|March 08, 2012|
CANICKEL IMPROVED MILL PERFORMANCE IN FEBRUARY
|Vancouver, British Columbia --- March 8, 2012 --- CaNickel Mining Ltd. ("CaNickel" or the "Company"), is pleased to report the improved mill performance at its 100% own Bucko Lake Mine, Manitoba, Canada. As results of continuing fine tune mill process, a total of 21,081 tonnes of ore was milled with an average recovery rate of 73.4%, producing 406,687 pounds of nickel in concentrate in February 2012. |
Production results from Bucko Lake mine for February 2012, January 2012, year to date of 2012, and full year 2011 are summarized as follows:
Dr Dianmin Chen, the Director and CEO of CaNickel, comments that we are pleased to see the improvement of our production performance so far this year. With the continued support from all stakeholders of the Company, we will continue our efforts to optimize the productions at Bucko Lake Mine and aim to turn it around to be a profitable operation in 2012.
The Company also reports that it has entered into an amending agreement with Hebei Wenfeng Industrial Group Limited ("Hebei Wenfeng"), a related party of the Company, to extend the terms of its US$5.0 million loan facility with Hebei Wenfeng from one year term to three-year term, and up to May 28, 2014. The Company also entered into an amending agreement with Luckyup Investment Limited ("Luckyup") to extend the terms of its US$25.0 million loan facility with Luckyup from one year term to three-year term, and up to July 22, 2014. All other terms of the loan facilities remain unchanged. Additional information about the loan facilities information can be referred to our press releases dated May 30, 2011, July 26, 2011 and December 29, 2011.
The technical information contained in this press release has been reviewed and approved by James Wong, P.Eng, P.Geo., who is a qualified person under the definitions established by National Instrument 43-101.
CaNickel Mining Limited, formerly "Crowflight Minerals Inc.", (TSX: CML) is a Canadian junior mining company that owns and operates the Bucko Lake Nickel Mine near Wabowden, Manitoba. The Company also holds nickel, copper and Platinum Group Mineral (PGM) projects in the Thompson Nickel Belt and Sudbury Basin.
Further information is available on the Company's website at www.canickel.com or contact:
CaNickel Mining Limited
(Formerly Crowflight Minerals Inc.)
P.O. Box 35 1655-999 West Hastings Street
Vancouver, British ColumbiaCanadaV6C 2W2
Tel: 778-372-1806 Fax: 604-254-8863
Advisory Respecting 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 continue efforts to optimize the productions at Bucko Lake Mine and aim to turn it around to be profitable in 2012. 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 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.
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