|October 20, 2004|
Crowflight Further Strengthens Its Management Team
|*Announces up to $5 Million Private Placement*|
CROWFLIGHT MINERALS INC. (TSX-V:CML) has appointed Mr. Michael (Brent) Chertow, P. Eng. as Special Advisor, Business Development and Mr. Richard (Rick) Adams, P. Eng., as Senior Mining Engineer, Projects.
Mr. Chertow has held a number of executive and senior management postings throughout his 19 year career with Falconbridge and Noranda/Falconbridge. Most recently, Mr. Chertow was President of Canadian Copper and Recycling. Brent is a growth-driven top management executive with extensive experience in business development, multi-plant processing operations, finance, strategic planning, technology, labour negotiations, quality assurance and environmental health and safety, as well as a proven ability to form and lead competent teams, define courses of action, achieve significant cost reductions, streamline processes, and deliver measurable financial results.
Mr. Adams was most recently Managing Consultant with Hatch Engineering, having managed or consulted in over 30 international projects in all aspects of the mining and metals industry. Prior to Hatch, he was Senior Mine Engineer at the David Bell Mine, and has previously held a number of engineering postings with most of the world's largest resource companies, including AngloGold, Barrick, Placer Dome, Cambior, Inco, Falconbridge, Teck- Cominco, Hudson Bay Mining & Smelting, DeBeers, Rio Tinto, Syncrude and Xstrata. Rick has a proven international record in mine finance, due diligence, construction, development, planning, operations.
"Mr. Chertow will focus on developing a long term business strategy for Crowflight; and Mr. Adams will be working initially with Micon International on the Bucko Deposit ", stated Mr. Stan Bharti, Crowflight's President and CEO. " Both individuals will be key players in the operational side of the Company, working together with the Company's other experienced management team members: Peter Rowlandson, P. Eng., Special Advisor, Mining; Michael Throssell, P. Eng., Special Advisor, Metallurgy; Rick Adams, P. Eng., Manager Mine Construction, and Jean Lafleur, P. Geo., VP Exploration and Corporate Development. "
The Company is planning to raise up to $5,000,000 by way of a non-brokered private placement through the issuance of Units priced at $0.35 and Flow Through Units priced at $0.40. Each Unit will consist of one common share and one half common share purchase warrant. Each whole warrant will entitle the holder to purchase one common share at a price of $0.50 for a period of 24 months. Each Flow Through Unit will consist of one flow through share and one half common share purchase warrant. Each whole warrant will entitle the holder to purchase one common share at a price of $0.60 for 24 months. The private placement offering is subject to regulatory approval.
The funds will be used primarily for exploration in Thompson, Manitoba for the Bucko Deposit and several adjacent properties recently optioned in a Joint Venture Agreement with Falconbridge Ltd.
Crowflight/Falconbridge Joint Venture
Crowflight has a joint venture with Falconbridge Ltd. in Thompson, Manitoba that comprises the Bucko Deposit and several exploration properties, described below:
1. The Bucko Deposit (option to earn a 100% interest): Bucko contains a historical resource (pre 43-101) of about 19 million tonnes at 1% Nickel. A recent 43-101 Report completed by Crowflight indicates that the Bucko Deposit contains an Indicated Resource of 1,461,000 tonnes grading 2.36% Nickel and an Inferred Resource of 547,000 tonnes grading 1.99% Nickel.
Crowflight has a right to earn a 100% interest in Bucko by completing a feasibility study and arranging project financing. The Company has hired a contractor to begin dewatering and rehabilitating the existing exploration shaft at Bucko so that additional drilling can be conducted from underground. Crowflight has also engaged Micon International to conduct various economic evaluations on Bucko eventually leading to a full feasibility study.
2. Thompson Exploration Properties (option to earn a 50% interest): In addition to Bucko, Crowflight has the option to earn a 50% interest in the 190 km2 land package surrounding Bucko, consisting of the Bowden, Halfway and Resting Lakes Properties. The Bowden Lake Property contains a historic pre 43-101 resource of 88 million tonnes at 0.63% Nickel. Crowflight and its joint venture partner Falconbridge Limited have already initiated exploration programs on their respective properties - Crowflight at the Bucko Deposit; Falconbridge at the Bowden, Halfway Lake and Resting Lake.
Crowflight - The Base Metal Builder
Crowflight is a Canadian junior mining exploration company listed on the TSX Venture Exchange focused on Nickel, Copper and Platinum Group Minerals exploration in the Thompson Nickel Belt and Sudbury Basin. The company currently owns and has under option more than 365 km2 in Manitoba and Ontario, containing three highly prospective properties in the Thompson Nickel Belt - Bucko-Bowden, Resting Lake and Halfway Lake, and six in Sudbury - AER Kidd, Airport Property (a joint venture with Millstream Mines Ltd.), Marble Mountain Option, Copenhagen Option, Mystery Offset Dyke Option and Peter's Roost.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Statements in this release that are not historical facts are "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned that any such statements are not guarantees of future performance and that actual developments or results may vary materially from those in these "forward-looking statements".
For further information:
President and CEO
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