|October 05, 2004|
Crowflight Minerals Strengthens Management Team and Board of Directors
|* Stan Bharti Appointed President and CEO *|
CROWFLIGHT MINERALS INC. (TSX Venture Exchange: CML) today announced changes to its Executive Management to align itself more closely with the company's primary objectives. Crowflight Minerals is focused on Nickel, Copper and Platinum Group Metals (PGMs) at the Thompson Nickel Belt and the Sudbury Basin. The Company's primary objective is to become a Nickel producer by advancing the Bucko Deposit on the Thompson Nickel Belt to production within the next three to four years, subject to completion of a positive feasibility study. Management is currently upgrading historical resources at the Bucko Deposit to the Measured and Indicated Mineral Resource categories to produce a resource estimate that is compliant under NI 43-101 guidelines. This would be used to proceed with a feasibility study and reach a production decision in 2005.
Crowflight also owns or has under option more than 365 sq. km containing three highly prospective properties in the Thompson Nickel Belt, and six in the Sudbury Basin. The Sudbury Basin and the Thompson Nickel Belt jointly produce over 300 million pounds of Nickel annually, in addition to copper and PGMs.
As reported in a press release dated September 21, 2004 a number of separate resource estimates were done by Falconbridge between 1968 and 2000 for the Bucko Deposit using different combinations of surface and underground diamond drill holes and parameters. The most widely used historical resource estimate for the Bucko Deposit was estimated in 1992 (prior to NI 43-101) at 2.5 million tonnes grading 2.23% Nickel and 0.17% Copper included within a global resource of 19 million tonnes grading 1% Nickel. In the opinion of Mr. Alain-Jean Beauregard, Geo., of GEOLOGICA Inc. of Montreal, an independent Qualified Person under NI 43-101 who has reviewed the data and estimation procedures, as outlined in a letter to the Company dated August 19, 2004, the historical resource (both higher grade and global resource) would be reportable as an Inferred Mineral Resource under the guidelines of NI 43-101.
Mr. Stan Bharti, P.Eng., has been appointed President and CEO effective October 18, 2004. Mr. Bharti is a professional Mining Engineer with over twenty-five years experience managing and financing mining operations with international organizations, including Falconbridge Ltd. Most recently, Mr. Bharti was President of Desert Sun Mining Corp. (TSX:DSM) (AMEX:DEZ). Under Mr. Bharti's leadership, Desert Sun successfully completed a Feasibility Study, significantly strengthened the Executive Management team, and the Jacobina Mine on the Bahia Gold Belt in northeastern Brazil is scheduled to begin gold production in early 2005.
Mr. Jean Lafleur, P. Geo., has been appointed Vice President, Exploration and Corporate Development. Mr. Lafleur has been active in the mineral exploration field for more than 20 years with major international mining companies such as Newmont Mining Corp., Falconbridge Ltd., and Placer Dome Inc. Mr. Lafleur brings a proven track record in mineral exploration leading to discovery, strategic planning and leadership skills.
Joining the Board of Directors is Mr. Maurice J. Colson. Mr. Colson has been and Investment Banker for the past thirty years, with a focus on the resource sector. Mr. Colson was an original partner and shareholder with First Marathon Securities.
Current Crowflight Board members include Chairman Gerald P. McCarvill, and Directors Paul Carroll and Bryson Farrill. Mr. McCarvill has more than 20 years experience in the financial sector holding senior positions with major investment firms including as a member of the executive committee of Wood Gundy. Most recently, Mr. McCarvill was CEO of McCarvill Corporation, a diversified financial services company and previously was CEO of Repadre Capital Corporation, a successful mining royalty company.
Mr. Carroll is President of Carnarvon Capital Corporation, a corporate advisory and investment management company. Mr. Carroll has been a well-known Toronto corporate lawyer for 38 years, having recently returned as a partner of, or counsel to, Smith Lyons and Gowling Lafleur Henderson, law firms. He is the President and CEO of Diadem Resources Ltd., a diamond exploration company, and a Director of Dundee Bancorp Inc., a financial services company.
Mr. Farrill is a senior executive with extensive experience in the financial sector. From 1974 to 1979 Mr. Farrill held the position of President, McLeod Young Weir Ltd. a Toronto based investment bank. Between 1978 and 1989 he was Chairman of Scotia McLeod (USA) Inc. Most recently Mr. Farrill as been engaged as a senior partner at Belgravia Financial Ltd., a London based merchant bank.
Directors Keith Minty, P.Eng., and Dr. Bill Pearson, PhD., P.Geol. have resigned from the Board and have been appointed as Special Advisors to the company.
The Company has also announced that it has completed the placement of 5,000,000 Special Warrants at $0.20 for gross proceeds of $1,000,000. Each Special Warrant consists of one common share and one purchase warrant. Each purchase warrant provides the right to purchase one additional share at the price of $0.30 for a period of 18 months.
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:
Jean Lafleur, P.Geo
President and CEO
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