TORONTO, ONTARIO (TSX VENTURE: CML) today presents results from
underground drilling activities at its wholly-owned Bucko Lake
Nickel Project (Bucko) located in the Thompson Nickel Belt near
Wabowden, Manitoba.
Detailed drilling from the 1,000 foot level has confirmed
reserves for initial production. In addition, two new zones of
lower grade mineralization near existing development have been
outlined. These areas have been chosen as the focus of initial
mining, with mining from these areas expected to commence in
August. Definition drilling targeting the central portion of the
deposit on sections 517 and 521N is well in progress. Results from
drilling to date have been consistent with expectations.
Highlights from the assay results include:
- Hole BUD-8 intersected 7.50 metres grading 3.18% nickel
- Hole BUD-9 intersected 4.98 metres grading 1.97% nickel
- Hole BUD-10 intersected 6.20 metres grading 1.55% nickel
- Hole BUD-47 intersected 6.60 metres grading 2.08% nickel
Table 1 provides a summary of highlight intervals from the 12
assayed holes received to date. Figure 1 illustrates the schematic
location of the holes completed thus far at Bucko.
Two underground diamond drills operated by Boart Longyear are
stationed on the 1,000 foot level and have completed 30 holes
totalling 5,371 metres to date. The drilling results confirm the
location and quality of reserves in advance of development crews
currently driving lateral development toward areas of initial ore
extraction.
Table 1.
Assay Results from 1,000 Foot Level Delineation Program
----------------------------------------------------------------------
----------------------------------------------------------------------
Core Core
----------------------------------------------------------------------
Drill Hole From To Length Length Ni% Section
----------------------------------------------------------------------
(m) (m) (m) (feet) %
----------------------------------------------------------------------
----------------------------------------------------------------------
----------------------------------------------------------------------
BUD-1 64.42 70.00 5.58 18.31 0.98 513
----------------------------------------------------------------------
BUD-1 77.43 84.85 7.42 24.34 1.07 513
----------------------------------------------------------------------
BUD-1 92.81 99.20 6.39 20.96 1.14 513
----------------------------------------------------------------------
----------------------------------------------------------------------
BUD-2 58.82 66.50 7.68 25.20 1.08 513
----------------------------------------------------------------------
BUD-2 71.41 75.60 4.19 13.75 1.08 513
----------------------------------------------------------------------
BUD-2 80.30 83.30 3.00 9.84 0.89 513
----------------------------------------------------------------------
----------------------------------------------------------------------
BUD-3 61.68 65.72 4.04 13.25 0.90 513
----------------------------------------------------------------------
BUD-3 73.95 78.50 4.55 14.93 1.06 513
----------------------------------------------------------------------
BUD-3 73.95 82.64 8.69 28.51 0.91 513
----------------------------------------------------------------------
----------------------------------------------------------------------
BUD-4 53.31 66.50 13.19 43.27 0.83 513
----------------------------------------------------------------------
BUD-4 78.50 86.00 7.50 24.61 0.87 513
----------------------------------------------------------------------
----------------------------------------------------------------------
BUD-5 55.69 58.00 2.31 7.58 1.14 515
----------------------------------------------------------------------
----------------------------------------------------------------------
BUD-6 78.00 79.35 1.35 4.43 1.03 515
----------------------------------------------------------------------
----------------------------------------------------------------------
BUD-7 87.20 90.29 3.09 10.14 1.06 515
----------------------------------------------------------------------
----------------------------------------------------------------------
BUD-8 166.88 170.33 3.45 11.32 2.17 521
----------------------------------------------------------------------
BUD-8 193.00 202.27 9.27 30.41 2.82 521
----------------------------------------------------------------------
Incl. 193.00 200.50 7.50 24.61 3.18 521
----------------------------------------------------------------------
----------------------------------------------------------------------
BUD-9 135.71 147.84 12.13 39.80 1.44 521
----------------------------------------------------------------------
BUD-9 172.82 177.80 4.98 16.34 1.97 521
----------------------------------------------------------------------
BUD-9 182.80 186.00 3.20 10.50 1.37 521
----------------------------------------------------------------------
----------------------------------------------------------------------
BUD-10 134.80 141.00 6.20 20.34 1.55 521
----------------------------------------------------------------------
----------------------------------------------------------------------
BUD-11 109.49 115.75 6.26 20.54 1.13 521
----------------------------------------------------------------------
----------------------------------------------------------------------
BUD-11 126.5 133.09 6.59 21.62 1.36 521
----------------------------------------------------------------------
----------------------------------------------------------------------
BUD-47 101.51 108.11 6.6 21.65 2.08 517
----------------------------------------------------------------------
----------------------------------------------------------------------
Intersection intervals reported are core lengths; actual true widths are
unknown at this time but are generally 70 to 80% of core length. Once known,
true widths are calculated for each intersection. These could vary somewhat
from time to time as the zones are re-interpreted thereby altering the
geometry.
Stock Option Terms Amendment & Investor Relations
Agreements
Crowflight also announces that it has amended the terms of
certain stock options granted in March 2007.
In March 2007, the Company granted an aggregate of 5 million
options to European investor relations consultants, Arvin
Consultants and Talman Alliance. These options constitute the total
consideration offered to these investor relations consultants. Of
these options 1 million options have an exercise price of $0.60, 1
million options have an exercise price of $0.70, 1 million options
have an exercise price of $0.80, 1 million options have an exercise
price of $0.90, and 1 million options have an exercise price of
$1.00. Crowflight has amended these options by cancelling 500,000
of the options with an exercise price of $0.80 and all of the
options with exercise prices of $0.90 and $1.00, for a total of 2.5
million cancelled options. The remaining options are scheduled to
expire on March 30, 2009. Arvin Consultants and Talman Alliance are
investment and merchant banking firms that advise emerging junior
and small-cap companies with respect to corporate financing and
corporate transactions. Crowflight engaged these firms, beginning
in March 2007 and continuing on an on-going basis, to develop
corporate opportunities for the Company, advance the interests and
profile of the Company within German speaking regions of Europe,
establish contact with potential partners and significant investors
and provide market making services in connection with the Company's
listing on the Frankfurt Stock Exchange.
These options have been cancelled to reflect the Company's
increased internal handling of investor relations activities.
The Company has employed Heather Colpitts as its Manager,
Investor and Public Relations on a full-time, on-going basis since
May 2007 to handle the Company's marketing and investor relations
initiatives. Prior to joining Crowflight, she was an Account
Manager for a number of domestic and international resource
companies at CHF Investor Relations, a Toronto-based consulting
firm. Ms. Colpitts holds a Master of Arts degree in English from
McMaster University in Ontario and a Bachelor of Arts degree with
Distinction from Mount Allison University in New Brunswick. Upon
her appointment, she was granted 100,000 stock options, the terms
of which were disclosed in the press release dated June 28, 2007.
In addition, she receives an annual salary.
Qualified Person/Quality Control Procedures
This press release has been prepared and reviewed by Mr. Greg
Collins, P.Geo (APGO/APEGM), 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 Next Nickel Producer
Crowflight Minerals Inc. (TSX VENTURE: CML) is a Canadian junior
mining exploration and development company focused on nickel,
copper and Platinum Group Mineral (PGM) projects in the Thompson
Nickel Belt and Sudbury Basin. The Company currently owns and/or
has under option approximately 800 square kilometres of exploration
and development properties in Manitoba and Ontario.
Crowflight's priority is to bring the fully-funded Bucko Lake
Nickel Project located near Wabowden, Manitoba into production by
the third quarter of 2008.
Cautionary Note on Forward-Looking Information
Except for statements of historical fact contained herein, the
information in this press release constitutes "forward-looking
information" within the meaning of Canadian securities law. Such
forward-looking information may be identified by words such as
"plans", "proposes", "estimates", "intends", "expects", "believes",
"may", "will" and include without limitation, statements regarding
estimated capital and operating costs, expected production
timeline, benefits of updated development plans, foreign exchange
assumptions and regulatory approvals. There can be no assurance
that such statements will prove to be accurate; actual results and
future events could differ materially from such statements. Factors
that could cause actual results to differ materially include, among
others, metal prices, competition, risks inherent in the mining
industry, and regulatory risks. Most of these factors are outside
the control of the Company. Investors are cautioned not to put
undue reliance on forward-looking information. Except as otherwise
required by applicable securities statutes or regulation, the
Company expressly disclaims any intent or obligation to update
publicly forward-looking information, whether as a result of new
information, future events or otherwise.
Total Shares Outstanding: 269.6MM
Fully Diluted: 308.3MM
52-Week Trading Range: C$0.45 - $1.06
To view Figure 1. Assay Results from 1000' Level Delineation
Program, please visit the following link:
http://media3.marketwire.com/docs/cml0625.pdf
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Contacts: Crowflight Minerals Mike Hoffman President and CEO
(416) 861-2964 Crowflight Minerals Heather Colpitts Manager,
Investor and Public Relations (416) 861-5803 Email:
info@crowflight.com Website: www.crowflight.com
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