VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 22, 2011) - CROWFLIGHT MINERALS INC. ("Crowflight" or the "Company") (TSX:CML) today announced that the Company has received a notice from King Place Enterprises Limited ("King Place") that King Place has transferred 103,500,000 common shares of the Company to Hebei Wenfeng Industrial Group Limited ("Hebei Wenfeng"), a significant Chinese steel producing company.
After this transfer, Hebei Wenfeng becomes the second largest shareholders of the Company and holds 16.1% of the Company's 641,988,262 current issued and outstanding shares. King Place continues to hold 201,886,442 common shares of the Company (or 31.4% of the Company current issued and outstanding shares). King Place also holds a total of 50,588,235 warrants of the Company.
It is the Company's understanding that King Place and Hebei Wenfeng are affiliated entities, and they may act jointly or in concert with each other from time to time in respect of investments and decision making in any events that the Company seeks approval from shareholders. Therefore, the Crowflight Board of Directors does not expect that the above transfer will have actual impact on the decision making process of the Company.
About Crowflight Minerals Inc.
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 and Sudbury Basin.
Further information is available on the Company's website at www.crowflight.com
Cautionary Note on Forward-Looking Information
This press release contains forward-looking statements under Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the decision making process. 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.
Contact Information: Crowflight Minerals Inc.
Derek Liu
CFO and Corporate Secretary
778-372-1806
604-254-8863 (FAX)