Crowflight Minerals Inc.

Crowflight Minerals Inc.

March 01, 2005 09:45 ET

Crowflight Updates Progress On The Feasibility Study Of The Bucko Deposit, Thompson Nickel Belt


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: CROWFLIGHT MINERALS INC.

TSX VENTURE SYMBOL: CML

MARCH 1, 2005 - 09:45 ET

Crowflight Updates Progress On The Feasibility Study
Of The Bucko Deposit, Thompson Nickel Belt

TORONTO, ONTARIO--(CCNMatthews - March 1, 2005) - CROWFLIGHT MINERALS
INC. (TSX VENTURE:CML) is pleased to provide an update on the progress
of the Bucko Deposit Feasibility Study. Crowflight has an option to earn
a 100% interest in the Bucko Resource Block by completing a feasibility
study, arranging financing and bringing the deposit into production. To
date a number of activities are progressing to advance the project to
the feasibility stage, including resource block modeling, metallurgical
testing, environmental and geotechnical studies and mine design and
milling to name a few.

President and CEO, Stan Bharti commented on the work to date on the
feasibility study stating: "I am pleased at the progress to date in
advancing the Bucko Resource Block towards feasibility. This progress is
a reflection of the efforts of our technical team together with the
support of our strong technical advisory committee. I look forward to
continued progress in the coming months as we advance towards completion
of the feasibility study, expected early in the second half of the
year."

Review of Feasibility Activities

1. Metallurgical Test Program

A total of 2 holes (BK-05-01, 02A) and 6 wedged holes (N-05-12A, 12B,
12C, 15A, 15B and 21A) for 2,010 meters were completed in the Bucko
Deposit ultramafic host to gather a minimum 350 kilogram metallurgical
sample. Assays are still pending from these metallurgical holes. Once
assay data is received suitable core will be selected to create a
composite sample to be sent to G&T in Vancouver for metallurgical
testing.

2. Geotechnical Study

The data collection component of the study has been finalized for the
crown pillar, stope and ground support designs. A work plan for the mine
design phase should be delivered by early March 2005.

3. Environmental Study

A Baseline Water Quality Study has been initiated by SEACOR
Environmental Inc., and will include a Fish Habitat Study at Bucko Lake.

4. Resource Block Model

Work continues on the block model based on the Indicated Resources. For
the purposes of a NI 43-101 review a study was completed in September,
2004, by GEOLOGICA Groupe-Conseil Inc. confirming Indicated Resources of
1,218,000 tonnes grading 2.71% Nickel and Inferred Resources of 455,000
tonnes grade 2.23% Nickel (refer to Crowflight Press Release dated
October 13, 2004). Once completed, the model will be used for detailed
mine design and mine scheduling.

5. Mine Design

The original plan was to have accessed the underground workings at Bucko
via the historic shaft and access drift on the 1000 level (-300 meter
from surface). Given the cost of rehabilitating this 1970 era shaft it
was decided that a cost-benefit analysis on the capital and operating
costs of rehabilitating the old shaft versus driving a decline ramp be
considered. The draft report of the shaft-ramp trade-off study was
completed, the results of which will be considered in the context of
other feasibility studies being advanced.

6. Milling

A conceptual process design with costs is proceeding and scheduled for
completion in April, 2005. Crowflight has begun negotiations with third
parties in close proximity to the Bucko Deposit regarding indicative
custom milling terms. If possible the savings capital cost and timing
from having to permit and build a processing plant on site could
significantly enhance the project economics.

7. Concentrate Transportation

A firm quotation has been received. A concentrate loading facility is to
be designed upon having selected a milling alternative (custom or
on-site milling).

8. Smelting and Refining

Detailed negotiations are proceeding to firm-up terms.

9. Socio-economic (social impact) Study

The bulk of the work is to be initiated in March 2005.

Historical Summary of the Bucko Deposit

Following the completion of a preliminary economic evaluation by Micon
International Limited (Micon) in October 2004 (refer to the Press
Release dated October 28, 2004) on the Bucko Deposit, in the Thompson
Nickel Belt, Manitoba, Crowflight initiated a Feasibility Study
("Feasibility") in November 2004 under the direction of Richard Adams,
P. Eng., Crowflight's Manager, Engineering. Micon is also the main
contractor working on the Feasibility, supported by a number of
contractors and consultants.

The Feasibility is based on the currently defined Indicated Resources
outlined by GEOLOGICA Groupe-Conseil Inc. in their NI 43-101 technical
evaluation of the Bucko Deposit (refer to Crowflight Press Release dated
October 13, 2004) entitled "43-101 Technical Evaluation Report of the
Bucko Lake Property, Northern Manitoba", September 24, 2004 (filed under
Crowflight Minerals Inc. on the SEDAR website at www.sedar.com). The
GEOLOGICA resource estimate was conducted on a higher grade portion of
the Bucko Deposit within the boundaries of the historical (pre-NI
43-101) resource of 19 million tonnes grading 1% Nickel. Based on the
review by GEOLOGICA Groupe-Conseil Inc., the current Indicated Resources
are:



Level (depth below surface) Indicated Resources
--------------------------- -------------------
Tonnes % Nickel
------ --------
400 to 600 (surface to -150 meters) 57,000 2.16
600 to 1000 (-150 to - 375 meters) 554,000 2.96
1000 to 1600 (-375 to -750 meters) 439,000 2.51
Below 1600 (below -750 meters) 169,000 2.62
------- ----
Total 1,218,000 2.71


This press release has been prepared by Mr. Richard Adams, P. Eng.,
Manager Engineering and Mr. Jean Lafleur, P. Geo., VP Exploration at
Crowflight. Both individuals are Qualified Persons under NI 43-101
guidelines.

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 projects in the
Thompson Nickel Belt ("TNB") and Sudbury Basin. The company currently
owns and/or has under option more than 672 km2 of exploration and
development properties in Manitoba and Ontario.

In Manitoba, these properties include: (1) the Bucko Deposit where the
Company is conducting a feasibility study, and (2) an earn-in option on
ten highly prospective properties with Falconbridge Limited, including
four within 30 kilometres of the Bucko Deposit (Bowden Lake, Resting
Lake, Halfway Lake and Gonlin Lake), and six located 100 kilometers to
the north on the TNB Thompson North Project (Burntwood River, Birchtree
South, Birchtree North, Airport, Moak Lake and Strong Lake).

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% Ni, 2% Cu, 4.8 g/t PGE's), (2) the Airport Property (a 50/50 joint
venture with Millstream Mines Ltd.) located 4 km on-strike with
Falconbridge's Nickel Rim South Deposit (13.2 million tonnes @ 3.5% Cu,
1.7% Ni, 0.8 g/t Au, 4.1 g/t PGE'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. The TSX Venture Exchange has not reviewed
and does not accept responsibility for the adequacy or accuracy of this
release.

NOTE: There is a Map available on CCNMatthews' website at:
http://www2.ccnmatthews.com/database/fax/2000/CML301.PDF


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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Crowflight Minerals Inc.
    Stan Bharti
    President and CEO
    (416) 861-5876
    www.crowflight.com