Crowflight Minerals Inc.
TSX : CML

Crowflight Minerals Inc.

June 01, 2009 10:14 ET

Crowflight Reports Results From Underground Drilling at the Bucko Mine

TORONTO, ONTARIO--(Marketwire - June 1, 2009) - CROWFLIGHT MINERALS INC. (the "Company") (TSX:CML) today reported additional assay results from underground drilling results at its wholly-owned Bucko Lake Nickel Mine (Bucko) located in the Thompson Nickel Belt near Wabowden, Manitoba.

Highlights from recent underground drilling include: 18.1 metres grading 2.04% nickel in hole BUD-91 and 22.2 metres grading 2.11% nickel in hole BUD-94. Table 1 provides a summary of the latest assay interval results. Please refer to the Company's press releases dated June 25, 2008, October 1, 2008 and January 22, 2009, and March 9, 2009 for previously-announced assay results.

The purpose of this drilling was to delineate a zone of mineralization interpreted to occur approximately 100 metres north of the currently producing areas on the 1,000 foot level. Based on the results of this drilling, development towards the Phase 2 mining area located between the 1,000 foot and 900 foot levels is in progress. Mining from this second area (referred to as the North Zone) is intended to sustain increased rates of production from the underground for the duration of 2009 into 2010.

Crowflight's Vice President of Exploration, Greg Collins commented, "Results from this program have been consistent with our expectations for the North Trend and have confirmed new stopes containing nickel values in excess of 2% nickel. Ore extraction from this second major mining area on 1,000 foot level is expected to greatly enhance production through the remainder of 2009 into 2010 by providing more flexible mining access to consistent volumes of ores with high nickel content."

Currently the focus of production at Bucko remains on stopes developed between the 900 foot and 1,000 foot underground levels located in the South Zone. In the surface ramp, development has now provided level access to the 450 foot and 500 foot levels. Crosscuts through ore on the 450 foot and 500 foot levels are providing development ore to the mill in preparation for crown pillar stabilization and the extraction of the first stopes located in the upper portion of the deposit, which is expected to commence in the third quarter. Extraction of ore via the surface ramp is expected to further supplement production rates at Bucko in 2009.



Table 1. Bucko Underground Drilling Highlight Intersections

------------------------------------------------
Core Core
------------------------------------------------
Drill Hole From To Length Length Ni%
------------------------------------------------
(m) (m) (m) (feet) %
------------------------------------------------
BUD-86 98.05 122.56 24.51 80.41 0.64
------------------------------------------------
incl. 116.04 120.54 4.50 14.76 1.22
------------------------------------------------
BUD-86 126.51 134.61 8.10 26.57 1.09
------------------------------------------------
BUD-86 142.41 146.91 4.50 14.76 0.94
------------------------------------------------

------------------------------------------------
BUD-88 183.68 206.11 22.43 73.59 1.30
------------------------------------------------
incl. 188.18 194.18 6.00 19.69 2.01
------------------------------------------------

------------------------------------------------
BUD-89 137.19 146.43 9.24 30.31 1.18
------------------------------------------------
BUD-89 169.72 176.30 6.58 21.59 2.21
------------------------------------------------
incl. 174.08 176.30 2.22 7.28 4.67
------------------------------------------------
BUD-89 185.50 198.46 12.96 42.52 1.07
------------------------------------------------
incl. 191.85 194.85 3.00 9.84 1.38
------------------------------------------------

------------------------------------------------
BUD-90 160.62 165.52 4.90 16.08 1.64
------------------------------------------------
BUD-90 175.06 181.06 6.00 19.69 1.31
------------------------------------------------

------------------------------------------------
BUD-91 164.57 182.65 18.08 59.32 2.04
------------------------------------------------
incl. 168.00 172.18 4.18 13.71 3.59
------------------------------------------------
incl. 176.24 181.15 4.91 16.11 2.23
------------------------------------------------

------------------------------------------------
BUD-92 124.96 143.15 18.19 59.68 1.20
------------------------------------------------
incl. 124.96 129.76 4.80 15.75 1.48
------------------------------------------------
BUD-92 156.71 168.93 12.22 40.09 1.38
------------------------------------------------

------------------------------------------------
BUD-93 123.08 132.53 9.45 31.00 1.11
------------------------------------------------
BUD-93 147.00 159.94 12.94 42.45 1.81
------------------------------------------------
incl. 147.00 150.40 3.40 11.15 3.23
------------------------------------------------

------------------------------------------------
BUD-94 194.81 217.00 22.19 72.80 2.11
------------------------------------------------
incl. 194.81 209.01 14.20 46.59 2.67
------------------------------------------------

------------------------------------------------
BUD-95 175.88 181.63 5.75 18.86 1.54
------------------------------------------------
BUD-95 187.90 208.91 21.01 68.93 1.96
------------------------------------------------
incl. 187.90 197.46 9.56 31.36 2.37
------------------------------------------------

------------------------------------------------
BUD-96 143.90 154.00 10.10 33.14 1.68
------------------------------------------------
BUD-96 164.73 188.31 23.58 77.36 2.21
------------------------------------------------

------------------------------------------------
BUD-97 126.26 145.57 19.31 63.35 1.42
------------------------------------------------
BUD-97 163.05 181.05 18.00 59.06 2.10
------------------------------------------------
incl. 163.05 175.05 12.00 39.37 2.51
------------------------------------------------

------------------------------------------------
BUD-98 131.76 153.29 21.53 70.64 1.10
------------------------------------------------
BUD-98 158.79 168.75 9.96 32.68 1.94
------------------------------------------------
incl. 160.12 167.62 7.50 24.61 2.17
------------------------------------------------
BUD-98 178.35 182.33 3.98 13.06 1.37
------------------------------------------------

------------------------------------------------
BUD-99 113.10 117.60 4.50 14.76 1.31
------------------------------------------------
BUD-99 128.66 131.66 3.00 9.84 1.72
------------------------------------------------
BUD-99 141.58 155.13 13.55 44.46 1.11
------------------------------------------------

------------------------------------------------
BUD-100 187.24 198.25 11.01 36.12 1.50
------------------------------------------------
incl. 191.33 196.75 5.42 17.78 1.96
------------------------------------------------
BUD-100 225.50 235.00 9.50 31.17 1.01
------------------------------------------------

Intersection intervals reported are core lengths; actual true widths
range between 80% and 100% of core length.


To date in 2009, a total of 8,600 metres in 39 holes have been completed as part of the Phase 2 and ramp underground delineation and exploration programs. Additional results from the final portion of the Phase 2 program are expected over the coming weeks. The focus of underground drilling has now shifted to delineation of stopes from the ramp on the 450 foot to 600 foot levels. Initial visual results (subject to confirmation by assaying) from this program have been positive. Drilling plans in 2009 include the completion of drilling from the 450 foot level ramp, infill of mineralization in the hinge zone between 1,000 foot and the 800 foot level, and exploration of the footwall zone from the 1,000 foot level exploration drift.

Crowflight also announces that it has finalized the previously-announced working capital line of credit facility for up to US$10 million from Auramet Trading LLC. This is intended to allow the Company to leverage its receivables pipeline up to six weeks sooner to bridge working capital requirements. The facility is scheduled to remain in place until March 31, 2010 with annual renewals thereafter, as mutually agreed.

As part of this facility, Crowflight will hedge the price of nickel and possibly the Canadian/US dollar exchange rate at the time the nickel concentrate is delivered to the smelter to mitigate the potential impact of provisional pricing adjustments on final settlement of nickel deliveries approximately three to five months in the future as per the terms and conditions of the Xstrata Nickel - Crowflight Smelter Offtake Agreement.

Qualified Person/Quality Control Procedures

This press release has been prepared and reviewed by Mr. Greg Collins, P.Geo. (APGO/APEGM) and VP Exploration of Crowflight, a Qualified Person under the National Instrument 43-101 guidelines. All assays were performed at the ALS-Chemex laboratory in Vancouver and undergo an ICP-AES finish and Sodium Peroxide Fusion. Standards and blanks are submitted with each sample batch.

Crowflight Minerals - Canada's Newest Nickel Producer

Crowflight Minerals Inc. (TSX:CML) is a debt-free Canadian junior mining company that is producing nickel at the Bucko Lake Nickel Mine near Wabowden, Manitoba. Crowflight expects to achieve full commercial production at Bucko in the second quarter of 2009. The Company is also focused on nickel, copper and Platinum Group Mineral (PGM) projects in the Thompson Nickel Belt and Sudbury Basin.

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 Bucko's development potential and timetable; Crowflight's ability to raise additional required funds; the future price of nickel; the timing and amount of estimated future exploration and production; costs of future activities; success of exploration and production activities; government regulation of mining operations; and environmental risks. 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. Estimates regarding mineral resources and mineral reserves are based on extensive analysis regarding exploration information obtained for diverse sources, including drill results; such analysis being conducted by company geologists and verified by third party consultants. 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 Crowflight to be materially different from those expressed or implied by such forward-looking statements. Although management of Crowflight 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.

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

To view Figure 1. Location of Recent Assay Results from Underground Drilling at Bucko, please visit the following link:

http://media3.marketwire.com/docs/CML601map.jpg

Total Shares Outstanding: 368.9MM

Fully Diluted: 450.3MM

52-Week Trading Range: C$0.09 - $0.72

Contact Information

  • Crowflight Minerals
    Mike Kelly
    President & CEO
    (416) 861-5900
    or
    Crowflight Minerals
    Heather Colpitts
    Manager, Investor and Public Relations
    (416) 861-5803
    info@crowflight.com