|August 20, 2004|
Update On Crowflight Press Release Issued August 18, 2004
|TORONTO, ONTARIO - CROWFLIGHT MINERALS INC. (TSX-VENTURE:CML), at the request of the TSX Venture Exchange, wishes to clarify certain statements relating to reporting under NI 43-101 issued in its last Press Release dated August 18, 2004. Specifically these clarifications are with regards to references to the historical resources and economics of the Bucko Deposit in Thompson, Manitoba. Crowflight has acquired an option to earn a 100% interest in the Bucko Deposit from Falconbridge Limited, by completing a feasibility study and arranging financing to put the Deposit into production. |
As reported in the Press Release, the historical resource estimate by Falconbridge in 1992 (prior to NI 43-101) for the Bucko Deposit was 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, Geol., 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. Beauregard is currently preparing a 43-101 compliant report on the Bucko Deposit, outlining all of the previous work, including a review of the historical resource estimates. This report is being completed and will be filed in early September on Crowflight's website at www.crowflight.com and under Crowflight Minerals Inc. on the SEDAR website at www.sedar.com.
The Press Release also included several statements with respect to the economics of the deposit. Two historical studies were completed to assess the potential economics at Bucko based on the reported historical resource. The first was a 1994 study by Falconbridge, in a report titled "Bucko Lake Project, 1994 Pre-Feasibility Study, June 1994", for a combined open pit and underground mining operation. Under NI 43-101, this study would be considered to be at a scoping level. The second was a 2001 scoping study by Micon International Limited, in a report titled "Review of the Mineral Resources, infrastructure and Operating Plans of the Bucko Lake Nickel Project", March 2001, for a strictly underground mining operation. The Micon study relied on a June 2000 report by Roscoe Postle Associates Inc. titled Resource Estimate of the Bucko Lake Property, Northern Manitoba.
In the opinion of Crowflight, these scoping studies, which were prepared by experienced mining professionals, provide useful guidance to the potential economic viability of the Bucko Deposit and as well for the planning and execution of the proposed exploration program. The Company, however, recognizes that it erred in implying that the deposit is currently economic and advises investors not to rely on this information. Crowflight cautions that there are currently no mineral reserves outlined on the Bucko property. Further drilling is required to outline measured and indicated mineral resources required to form the basis of a feasibility study. There is no guarantee that any or all of the historical resource will be upgraded by further drilling.
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 PLEASE CONTACT:
Crowflight Minerals Inc.
Jean Lafleur, P. Geo
President and CEO
(416) 861-5900 or Cell: (514) 794-3633
(416) 861-8165 (FAX)
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