
 Income for the period                           -           -            -
----------------------------------------------------------------------------

Balance, December 31, 2008             293,304,323  99,289,864    4,944,374

===========================================================================

                                      Contributed  Accumulated Shareholders'
                                          Surplus      Deficit       Equity
===========================================================================
                                                $            $            $
----------------------------------------------------------------------------

Balance, December 31, 2006              6,328,590  (17,686,671)  48,852,938

 Private placement                              -            -   25,000,000
 Value of warrants granted on private
  placement                                     -            -            -

 Exercise of warrants and broker
  warrants                                      -            -    8,372,749

 Valuation allocation on exercise
  of warrants                                   -            -            -
 Exercise of stock options                      -            -      325,788
 Valuation allocation on exercise
  of stock options                       (281,731)           -            -
 Shares issued for property
  acquisition                                   -            -    1,896,500
 Expiry of warrants                       106,500            -            -
 Stock based compensation               4,040,153            -    4,040,153
 Flow through share tax effect                  -            -   (5,782,788)
 Value of broker warrants                       -            -            -
 Share issue costs                              -            -   (1,501,275)
 Loss for the period                            -   (4,465,269)  (4,465,269)
===========================================================================
Balance, December 31, 2007             10,193,512  (22,151,940)  76,738,796

 Private placement                              -            -   15,251,000
 Value of warrants granted related
  to debt facility                              -            -    3,719,479
 Value of warrants to be granted                -            -      849,709

 Exercise of warrants and broker
  warrants                                      -            -      446,334

 Valuation allocation on exercise
  of warrants                                   -            -            -
 Exercise of stock options                      -            -      569,531
 Valuation allocation on exercise
  of stock options                       (979,566)           -            -
 Stock based compensation               2,364,835            -    2,364,835
 Flow through share tax effect                  -            -   (3,563,000)
 Value of broker warrants                       -            -            -
 Valuation allocation on expiry
  of warrants and broker warrants       1,906,970            -            -
 Share issue costs                              -            -   (1,198,635)
 Tax effect of cost of issue                    -            -      390,000
 Income for the period                          -   34,479,399   34,479,399
----------------------------------------------------------------------------
Balance, December 31, 2008             13,485,751   12,327,459  130,047,448
===========================================================================

These financials should be read in conjunction with the Notes and Management's Discussion and Analysis, available online at www.sedar.com and on the Company's website at www.crowflight.com
CONSOLIDATED STATEMENTS OF OPERATIONS AND DEFICIT
For the years ended December 31,
===========================================================================
                                                       2008            2007
----------------------------------------------------------------------------
Expenses
Professional, consulting and management fees  $   3,194,231   $   5,263,846
Shareholder communications and investor
 relations                                          439,525         349,519
General and office                                  410,509         265,345
Travel                                              169,088         151,667
Interest expenses and bank charges                   11,495         162,799
Amortization                                          6,816           4,278
----------------------------------------------------------------------------
                                                  4,231,664       6,197,454
----------------------------------------------------------------------------
(Loss) before the undernoted                     (4,231,664)     (6,197,454)

Interest income                                     253,448         909,397
Interest and accretion on long term debt         (2,317,355)              -
General exploration                                (106,921)              -
Write off of exploration property and
 deferred expenditures                           (5,244,395)       (900,000)
Accretion expense                                   (28,000)              -
Debt facility expenses                           (5,993,883)              -
Realized gain on monetization of derivative
 instruments                                     62,580,000               -
Change in value of derivative instruments         8,044,169               -
----------------------------------------------------------------------------
Income/(loss) before income taxes                52,955,399      (6,188,057)
Future income taxes                             (18,476,000)      1,722,788
----------------------------------------------------------------------------
Income/(loss) for the year                       34,479,399      (4,465,269)

DEFICIT, beginning of year                      (22,151,940)    (17,686,671)
                                              --------------  --------------
RETAINED EARNINGS/DEFICIT, end of year        $  12,327,459   $ (22,151,940)
===========================================================================
Earnings/(loss) per share - basic             $        0.13   $       (0.02)
Earnings/(loss) per share - diluted           $        0.13   $       (0.02)
Weighted average number of shares - basic       264,303,511     232,201,984
Weighted average number of shares - diluted     267,145,855     232,201,984
===========================================================================

These financials should be read in conjunction with the Notes and Management's Discussion and Analysis, available online at www.sedar.com and on the Company's website at www.crowflight.com.
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the years ended December 31,
===========================================================================
                                                        2008           2007
----------------------------------------------------------------------------
OPERATING ACTIVITIES:
Net income/(loss) for the period                $ 34,479,399   $ (4,465,269)
Charges not affecting cash:
 Amortization                                          6,816          4,278
 Stock-based compensation expense                  2,364,835      4,040,153
 Debt facility expense and accretion               7,175,683              -
 Accretion expense                                    28,000              -
 Change in value of derivative instruments        (8,044,169)             -
 Write down of exploration property and
  deferred expenditures                            5,244,395        900,000
 Future income tax expense                        18,476,000     (1,722,788)
Net change in non-cash working capital              (498,933)      (460,904)
----------------------------------------------------------------------------
                                                  59,232,026     (1,704,530)
----------------------------------------------------------------------------
FINANCING ACTIVITIES:
Debt facility, net of transaction costs and
 other fees                                       47,612,059              -
Retirement of debt facility                      (42,400,000)             -
Common shares issued through private
 placements                                       14,052,365     21,411,350
Warrants issued through private placements                 -      1,359,375
Shares issued from exercise of warrants and
 options                                           1,015,865      8,698,537
Payments on equipment leases                         (74,444)             -
----------------------------------------------------------------------------
                                                  20,205,845     31,469,262
----------------------------------------------------------------------------
INVESTING ACTIVITIES:
Exploration and development property, plant
 and equipment, and deferred expenditures        (82,559,511)   (39,898,563)
(Increase) decrease in deposits and advances         318,554       (205,768)
Increase in accounts payable attributable to
 property development and exploration              7,405,839      5,613,649
Increase in restricted cash                       (2,999,998)             -
Equipment                                                  -        (70,182)
----------------------------------------------------------------------------
                                                 (77,835,116)   (34,560,864)
----------------------------------------------------------------------------
CHANGE IN CASH AND CASH EQUIVALENTS             $  1,602,755   $ (4,796,132)
CASH AND CASH EQUIVALENTS, beginning of year    $  9,004,788   $ 13,800,920
----------------------------------------------------------------------------
CASH AND CASH EQUIVALENTS, end of year          $ 10,607,543   $  9,004,788
===========================================================================

These financials should be read in conjunction with the Notes and Management's Discussion and Analysis, available online at www.sedar.com and on the Company's website at www.crowflight.com


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CANICKEL MINING LIMITED. P.O. Box 35 1655-999 West Hastings Street, Vancouver, British Columbia, Canada V6C 2W2 P: 778-372-1806 F: 604-254-8863 E: