|July 08, 2010|
Crowflight Provides Update on Jinchuan Offer; Appoints David Hunter as Chief Financial Officer
|CROWFLIGHT MINERALS INC. ("Crowflight" or the "Company") (TSX: CML) is pleased to provide an update regarding the offer letter from Jinchuan Group Ltd. ("Jinchuan") to acquire all of the common shares of Crowflight in consideration for an aggregate cash payment of $150,000,000 (the "Offer"). For details regarding the offer letter, please see the Company's press release of April 6, 2010.|
Negotiations continue between representatives of the Company and Jinchuan. Jinchuan has confirmed the continued validity of the Offer, and Crowflight and Jinchuan have agreed that the Offer will remain valid until August 31, 2010.
The Offer is premised on Jinchuan obtaining 100% of the offtake from the Bucko Lake Mine and any of the Crowflight exploration properties that are subsequently placed into production.
Crowflight's President and CEO, Mark Trevisiol stated, "The main focus of negotiations between Crowflight and Jinchuan to date has been the negotiation for Jinchuan to acquire the offtake from the Bucko Mine and we are pleased with the progress made in this area. We see it as a positive step that Jinchuan has confirmed the validity of their offer and we look forward to continuing the negotiation process towards the execution of an agreement by the end of August."
The Offer is subject to Jinchuan being satisfied with its due diligence review of the Company and the receipt of all required government and regulatory approvals. The Offer is also subject to negotiation of a definitive agreement between Jinchuan and the Company and the Offer being approved by Crowflight shareholders.
Appointment of David Hunter
As well, Crowflight is pleased to announce the appointment of David Hunter, MBA, CA as Chief Financial Officer for the Company, effective June 30, 2010. Mr. Hunter replaces Anna Ladd who previously held the role.
Mr. Hunter was admitted to the Ontario Institute of Chartered Accountants (CA) in 1996 after training with some of the largest national accounting firms. He has extensive experience in setting up financial systems for growing companies to ensure they meet proper financial governance. Aside from public accounting experience, he has served in senior financial roles including Vice President, Director and Controller in both public and private companies. He earned an MBA in accounting and finance from the University of Toronto.
Mr. Trevisiol, Crowflight's President and CEO, added, "We wish to welcome David to the Crowflight team and thank Anna for all her hard work over the last few years at Crowflight. On behalf of the Board and management, we thank Anna for her contributions and wish her the best in her future endeavours."
About Crowflight Minerals
Crowflight Minerals Inc. (TSX: CML) is a Canadian junior mining company that owns the Bucko Lake Nickel Mine near Wabowden, Manitoba that recently resumed production. The Company also holds nickel, copper and Platinum Group Mineral (PGM) projects in the Thompson Nickel Belt and Sudbury Basin.
Cautionary Note on Forward-Looking Information
This press release contains forward-looking statements under Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the Company's development potential and timetable of the Company's properties, including the Bucko Lake Project; the future price of nickel and other minerals; outcome of negotiations; ability to obtain required financing; terms of proposed Offer; and impact of appointment. Generally, forward-looking statements 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 statements are based on the opinions and estimates of management as of the date such statements are made. Forward looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements, including but not limited to risks related to: deal risks relating to the Offer; dependence on external consultants, and those other risks described in the Company's annual information form that is available under its profile on SEDAR at www.sedar.com. 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 statements, 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 statements. The Company does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.
Further information is available on the Company's website at www.crowflight.com or contact:
President and CEO
Tel: (416) 861-5893
Manager, Investor and Public Relations
Tel: (416) 861-5803
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