|November 17, 2004|
Crowflight Introduces Strengthened Management Team
|TORONTO: CROWFLIGHT MINERALS INC. (TSX VENTURE:CML) announces its strengthened management team to advance the Company's Bucko Deposit from feasibility through to production and manage its surrounding advance exploration properties in the Thompson Nickel Belt. Crowflight has an option to earn a 100% interest in the Bucko Deposit by completing a bankable feasibility and arranging financing. Crowflight is also earning a 50% interest in the surrounding 190 square km around Bucko consisting of the Halfway Lake, Bowden and Resting Lake Properties in a Joint Venture with Falconbridge Ltd.|
The Management Team has been strengthened to include operating and engineering personnel. Key personnel in the Team are:
Mr. Stan Bharti (P.Eng.), President and CEO: 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 on Jacabina Mine and 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.), Vice President, Exploration: 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.
Rick Adams, (P. Eng.), Mine Manager: Mr. Adams has over 30 years of mining experience and has held positions of increasing responsibility in operating mines in Canada, from Junior Engineer to Superintendent. Since 1980, he has worked in senior capacities in the mine contracting and consulting field with major Canadian engineering and contracting firms in mine design, construction and operations. He has been involved and managed this construction and operation of several projects for companies including Inco Falconbridge, Denison and Curragh. His primary responsibility at Crowflight is the construction and development of the Bucko Deposit.
Mr. Richard Adams (P. Eng), Manager, Engineering, was most recently Managing Consultant with Hatch Associates, having managed or consulted in over 30 international projects in all aspects of the mining and metals industry. Prior to Hatch, he was Senior Engineer at Teck- Cominco's David Bell Mine, and has previously held a number of engineering and consulting postings with most of the world's largest resource companies, including AngloGold, Barrick, Placer Dome, Cambior, Inco, Falconbridge, Hudson Bay Mining & Smelting, DeBeers, Rio Tinto, Syncrude and Xstrata. Rick has a proven international record in mine finance, due diligence, construction, development, planning, and operations. Richard's primary responsibility is to coordinate all engineering and permitting for Bucko, including the feasibility study.
David Meyer, Vice President, Corporate Development: Mr. Meyer is a mining professional with 15 years experience in Exploration & Corporate Development with a number of mining companies including Hudson Bay Mining.& Smelting Ltd. Mr. Meyer also spent more than 6 years as a senior institutional equity analyst and corporate finance professional.
Peter Karelse (P.Geo), Manager, Geology: Mr. Karelse is an experienced exploration geologist with over 35 years experience with numerous successful mining companies including other companies related to Crowflight Minerals. Peter will be responsible for mineral resources and mine exploration at Bucko.
Crowflight has also created an advisory board of highly respected Mining, Metallurgical, Business Management, and Financial professionals to advise the Company's management on the advancement of the Company's projects:
Peter Rowlandson, P. Eng., Special Advisor, Mining: Mr. Rowlandson has held a number of engineering and senior management postings throughout his 34 year career with large mining organizations, including Rio Algom, Inco, Pamour, Canamax and Teck Cominco. Most recently, Mr. Rowlandson was Manager for the Williams Mine and General Manager for Teck's Hemlo Operations (with total gold production of 550,000 ounces per year at the Williams and Bell Mines). Peter is a recognized mining specialist with expertise in all aspects of mining, from mine construction through to production management, with particular success at increasing mine production and lowering operating and administrative costs. Mr. Rowlandson's 34 years of experience in Canada with the mining industry has included representation on several committees related to health/safety, environmental issues, and labour relations. His practical industrial and management expertise will be particularly useful for Crowflight at Bucko, where the Company is initiating various technical studies to examine the viability of putting the Mine into production.
Mr. Brent Chertow, P.Eng, has held a number of executive and senior management postings throughout his 29 year career with Falconbridge and Noranda/Falconbridge. Most recently, Mr. Chertow was President of Canadian Copper and Recycling. Brent is a growth-driven top management executive with extensive experience in business development, multi-plant processing operations, finance, strategic planning, technology, labour negotiations, quality assurance and environmental health and safety, as well as a proven ability to form and lead competent teams, define courses of action, achieve significant cost reductions, streamline processes, and deliver measurable financial results.
Michael Throssell, Special Advisor, Metallurgy. Mr. Throssell has held a number of senior management positions over his 30 year career with Inco Limited from 1970 to 2003. His experience includes; General Manager, Smelting and Copper Business (Canadian operations), Vice President, Milling, Smelting and Refining (Sudbury), Mills Manager (Sudbury), Superintendant - Clarabelle (Sudbury) and Shebandowan (Thunder Bay) Mills, and various developmental positions in milling technical and operations supervision in the Sudbury area.
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's properties includes the Bucko Deposit in Thompson, where the Company is conducting a feasibility study, and three highly prospective properties in a Joint Venture with Falconbridge Ltd around Bucko - the Bowden, Resting Lake and Halfway Lake Properties.
A recently completed scoping study on The Bucko Deposit by Micon International Limited (described in a press release of October 28, 2004), indicated rates of return of between 45% and 89% at nickel prices from US$4.00 per pound to US$5.00 per pound nickel respectively using current indicated resources only.
If the project's current Indicated and Inferred Resources are combined, Micon estimates that Bucko can operate an underground mining project at 1,000 tonnes per day and produce over 14 million pounds of Nickel, almost one million pounds of Copper and 100,000 pounds of Cobalt per year, at a cash cost of US $2.72 per pound of Nickel, net of by-product credits. The project Net Present Value increases to between US $29 million to US $70 million at a 15% Discount Rate, with a Rate of Return of between 59% to 112%, at US $4.00 to US $5.00 per pound Nickel, respectively. However, Inferred Resources are considered too speculative geologically to have any economic considerations applied to them that would enable them to be considered as ore reserves.
It must be cautioned that this preliminary economic evaluation prepared by Micon is not adequate to definitively confirm the economics of the Bucko Deposit. A Pre-feasibility or Feasibility study as defined under NI-43-101 is required for this purpose. Micon also cautions that the results presented in the study are preliminary in nature. In addition, the Inferred Mineral Resources cannot be converted to mineral reserves due to the low confidence level of the resource without additional drilling. Also, there is no guarantee that further exploration will be successful in adding to the confidence level of the resources, and there is no certainty that the preliminary assessment will be realized.
The Company also has several advanced projects in Sudbury, which include the AER Kidd Project adjacent to Inco's Totten Mine (10.1 million tonnes @ 1.5% Ni, 2% Cu, 4.8 g/t PGE's), Airport Property (a joint venture with Millstream Mines Ltd.) located 4 km on-strike with Falconbridge's Nickel Rim South Deposit (13.2 million tonnes @ 3.5% cu, 1.7% Ni, 0.8 g/t Au, 4.1 g/t PGE's), 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:
President and CEO
TSX Venture: CML
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