|January 12, 2005|
Crowflight Partners with Falconbridge on Second Highly Prospective Land Package Adjacent to INCO's Birchtree Mine in Thompson Nickel Belt
|Press Release: 1-2005
CROWFLIGHT MINERALS INC. (TSX Venture Exchange: CML) announces that it has entered into an option agreement with Falconbridge Limited ("Falconbridge") to acquire a 50% interest in the Thompson Nickel Belt North Project (TNB North) covering the Burntwood River, Birchtree South, Birchtree North, Airport, Moak Lake and Strong Lake Properties within the Thompson Nickel Belt ("TNB"). The exploration ground is adjacent to Inco's Birtchtree Mine (refer to the appended location map).
Key highlights :
"Crowflight has acquired an option on another significant asset in the World-Class Thompson Nickel Belt that offers excellent potential for discovery and definition of Nickel, Copper and Platinum Group Metals resources", stated Stan Bharti, Crowflight's President and CEO. Mr Bharti adds "Crowflight was a natural choice for Falconbridge, based on our partnership further south in the Belt at the Bucko Deposit and the surrounding exploration claims. Crowflight has also demonstrated the ability to finance and advance the development of the Bucko Deposit. Previous work on the TNB North Project has indicated that all six properties cover favourable geology for potential Nickel deposits, including a number of very interesting drill intersections. Both Crowflight and Falconbridge are committed to finding significant Nickel, Copper and Platinum Group Metals viable resources on all their assets in the Thompson Nickel Belt."
"We are excited about teaming up with Crowflight on these key properties within the Thompson Nickel Belt. Crowflight is the logical partner for this work since we already have a very strong partnership with them in the Bucko area, 100 kilometres to the south, also within the Thompson Camp. We have mobilized drills to both property packages and plan to begin drilling immediately on the TNB North Project", said Falconbridge's Robin Adair, Exploration Manager (Nickel) for North America.
Previous results from the TNB Thompson North Project
The TNB Thompson North Project is located 100 km northeast of Crowflight's / Falconbridge's 190 km2 property package in the Wabowden segment of the TNB, where the Company has initiated a feasibility study at the Bucko Deposit. Falconbridge previously spent $C 3.5 million on the TNB North Project properties, which demonstrated the high potential for Nickel-Copper-Platinum Group Metals mineralization, as suggested by the presence of Thompson / Birchtree-type Nickel-bearing geology along multi-kilometric strike lengths.
At the Burntwood River Property, two strong parallel conductive horizons with strike lengths of greater than 3.5 kilometers on the North Zone (Jacmar) and 1.5 kilometers on the South Zone correspond to sulphide breccia horizons, which have been the focus of past drilling by Falconbridge:
The Burntwood River Property is already the subject to a joint venture agreement between Mid-North Resources Limited and Falconbridge, under which Mid-North earned a 15% interest in the property.
The Crowflight - Falconbridge Agreement on the TNB Thompson North Project
Crowflight is required to spend $C 5 million on or before April 30, 2008 to acquire a 50% interest in the TNB Thompson North Projects in tranches of $C 1.65 million by April 30, 2005; $C 1 million by April 30, 2006; $C 1 million by April 20, 2007; and a final $C 1.35 million by April 30, 2008.
In addition to the expenditures, Crowflight will immediately issue to Falconbridge, subject to regulatory approval, including without limitation, the approval of the TSX Venture Exchange, 400,000 common shares and warrants to purchase 1 million warrants for a two year period from the date of issue. The 1 million warrants would consist of 500,000 warrants exercisable at $C 0.35 and 500,000 warrants exercisable at $C 0.75.
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/or has under option more than 672 km2 in Manitoba and Ontario. This includes the Bucko Deposit in Thompson, where the Company is conducting a feasibility study, and ten highly prospective properties in a partnership with Falconbridge - four around Bucko (Bowden Lake, Resting Lake, Halfway Lake and Gonlin Lake), and six located 100 kilometers to the north on the TNB Thompson North Project (Burntwood River, Birchtree South, Birchtree North, Airport, Moak Lake and Strong Lake).
The Company also has several advanced projects in Sudbury, which include the AER Kidd Project adjacent to Inco's Totten Deposit (10.1 million tonnes @ 1.5% Ni, 2% Cu, 4.8 g/t PGE's), Airport Property (a 50/50 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), Mystery Offset Dyke Option and Peter's Roost.
Further information is available on the Company's web site at www.crowflight.com.
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. 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: Thu Jan 13, 2005, Crowflight And Falconbridge Initiate 15,000 Metre Exploration Program In The Thompson Nickel Belt
You can view the Previous News Release item: Wed Dec 29, 2004, Crowflight Completes $300,000 Financing
You can return to the main News Release page, or press the Back button on your browser.