CaNickel Mining Limited
TSX : CML

CaNickel Mining Limited

February 06, 2012 16:40 ET

CaNickel Files Preliminary Short Form Base Shelf Prospectus

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 6, 2012) - CaNickel Mining Limited (TSX:CML) ("CaNickel" or the "Company"), has today filed a preliminary short form base shelf prospectus with the securities commissions in the provinces of British Columbia, Alberta, Ontario and Québec. Once the shelf prospectus is cleared, the filing will, subject to securities regulatory requirements, allow the Company to make offerings of common shares (the "Common Shares") up to an aggregate offering price of CAD$20,000,000 during the 25-month period that the final short form base shelf prospectus, including any amendments thereto, remains effective. The Common Shares may be offered at prices and on terms to be determined based on market conditions at the time of sale and set forth in an accompanying shelf prospectus supplement or in certain cases, an accompanying pricing supplement.

Unless otherwise specified in a prospectus supplement, the net proceeds from the sale of the Common Shares will be used for working capital and general corporate purposes. Each prospectus supplement will contain specific information concerning the use of proceeds from that sale of Common Shares.

A copy of the preliminary short form base shelf prospectus may be obtained from the Company by directing a request to CaNickel Mining Limited at 1655 - 999 West Hastings Street, Vancouver, British Columbia, Canada, V6C 2W2, Telephone 778-372-1806, Attention: Corporate Secretary, or can be found on SEDAR at www.sedar.com.

ABOUT CANICKEL

CaNickel Mining Limited, formerly "Crowflight Minerals Inc.", (TSX:CML) is a Canadian junior mining company that owns and operates the Bucko Lake Nickel Mine near Wabowden, Manitoba. The Company also holds nickel, copper and Platinum Group Mineral (PGM) projects in the Thompson Nickel Belt, Manitoba and Sudbury Basin, Ontario.

Further information is available on the Company's website at www.canickel.com.

Advisory Respecting Forward-Looking Information

This press release contains forward-looking statements under Canadian securities legislation. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements, including but not limited to those risks of the Company described in its annual information form that is available under its profile on SEDAR at www.sedar.com. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.

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