Crowflight Minerals Inc.
TSX VENTURE : CML

Crowflight Minerals Inc.

May 29, 2006 08:00 ET

Crowflight Reports an Additional $1.0 Million in Cost Savings on Procurement of Buildings and Crusher for Bucko Deposit

TORONTO, ONTARIO--(CCNMatthews - May 29, 2006) - CROWFLIGHT MINERALS INC. (Crowflight, the Company) (TSX VENTURE:CML) is pleased to announce that it has reached definitive agreements to purchase a previously operated surface crusher and fixed rockbreaker, various surface buildings and various underground electrical components and where applicable has procured, construction and management commitments for the disassembly, transportation and reassembly of these components at the Bucko Deposit in the Thompson Nickel Belt, Manitoba. The all inclusive cost for the purchase, and where applicable, installation of these components at the Bucko Deposit is approximately $1.0 million below what was estimated to have been the cost of similar new component scenarios in the recently completed feasibility study on the Bucko Deposit (refer to press release dated December 16, 2005). These savings are in addition to the recently announced $1.0 million in savings on the purchase and installation of a used hoist and headframe set (refer to press release dated May 09, 2005).

Thomas Atkins, President and CEO of Crowflight commented on the procurement of these additional components, stating: "With the purchase of these components we are quickly approaching our capital cost reduction goals for the development of the Bucko Deposit. There are still a number of major components to be purchased that could result in substantial additional savings. Based on the effort by the Crowflight team to date, I am confident of our ability to achieve our targeted savings. This should result in improved economics for the development of the Bucko Deposit."

Buildings and equipment purchased include: an office and dry complex, shop/warehouse and hoist house buildings, a mine heater and various underground electrical switch gear. The crusher includes a 30 inch by 40 inch variable speed jaw crusher and a hydraulic rock breaker.

The Bucko Deposit is currently permitted to allow for the rehabilitation of the shaft and underground workings. Crowflight submitted reports in support of full project permitting in early April and is expecting a response and possible full project permitting approvals within 3 to 4 months of this submission date. The Company has upgraded the access road into the site and constructed water settlement ponds to facilitate the dewatering of the underground workings and their rehabilitation.

The Company expects to mobilize on site to begin underground rehabilitation activities and commence the installation of the hoist and headframe set in July of this year as the first step of its development of the Bucko Lake Nickel Mine.

Webcast

As announced on Friday, May 26, 2006, the Company will host a webcast on Tuesday, May 30, 2006 to provide an update on its Bucko Deposit development activities and its Thompson Nickel Belt regional exploration program that is planned to commence in mid-June following-up on the new Apex and M11A discoveries.

Webcast Details

Date: Tuesday, May 30, 2006

Time: 10:30 AM EDT

Available on Crowflight Website: http://www.crowflight.com.

There will be a question and answer period following the webcast, call-in details include:

Live Conference Access information:

Local Access: 416-695-6622

Toll-Free Access: 1-888-789-0089

This call will also be available as an archive on Crowflight's website following the completion of the webcast for a period of at least three months.

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 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 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 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: 121.5MM

Fully Diluted: 166.9MM

52-Week Trading Range: C$0.18 - $0.38

Contact Information

  • Crowflight Minerals Inc.
    Thomas Atkins
    President and CEO
    (416) 861-5900
    (416) 861-8165 (FAX)
    www.crowflight.com
    or
    Ascenta Capital
    Bruce Korhonen
    (604) 684-4743 x 30