|December 11, 2003|
Crowflight Appoints Jean Lafleur As Vice President Corporate Development
|TORONTO, ONTARIO - |
- Dr. William Pearson added to the Board of Directors
- Additional $500,000 Financing Closed
CROWFLIGHT MINERALS INC. (TSX Venture Exchange: CML) has appointed Jean Lafleur as Vice President, Corporate Development. Mr. Lafleur received his B.Sc. and M.Sc. degrees in Geology from the University of Ottawa. He has been active in the mineral exploration field for more than 20 years with Newmont, Falconbridge, Placer Dome and McWatters, as well as in geological mapping work with government agencies in the early part of his career in Ontario and Quebec, including the Sudbury mining district. He has held various industry postings in Canada and internationally, and until recently held the position of Vice-President Exploration with McWatters Mining Inc., a Quebec based junior exploration and mining company, and was instrumental in the discovery of new ore reserves for the company's projects in the Val-d'Or and Malartic Camps. He brings a proven track record in mineral exploration leading to discovery, strategic planning and leadership skills.
"With the Company in the process of completing the Phase I drilling program at our AER-Kidd property, we are very happy to have Jean join Crowflight to assist us in the next step by building on our relationships in the investment community in our efforts to provide our shareholders with the maximum value" said Keith Minty, President and C.E.O. of Crowflight.
Dr. William Pearson, Ph.D., P.Geo., has joined the Board of Directors replacing Wolfgang Kyser who recently resigned. Dr. Pearson is an economic geologist with more than 29 years experience in the national and international mining industry. He has been involved in all phases of exploration from grass roots through to advanced exploration and mine development for precious metals, base metals and industrial minerals in a wide variety of geological environments.
The Company has closed the second tranche of its previously announced private placement by issuing an additional 638,340 flow through units at a price of $0.75 for gross proceeds of $478,755. Each flow through unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder to acquire one common share at the price of $1.25 for a period of one year. Proceeds from the offering will be used for exploration purposes.
Pacific International Securities Inc., Loewen, Ondaatje, McCutcheon Limited and Research Capital Corp. acted as agents for the Company. Crowflight granted compensation warrants to acquire 44,684 flow through units, exercisable at $0.80 per underlying unit to other members of the selling group. The compensation warrants will be exercisable for a period of one year. Each of the flow through units, flow through shares, warrants and compensation warrants are subject to a four month hold period.
The Company has granted 350,000 options to directors, officers and consultants of the Company at an exercise price of $0.62 valid for a period of five years from the date of grant, subject to regulatory approval.
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 property is located on the Worthington Offset nearby Inco's Totten &McIntyre mines and FNX Mining'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) hi-grade Cu-Ni-Co-PGM discovery near to the 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:
Crowflight Minerals Inc.
Keith C. Minty, P. Eng
President & CEO
(416) 861-8165 (FAX)
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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