|March 30, 2004|
Crowflight Acquires Significant New Property In Sudbury Basin
|TORONTO, ONTARIO - CROWFLIGHT MINERALS INC. (TSXV:CML) has an entered into an option agreement to acquire 100 % of the Copenhagen Property located in the Kitchener and Hutton Townships of the North Range sector of the Sudbury Basin. The property consists of 39 claim units totaling 624 hectares. The property hosts sulphide-rich, brecciated Quartz Diorite (QD). QD is the main host of Nickel, Copper and Platinum Group Metals (PGM's) mineralization within Offset dykes emanating from the Sudbury Igneous Complex. Inco's operates two mines that are located on Offset dykes, " Copper Cliff " and "Frood - Stobie". |
Exploration activities on the property commenced in the early 1900's with the development of the Copenhagen shaft. Limited production of Copper and Nickel was reported from the shaft area and surface trenches as reported in an Ontario Department of Mines report, 1932.
"The identification of QD on the property is of significant interest to Crowflight as being the right geological environment for Sudbury-type Nickel, Copper and PGM's mineralization. The brecciated sulphides are similar to those found on our AER-Kidd Property located on the historic Worthington Offset Dyke adjacent to Inco's Totten Project" stated Jean Lafleur, P. Geol., President & CEO. "This acquisition increases Crowflight's opportunity of developing mineral resources along these Offset dykes that have not been fully explored".
During the second quarter, 2004, Fugro Airborne Surveys will undertake an airborne geophysical survey using the MEGATEM II system on this project and others in the area.
Under the agreement with John Brady, Crowflight can acquire a 100% interest in the property by providing Mr. Brady with:
(1) a $9,000 payment and 15,000 common shares on the completion of due diligence;
(2) a $8,000 payment and 15,000 common shares on or before May 1, 2004;
(3) a $8,000 payment and 20,000 common shares on or before July 1, 2004;
(4) a $25,000 payment and 50,000 common shares on or before February 19, 2005;
(5) a $30,000 payment on or before February 19, 2006; and
(6) a $150,000 payment on or before February 19, 2007.
Mr. Brady will retain a 2.5% net smelter royalty (the "NSR") and will be paid a semi-annual royalty payment of $10,000 commencing on August 19, 2007. Crowflight has the option to re-purchase 60% of this NSR (or the equivalent of a 1.5% NSR) for $1,500,000, with all advance and regular royalty payments reducing the $1,500,000 buyout amount on a dollar for dollar basis. In addition, Crowflight is required to carry out a minimum work commitment of $600 per unit each year ($33,000 annually) to maintain the property in good standing. Crowflight's agreement with Mr. Brady is subject to approval from the appropriate regulatory authorities.
Crowflight Minerals is a Canadian junior mining exploration company listed on the TSX Venture Exchange. Crowflight is currently focused on two properties located in the Sudbury Basin - The AER-Kidd and Airport Properties. The AER-Kidd property is located on the Worthington Offset nearby Inco's Totten Deposit (10.1 million tonnes grading 1.5 % Ni, 2.0 % Cu and 4.8 g/t PGE's) and prospective McIntyre Project, and FNX's Victoria Project. The Airport property is located on the south-east rim of the Basin about 1.2 km east of Falconbridge's past producer, Norduna Mines and 4 km south-east of Falconbridge's recent Nickel Rim South high-grade Cu-Ni-Co-Au-PGE's discovery (13.2 million tonnes grading 1.7% Ni, 3.5 % Cu, 0.04% Co, 0.8 g/t Au and 4.1 g/t Pt+Pd), near their past producer, Nickel Rim Mine.
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:
Jean Lafleur, P. Geol.
President & CEO
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
You can view the Next News Release item: Wed Apr 14, 2004, Crowflight Acquires 'Mystery Offset Dyke Property' in Sudbury Basin
You can view the Previous News Release item: Tue Mar 23, 2004, Crowflight Updates Exploration Activities in the Sudbury Basin and Announces Conference Call on Wednesday, March 24, 2004, at 10 A.M. E.S.T.
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