Crowflight Minerals Inc.
TSX VENTURE : CML

Crowflight Minerals Inc.

June 08, 2005 18:27 ET

Crowflight Completes $5 Million Private Placement Financing

TORONTO, ONTARIO--(CCNMatthews - June 8, 2005) - CROWFLIGHT MINERALS INC. (TSX VENTURE:CML) is pleased to announce that it has closed a private placement financing through the issuance of 14,803,000 Flow Through Units and 5,000,000 Units for gross proceeds of $4,950,750. The Flow Through Units, priced at $0.25 per Flow Through Unit, consisted of one flow through common share of the Company and one-half of one common share purchase warrant. Each whole warrant entitles the holder to purchase a non-flow through common share of the Company at $0.40 until December 8, 2006. The Units, priced at $0.25 per Unit, consisted of one non flow through common share of the Company and one-half of one common share purchase warrant. Each whole warrant entitles the holder to purchase a non-flow through common share of the Company at $0.40 until December 8, 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 km2 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 Falconbridge Limited 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 @ 1.5% Nickel, 2% Cu, 4.8 g/t PGM's); (2) the Airport Property (a 50/50 joint venture with Millstream Mines Ltd.) located 4 km south, and on-strike, with Falconbridge's Nickel Rim South Deposit (13.2 million tonnes @ 3.5% Cu, 1.7% nickel, 0.8 g/t Au, 4.1 g/t PGM's); (3) the optioned (100% earn-in) Mystery Offset Dyke Property; and (4) the 100% owned Peter's Roost Property.

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".

Total Shares Outstanding: 94.7 million

Fully Diluted: 137.5 million

52-Week Trading Range: C$0.14 - $0.41


To view maps of the mining properties click on the following link:

http://www2.ccnmatthews.com/database/fax/2000/cml0608.pdf

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Crowflight Minerals Inc.
    Thomas Atkins
    President and CEO
    (416) 861-5900
    (416) 861-8165 (FAX)
    or
    Crowflight Minerals Inc.
    Jean Lafleur
    Vice President Exploration
    (514) 594 - 3633
    www.crowflight.com