News Release

 November 11, 2010
Crowflight Announces Third Quarter 2010 Financial Results

 CROWFLIGHT MINERALS INC. ("Crowflight" or the "Company") (TSX: CML) today announces its financial results for the third quarter of 2010.

Complete interim financial statements and related Management's Discussion and Analysis are filed under the Company's profile on www.sedar.com. All amounts are in Canadian dollars unless otherwise indicated.

Q3 2010 Financial and Operational Highlights:
  • For the quarter ended September 30, 2010, Crowflight produced 989,265 pounds of nickel, and sold 911,092 pounds of nickel payable as compared to 384,327 pounds of nickel produced and 276,918 pounds of nickel sold in the third quarter of last year.

  • Total metal revenue for the quarter ended September 30, 2010 was $8.5 million compared to $2.3 million for the third quarter last year.

  • Operating cash flow for the quarter ended September 30, 2010 was ($12.5 million) compared to operating cash flow of $0.4 million in the third quarter last year.

  • Loss for the quarter ended September 30, 2010 was $14 million or ($0.02) per share compared to net loss of $2.9 million or ($0.01) per share in the third quarter last year.

  • Commercial nickel sales settled during the quarter ended September 30, 2010 were realized at an average price of US$8.97 per pound compared with US$7.41 per pound in the third quarter of 2010.

  • Net working capital as at September 30, 2010 was ($17 million) (including cash and cash equivalents of $1.6 million) compared to $3.2 million as at December 31, 2009.

2010 Quarterly Bucko Mine Operations Production and Financial Data

----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                      Q1-2010        Q2-2010        Q3-2010
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Operating Statistics:
----------------------------------------------------------------------------
Tonnes ore mined                       11,177         67,189         53,518
----------------------------------------------------------------------------
Average Nickel head grade (%Ni)         1.02%          1.31%          1.20%
----------------------------------------------------------------------------
Tonnes ore milled                       9,431         58,605         53,523
----------------------------------------------------------------------------
Average Recovery                       66.94%         69.42%         70.79%
----------------------------------------------------------------------------
Nickel pounds:
----------------------------------------------------------------------------
  Produced                            141,970      1,177,468        989,265
----------------------------------------------------------------------------
  Payable sold(1)                     117,600        917,977        911,092
----------------------------------------------------------------------------

----------------------------------------------------------------------------
Commercial Production Metal
 Sales Revenue:
----------------------------------------------------------------------------
Average Ni price (US$/lb)       $        9.77  $       10.25  $        8.97
----------------------------------------------------------------------------
CAD/US exchange rate            $        1.04  $        1.03  $        1.04
----------------------------------------------------------------------------
Nickel revenue                        893,266      9,594,466      9,322,945
----------------------------------------------------------------------------
Pricing adjustments(3)                304,756         80,902       (826,027)
----------------------------------------------------------------------------
Total metal revenue                 1,198,022      9,675,368      8,496,918
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Cost of sales(2)                    3,867,822     12,250,533     19,432,607
----------------------------------------------------------------------------
Temporary shutdown costs            4,480,891              -              -
----------------------------------------------------------------------------
Depreciation, depletion, and
 amortization                          36,432      1,580,676      1,416,476
----------------------------------------------------------------------------
Gross profit                       (7,187,123)    (4,155,841)   (12,352,165)
----------------------------------------------------------------------------
Net earnings (loss) before tax     (8,935,360)    (5,142,199)   (15,071,957)
----------------------------------------------------------------------------
Basic and diluted earnings (loss
 per share)                     $       (0.01) $       (0.01) $       (0.02)
----------------------------------------------------------------------------
Cash flow from operating
 activities                        (8,944,040)    (8,769,568)   (12,461,461)
----------------------------------------------------------------------------
USD Cash Cost of sales per pound
 sold(1)(4)                     $       37.34  $       14.43  $       20.46
----------------------------------------------------------------------------
----------------------------------------------------------------------------
1.  Includes settlement of prior quarter sales
2.  Other metal revenue is recorded as an offset to cost of sales in the
    Company's financial statements
3.  Pricing adjustments reflect final pricing/volume adjustments on lots
    sold in prior quarters
4.  Cash cost per pound sold is a Non-GAAP measure. Refer to "Non-GAAP
    Measures" section for reconciliation to GAAP


- On September 3, 2010, Crowflight issued and sold a convertible debenture
  (the "Convertible Debenture") to King Place Enterprises Limited ("King
  Place") in the principal amount of $10,050,000 (see press release of
  August 27, 2010). The Convertible Debenture shall mature on February 27,
  2011. Amounts owing under the Convertible Debenture shall be unsecured and
  interest shall accrue at a rate of 10% per annum, compounded annually. The
  holder shall be entitled to convert amounts owing under the Convertible
  Debenture into common shares of Crowflight at a price equal to the five-
  day Volume Weighted Adjusted Price (VWAP) at the time of conversion less
  the maximum discount allowed under Toronto Stock Exchange regulations at
  the time of conversion. However, King Place may not convert any portion of
  the amounts outstanding hereunder in excess of the amount that would
  result in the obligation to issue an aggregate number of shares exceeding
  58,356,471 Common Shares without prior approval of disinterested
  shareholders. King Place, who purchased the Convertible Debenture, is
  currently the largest shareholder of Crowflight. King Place owns and
  controls a total of 247,029,971 common shares and 50,588,235 warrants of
  Crowflight prior to this private placement, or 42.5% of the issued and
  outstanding common shares of Crowflight on a non-diluted basis. Crowflight
  previously issued and sold a non convertible debenture in the principal
  amount of $5,050,000 to King Place (see press release of August 9, 2010),
  which was cancelled and replaced by the $10,050,000 Convertible Debenture.

- On September 20, 2010, Crowflight announced the appointment of Kevin Zhu
  (Xuexin), M. Eng, PMP to its Board of Directors. Kevin will act as King
  Place's representative on the Crowflight Board of Directors. King Place
  and Crowflight agreed to appoint a representative of King Place to the
  Crowflight Board of Directors.

- On September 23, 2010, Crowflight announced a private placement financing
  in the form of a convertible debenture issued to King Place in the
  principal amount of $3,000,000 (the "Convertible Debenture"). The
  Convertible Debenture shall mature on the date that is six months from the
  date of issue. Amounts owing under the Convertible Debenture shall be
  unsecured and interest shall accrue at a rate of 10% per annum, compounded
  annually. The Convertible Debenture holder shall be entitled to convert
  amounts owing into common shares of Crowflight at a price equal to the
  five-day value weighted average price on the Toronto Stock Exchange (the
  "TSX") at the time of conversion less the maximum discount allowed under
  TSX regulations, subject to the Company not issuing an aggregate of more
  than 58,356,471 common shares of Crowflight in total pursuant to the
  Convertible Debenture and the convertible debenture of the Company issued
  to King Place on September 3, 2010, without prior approval from a simple
  majority of disinterested shareholders. In addition, King Place holds a
  pre-emptive right to maintain its 42.5% interest (see press release of
  September 3, 2010).

- On October 1, 2010, Crowflight announced that it was temporarily
  suspending ore production mining operations at the Bucko Lake Nickel Mine,
  located in the Thompson Nickel Belt near Wabowden, Manitoba. Crowflight
  plans to temporarily suspend the Bucko Lake Mine to facilitate the
  introduction of its own underground mining equipment and team and to make
  readjustments to address certain operational issues. The Company intends
  to provide further details regarding the re-start of production mining
  operations at Bucko Lake, including a timetable for the re-start, in the
  coming weeks.

- Crowflight also announced on October 1, 2010, that its Board of Directors
  has commenced a review of the potential of the Company's exploration
  properties for possible spin-off, joint venturing or other value
  realization event. Crowflight intends to review strategic options in
  relation to its exploration assets with the objective of finding ways to
  unlock Crowflight shareholder value.

- Also on October 1, 2010, the Company announced that an extension to the
  offer letter from Jinchuan Group Ltd. ("Jinchuan") had not been received
  (see previous press releases dated April 6, 2010 and September 3, 2010
  regarding the offer letter). Accordingly, the Company considers
  negotiations to have terminated.

- On October 29, 2010, Crowflight announced the appointment of Rick Sproule
  to Vice President of Geology for Crowflight. Rick has served as the
  Company's Chief Geologist for the Bucko Lake Nickel Mine since 2009.

- On November 2, 2010, the company sadly announced the passing of Steve
  Davies, Crowflight's Chief Operating Officer. Steve had joined the company
  earlier in the year. Steve was 47 years old. Steve was well known for his
  achievements in the Manitoba mining camp; he was also, at the time, Chief
  Operating Officer of Kria Resources, a company with zinc development
  properties in New Brunswick.



Outlook

On October 1, 2010, Crowflight announced that it was temporarily suspending operations at the Bucko Lake Mine. The Company is seeking to hire its own mining team and purchase its own underground mobile mining equipment fleet. Crowflight is also seeking to make improvements to its reclaim water quality, backfill systems and crushing and milling facilities. Crowflight does not expect to be operating its Bucko Lake operation before the end of 2010. Crowflight has been working with King Place (its majority shareholder) to arrange a debt facility to support the above improvement initiatives.

Non-GAAP Measures

This press release refers to net working capital and cash cost per pound, which are not recognized measures under Canadian GAAP. These non-GAAP performance measures does not have any standardized meaning prescribed by Canadian GAAP and is therefore unlikely to be comparable to similar measure presented by other issuers. Management uses these measures internally. The use of these measures 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. 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.

                                  Three Months Ended      Nine Months Ended
                                  September 30, 2010     September 30, 2010
                                 --------------------   --------------------

Bucko Lake Mine operating
 expenses, excluding
 depreciation, depletion and
 amortization                             19,827,018             26,976,310
Less by-product credit                      (451,910)            (1,038,101)
                                 --------------------   --------------------
Cash cost net of by-products              19,375,108             25,938,209
                                 --------------------   --------------------
Exchange rate (US$1 to C$)                      1.04                   1.04
Cash cost net of by-products USD   USD    18,639,755      USD    25,031,661
                                 --------------------   --------------------
Nickel payable sold (lb)                     911,092              1,946,668
Cash cost per pound of nickel
 payable sold, net of by-product
 credits in USD/lb                 USD         20.46      USD         12.86
                                 --------------------   --------------------



Qualified Person/Quality Control Procedures

This press release has been reviewed by Greg Collins, P. Geo and Mark Trevisiol, P. Eng., both are Qualified Persons under the National Instrument 43-101 guidelines. Mr. Trevisiol is the President and CEO of the Company.

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 resumed production in March 2010. 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; foreign exchange rates; the estimation of mineral reserves and mineral resources; conclusions of economic evaluations; 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 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. Estimates regarding the anticipated timing, amount and cost of mining at the Bucko Lake Project are based on assumptions underlying mineral reserve and mineral resource estimates and the probability of realizing such estimates that 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.

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 those risks of the Company described in its 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:

Contacts:
David Hunter
Chief Financial Officer
(416) 861-5885


INTERIM CONSOLIDATED BALANCE SHEETS
(unaudited)
As at
----------------------------------------------------------------------------
----------------------------------------------------------------------------

                                             September 30,     December 31,
                                                      2010             2009
ASSETS
Current
  Cash and cash equivalents                $     1,648,877  $    10,040,475
  Amounts receivable                             5,486,005        1,291,687
  Inventory                                      3,582,399        1,031,734
  Prepaid expenses and deposits                    418,810          135,290
----------------------------------------------------------------------------
                                                11,136,091       12,499,186
Deposits and advances                              534,709          534,709
Property, plant and equipment                  144,042,650      138,568,967
Exploration and development property and
 deferred expenditures                          14,970,550       14,704,437
----------------------------------------------------------------------------
                                           $   170,684,000  $   166,307,299
----------------------------------------------------------------------------
----------------------------------------------------------------------------

LIABILITIES
Current
  Accounts payable and accrued liabilities $    15,268,927  $     9,282,060
  Loans                                         12,672,971                -
  Equipment leases                                  48,598           45,371
  Derivative liability                             191,149                -
----------------------------------------------------------------------------
                                                28,181,645        9,327,431
Equipment leases                                    23,942           61,281
Asset retirement obligations                       977,864          918,387
Future income tax liability                      2,127,000        6,000,200
----------------------------------------------------------------------------
                                                31,310,451       16,307,299
----------------------------------------------------------------------------
SHAREHOLDERS' EQUITY
Common shares                                  150,684,828      138,758,903
Warrants                                         9,855,793       10,195,919
Contributed surplus                             17,268,440       15,698,606
Equity component of convertible debentures       1,531,857                -
(Deficit)                                      (39,967,369)     (14,653,428)
----------------------------------------------------------------------------
                                               139,373,549      150,000,000
----------------------------------------------------------------------------
                                           $   170,684,000  $   166,307,299
----------------------------------------------------------------------------
----------------------------------------------------------------------------
      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.


INTERIM CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(unaudited)

                                                                Contributed
                                    Common Shares     Warrants      Surplus
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                  No.           $            $            $
                         ---------------------------------------------------

Balance, December 31,
 2008                     293,304,323  99,289,864    4,944,374   13,485,751

 Private placement        215,411,765  47,820,000            -            -
 Value of warrants
  granted                           -  (4,842,336)   4,842,336            -
 Value of warrants
  granted related to debt
  facility                          -           -      107,597            -
 Exercise of stock
  options                     245,000      49,000            -            -
 Valuation allocation on
  exercise of stock
  options                           -      18,586            -      (18,586)
 Stock based compensation
  - shares                    562,464     113,130            -            -
 Stock based compensation
  - options                         -           -            -    2,231,441
 Flow through share tax
  effect                            -  (2,982,000)           -            -
 Value of broker warrants           -    (301,612)     301,612            -
 Share issue costs                  -    (523,400)           -            -
 Tax effect of cost of
  issue                             -     117,671            -            -
 Loss for the period                -                        -            -
----------------------------------------------------------------------------

Balance, December 31,
 2009                     509,523,552 138,758,903   10,195,919   15,698,606

 Private placement         72,200,000  11,552,000            -            -
 Stock based compensation
  - shares                    319,980      48,353            -            -
 Stock based compensation
  - options                         -           -            -    1,325,003
 Share issue costs                  -    (125,000)           -            -
 Exercise of warrants       1,588,259     317,652            -            -
 Valuation allocation on
  exercise of warrants              -      95,295      (95,295)           -
 Valuation allocation on
  expiry of warrants                -           -     (244,831)     244,831
 Tax effect of cost of
  issue                             -      37,625            -            -
 Equity component of
  convertible debentures            -           -            -            -
 Loss for the period                -           -            -            -
----------------------------------------------------------------------------
Balance, September 30,
 2010                     583,631,791 150,684,828    9,855,793   17,268,440
----------------------------------------------------------------------------
----------------------------------------------------------------------------

                         Equity component
                           of convertible     Accumulated    Shareholders'
                               debentures         Deficit           Equity
---------------------------------------------------------------------------
---------------------------------------------------------------------------
                                                        $                $
                         --------------------------------------------------

Balance, December 31,
 2008                                   -      12,327,459      130,047,448

 Private placement                      -               -       47,820,000
 Value of warrants
  granted                               -               -                -
 Value of warrants
  granted related to debt
  facility                              -               -          107,597
 Exercise of stock
  options                               -               -           49,000
 Valuation allocation on
  exercise of stock
  options                               -               -                -
 Stock based compensation
  - shares                              -               -          113,130
 Stock based compensation
  - options                             -               -        2,231,441
 Flow through share tax
  effect                                -               -       (2,982,000)
 Value of broker warrants               -               -                -
 Share issue costs                      -               -         (523,400)
 Tax effect of cost of
  issue                                 -               -          117,671
 Loss for the period                    -     (26,980,887)     (26,980,887)
---------------------------------------------------------------------------

Balance, December 31,
 2009                                   -     (14,653,428)     150,000,000

 Private placement                      -               -       11,552,000
 Stock based compensation
  - shares                              -               -           48,353
 Stock based compensation
  - options                             -               -        1,325,003
 Share issue costs                      -               -         (125,000)
 Exercise of warrants                   -               -          317,652
 Valuation allocation on
  exercise of warrants                  -               -                -
 Valuation allocation on
  expiry of warrants                    -               -                -
 Tax effect of cost of
  issue                                 -               -           37,625
 Equity component of
  convertible debentures        1,531,857               -        1,531,857
 Loss for the period                    -     (25,313,941)     (25,313,941)
---------------------------------------------------------------------------
Balance, September 30,
 2010                           1,531,857     (39,967,369)     139,373,549
---------------------------------------------------------------------------
---------------------------------------------------------------------------
      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.


INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS AND DEFICIT
(unaudited)
For the three and nine months ended September 30,

----------------------------------------------------------------------------
----------------------------------------------------------------------------
                             Three months ended           Nine months ended
                                  September 30,               September 30,
                             2010          2009          2010          2009
----------------------------------------------------------------------------

Revenue
Nickel sales         $  9,322,945  $  2,231,683  $ 19,810,677  $  4,239,133
Pricing adjustments      (826,027)       52,810      (440,369)       52,810
----------------------------------------------------------------------------
Revenue - after
 pricing adjustments $  8,496,918  $  2,284,493    19,370,308  $  4,291,943

Cost of sales
 (excludes accretion,
 depreciation,
 depletion and
 amortization)         19,432,607     2,546,116    35,550,962     4,991,329
Depreciation,
 depletion and
 amortization           1,416,476       605,141     3,033,584       941,234
----------------------------------------------------------------------------
Gross margin - mining
 operations           (12,352,165)     (866,764)  (19,214,238)   (1,640,620)

Temporary shutdown
 costs                          -     2,381,083     4,480,891     2,381,083
----------------------------------------------------------------------------
Loss from mining
 operations           (12,352,165)   (3,247,847)  (23,695,129)   (4,021,703)

Other expenses
Professional,
 consulting and
 management fees        1,143,380     1,036,527     3,771,862     2,327,994
General and office        182,527       372,310       668,155     1,199,837
Shareholder
 communications and
 investor relations        75,389       127,433       277,895       331,859
Travel                     25,082        42,214        67,853       160,900
Interest expenses and
 bank charges             368,669        51,773       429,634       128,621
Amortization                  201           201           603         1,355
----------------------------------------------------------------------------
                        1,795,248     1,630,458     5,216,002     4,150,566
----------------------------------------------------------------------------

(Loss) before the
 undernoted           (14,147,413)   (4,878,305)  (28,911,131)   (8,172,269)

Interest income               488         3,161        13,889        26,672
Interest on long term
 debt                           -             -             -       (48,673)
General exploration             -             -             -       (50,000)
Debt facility
 transaction costs              -          (322)            -      (383,464)
Write down of
 exploration property
 and deferred
 expenditures                   -             -      (101,771)      (50,000)
Accretion                 (19,826)            -       (59,477)       57,416
Recovery of
 expenditures                   -             -             -        66,958
Unrealized loss on
 derivative
 instruments             (826,204)     (339,371)     (139,950)    1,402,100
Foreign exchange
 gain/(loss)              (79,002)            -        48,924             -
----------------------------------------------------------------------------

(loss) before income
 taxes                (15,071,957)   (5,214,837)  (29,149,516)   (7,151,260)

Future income taxes     1,095,000     2,308,970     3,835,575     2,503,070
----------------------------------------------------------------------------

(loss) for the period (13,976,957)   (2,905,867)  (25,313,941)   (4,648,190)

RETAINED
 EARNINGS/(DEFICIT),
 beginning of period  (25,990,412)   10,585,136   (14,653,428)   12,327,459
                     ------------- ------------- ------------- -------------

RETAINED
 EARNINGS/(DEFICIT),
 end of period       $(39,967,369) $  7,679,269  $(39,967,369) $  7,679,269
                     ------------- ------------- ------------- -------------
                     ------------- ------------- ------------- -------------

----------------------------------------------------------------------------
----------------------------------------------------------------------------

Loss per share -
 basic & diluted     $      (0.02) $      (0.01) $      (0.04) $      (0.01)
Weighted average
 number of shares -
 basic & diluted      583,563,106   415,524,927   570,426,682   351,897,975
----------------------------------------------------------------------------
----------------------------------------------------------------------------
      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.


INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
unaudited
For the three and nine months months ended September 30,
                     -------------------------------------------------------
                     -------------------------------------------------------
                             Three months ended           Nine months ended
                                  September 30,               September 30,
                             2010          2009          2010          2009
----------------------------------------------------------------------------
OPERATING ACTIVITIES:
Net loss for the
 period              $(13,976,957) $ (2,905,867) $(25,313,941) $ (4,648,190)
Charges not affecting
 cash:
  Depreciation,
   depletion and
   amortization         1,416,676       603,321     3,034,187       940,568
  Stock-based
   compensation
   expense                307,491       334,705     1,373,356     1,052,626
  Warrants issued on
   In-process working
   capital facility             -             -             -       107,597
  Accretion                19,826             -        59,477       (57,416)
  Change in value of
   derivative
   instruments            877,403      (131,737)      191,149     8,261,517
  Future income tax
   (recovery)          (1,095,000)   (2,308,970)   (3,835,575)   (2,503,070)
Net change in non-
 cash working capital     (10,900)    4,797,759    (5,683,721)    7,236,213
----------------------------------------------------------------------------
                      (12,461,461)      389,211   (30,175,068)   10,389,845
----------------------------------------------------------------------------
FINANCING ACTIVITIES:
Debt facility, net of
 transaction costs              -             -             -    (7,600,000)
Private placements
  Common shares
   issued                       -    21,129,366    11,552,000    28,949,366
  Issue costs                   -         3,180      (125,000)     (523,400)
Shares issued from
 exercise of warrants
 and options                    -             -       317,652             -
Proceeds from
 convertible
 debentures
 financing:
  Liability Portion    11,518,143             -    11,518,143             -
  Equity Portion        1,531,857             -     1,531,857             -
  Issue costs             (50,000)            -       (50,000)            -
Payments on equipment
 leases                   (11,628)      (10,624)      (34,112)      (37,897)
----------------------------------------------------------------------------
                       12,988,372    21,121,922    24,710,540    20,788,069
----------------------------------------------------------------------------
INVESTING ACTIVITIES:
Exploration and
 development
 property, plant and
 equipment, and
 deferred
 expenditures            (446,436)   (6,761,989)   (8,436,529)  (27,070,312)
(Decrease)/increase
 in accounts payable
 attributable to
 property development
 and exploration         (222,156)   (2,732,055)    5,509,459    (4,039,309)
Change in restricted
 cash                           -             -             -     2,999,998
----------------------------------------------------------------------------
                         (668,592)   (9,494,044)   (2,927,070)  (28,109,623)
----------------------------------------------------------------------------
CHANGE IN CASH AND
 CASH EQUIVALENTS        (141,681)   12,017,089    (8,391,598)    3,068,291
CASH AND CASH
 EQUIVALENTS,
 beginning of period $  1,790,558  $  1,658,745    10,040,475    10,607,543
----------------------------------------------------------------------------
CASH AND CASH
 EQUIVALENTS, end of
 period              $  1,648,877  $ 13,675,834  $  1,648,877  $ 13,675,834
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Cash and cash
 equivalents consist
 of:
  Cash                  1,574,119     5,509,476     1,574,119     5,509,476
  Cash equivalents         74,758     8,166,358        74,758     8,166,358
----------------------------------------------------------------------------
                     $  1,648,877  $ 13,675,834  $  1,648,877  $ 13,675,834
----------------------------------------------------------------------------
----------------------------------------------------------------------------
SUPPLEMENTAL
 INFORMATION:
Stock based
 compensation charged
 to exploration
 properties                     -             -             -        14,250
Amortization of
 assets deferred to
 exploration
 properties                   604           604         1,812         9,437
Interest received             488          3161        13,889        28,672
Interest paid             368,669          8885       466,016        69,405


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: