Crowflight Minerals Inc.
TSX VENTURE : CML

Crowflight Minerals Inc.

November 01, 2006 08:00 ET

Crowflight Begins Construction Activities at Bucko Lake Deposit, Manitoba

TORONTO, ONTARIO--(CCNMatthews - Nov. 1, 2006) - CROWFLIGHT MINERALS INC. (Crowflight, the Company) (TSX VENTURE:CML) is pleased to announce that it has begun construction activities at the Bucko Lake Deposit, located approximately 100 kilometres south of Thompson, Manitoba in the prolific Thompson Nickel Belt. Crowflight has begun foundation work in support of infrastructure to dewater and rehabilitate the historical 3-compartment, 330 metre deep shaft (approximately 1,000 feet below surface), on the property with the goal of advancing the development of the project towards production. The contractor mobilized on-site in mid October and has begun assembling re-bar and will soon be pouring the concrete foundations in support of the used hoist and headframe set previously announced to have been purchased by the Company. Additional work is underway on related surface support infrastructure buildings and the installation of a 40-man camp. Underground access will, in the near-term, facilitate underground in-fill diamond drilling and the development of underground workings to gain access to nickel mineralized areas of the Deposit.

Paul Keller, Crowflight's Vice President Operations commented on the construction activities, stating: "A lot of work has gone into advancing the project to this phase of development by a number of individuals within the community of Wabowden, the province of Manitoba, among various consulting firms working on the project in Crowflight's behalf and by members of the Crowflight technical team. We're endeavoring to advance the project in as timely a manner possible in the context of the current strong nickel price. We look forward to success in these activities over the coming months as we move the project towards production."

Crowflight's activities are being advanced under the terms of a permit issued by the province of Manitoba that permits the Company to de-water and rehabilitate the historical underground workings at the Bucko Deposit, perform underground drilling and advance underground development in pursuit of the extraction of a bulk sample. A bond has been posted with the Manitoba government for the decommissioning of the site as a prerequisite to the commencement of this work. Crowflight applied for full project permitting in April 2006 and completed a public review of its permit application on September 28, 2006. The Company is working towards full project permitting based on a development plan which envisions an underground mining operation and surface concentrator plant with mine production and plant throughput averaging 1,000 tonnes per day over an approximate six year mine life based on current Measured and Indicated Resources and Proven and Probable Reserves (refer to feasibility study filed on Sedar, January 2006).

Crowflight - The Base Metal Builder

Crowflight Minerals Inc. is a Canadian junior mining exploration and development company listed on the TSX Venture Exchange. The company is focused on nickel, copper and Platinum Group Mineral ("PGM") projects in the Thompson Nickel Belt ("TNB") and Sudbury Basin. The company currently owns and/or has under option approximately 600 square kilometres of exploration and development properties in Manitoba and Ontario.

In Manitoba, these properties include: (1) the Bucko Nickel Deposit; (2) an earn-in option with Xstrata plc on five highly prospective properties (Bucko/Bowden, Resting Lake, Rock Island Lake, Halfway Lake and Gonlin Lake) on the TNB South Project located within 30 kilometres of the Bucko Deposit; and (3) six additional properties (Burntwood River, Birchtree South, Birchtree North, Airport, Moak Lake and Strong Lake) located 100 kilometres to the north on the TNB North Project.

In the Sudbury Basin, these properties include: (1) the 100% owned AER Kidd Project adjacent to Inco's Totten Deposit (10.1 million tonnes grading 1.5% nickel, 2.0% copper and 4.8 g/t PGM's); (2) the 100% owned Peter's Roost Property, the subject of a recent joint venture agreement with Wallbridge Mining Co. Ltd.; and (3) the Airport Property (a 50/50 joint venture with Millstream Mines Ltd.) located 4 kilometres south, and on-strike, with Falconbridge's Nickel Rim South Deposit (13.2 million tonnes grading 1.7% nickel, 3.5% copper and 4.1 g/t PGM's).

Further information regarding Crowflight, including details of its properties, and where relevant its earn-in interests in properties, 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 Company cautions investors that the projections for increases to the Indicated Resources are based on Inferred Resources. There is no certainty that these projections will be added to the Indicated Resources or that they will be economically viable.

Total Shares Outstanding: 190.4MM

Fully Diluted: 239.3MM

52-Week Trading Range: C$0.18 - $0.48

Contact Information

  • Crowflight Minerals Inc.
    Thomas Atkins
    President and CEO
    (416) 861-5900
    (416) 861-8165 (FAX)
    Website: www.crowflight.com
    or
    Ascenta Capital
    Bruce Korhonen
    (604) 684-4743 ext 230