|October 05, 2004|
Crowflight Receives Environmental Permit And Hires Contractors For Underground Work And Scoping Study at Bucko Deposit
|TORONTO, ONTARIO: CROWFLIGHT MINERALS INC. (TSX Venture Exchange: CML) is pleased to announce that a number of significant developments that have taken place at the Bucko Deposit in the Thompson Nickel Belt where the Company is earning a 100% interest:|
- The Company has received the Environmental Licence required for dewatering and underground drilling of the Bucko Deposit from the Environmental Approvals Branch of the Manitoba Conservation Department, clearing the way for dewatering of the existing underground workings and carrying out the proposed underground exploration drilling
- Alex MacIntyre & Associates, of Kirkland, Ontario, an underground mining contractor has been hired for the Bucko site preparation, dewatering and any rehabilitation. The Bucko Deposit management and operating team is now in place and work is advancing for an early start to the underground work program
- Micon International Limited, of Toronto, has been chosen to undertake the Bucko Deposit Scoping Study for the preliminary mine design and economic analysis of an underground project. The scoping study will be supervised by Kirk Rodgers, P. Eng., Project Manager at Micon, and will include metallurgical and geotechnical studies as the underground drilling proceeds later this year.
"The main objective of the 2004-2005 program will be to upgrade the historical resources at Bucko to the Measured and Indicated Mineral Resource categories, which would be used to proceed with a feasibility study by the third quarter of 2005," Stan Bharti, President and CEO of Crowflight Minerals Inc. "The project management team consisting of Rick Adams, P. Eng., and Peter Karelse, P. Geo., is in place to ensure the project proceeds on schedule."
Crowflight is also advancing its work at Bucko on several other fronts:
- Compilation of the existing Bucko Deposit data is completed and a new 3D model of the known mineralization has been prepared
- Based on this work an underground diamond drilling program has been outlined consisting of 15,700 metres in 61 holes to define the size and grade of the resources down to the -500 metre level to NI43-101 standards for Measured and Indicated Mineral Resources. The campaign will also investigate the content and distribution of Platinum Group Minerals (refer to press release dated September 21, 2004). The underground drilling will be undertaken after the dewatering of the workings at the -305 metre level, and is expected to be completed by the second quarter in 2005. In conjunction with the underground program, surface drilling scheduled for the first quarter of 2005 will test the lateral and depth extent of the mineralization. Details of the program will be made available at a later date
- An updated resource estimate outlining Measured, Indicated and Inferred Mineral Resource categories compliant with NI 43-101 will be completed based on this drilling. The current Inferred Resource for the Bucko Deposit is 2.5 million tonnes grading 2.23% Nickel and 0.17% Copper, included within a global Inferred Resource of 19 million tonnes grading 1% Nickel (refer to Crowflight's Press Release dated September 8, 2004)
- The NI 43-101 Bucko Deposit Report from Mr. Alain Beauregard, Geol., of Geologica Inc., a Qualified Person as defined under NI 43-101, is nearing completion. This report will incorporate all of the historical work, a review of the database, as well as a review and assessment of the current resource estimate. It will also review the proposed work program for 2004-2005.
To clarify the press release that was issued this morning, the Company has not completed a financing, but is planning to raise up to $1,000,000 by way of a non-brokered private placement through the issuance of Units priced at $0.20. Each Unit will consist of one common share and one common share purchase warrant. Each whole warrant will entitle the holder to purchase one common share at the price of $0.30 for a period of eighteen months from the closing date. The private placement offering is subject to regulatory approval.
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".
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