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Re: News Release - Monday, July 13, 2009
Crowflight Intersects High Grade Nickel Off Surface Ramp at the
Bucko Mine
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To View this News Release in PDF:
http://www.crowflight.com/i/pdf/2009-07-13_NR.pdf
To view Map Associated with the News Release:
http://www.crowflight.com/i/pdf/2009-07-13_NRM.pdf
CROWFLIGHT MINERALS INC. ("Crowflight" or the "Company") (TSX: CML)
today reported further assay results from its Phase 2 drilling program
on the 1,000 foot underground level, as well as initial results from a
program of exploratory drilling conducted from the surface ramp between
the 450 foot and 500 foot levels of the Bucko Lake Nickel Mine (Bucko).
Results from the Phase 2 infill drilling program confirm reserves
identified on the 1,000 foot level slated for production later in July.
Results from the ramp drilling have defined a new high grade nickel
mineralization that is accessible for extraction from current
development on the 500 foot levels. Highlight intercepts from this zone
include: 8.2 metres grading 5.24% nickel in hole BUD-120 and 12.0
metres grading 3.56% nickel in hole BUD-121. 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, January 22, 2009,
March 9, 2009 and June 1, 2009 for previously-announced assay results.
Crowflight's Vice President of Exploration, Greg Collins commented,
"Grades returned from intersections from the surface ramp program are
some of the highest values over minable widths encountered to date. We
believe that the proximity of this material to infrastructure on the
450 foot and 500 foot levels is favourable for mining."
Currently the focus of production at Bucko remains on the development
of high grade stopes located on the 1,000 foot level. Extraction of ore
via the surface ramp from the 500 foot level, including material
intersected to supplement production rates at Bucko in 2009, is planned
to commence later this quarter.
To date in 2009, a total of 9,710 metres in 50 holes have been
completed as part of the Phase 2 and ramp underground delineation and
exploration programs. Additional results from the remaining Phase 2
holes and the 450 level ramp program are expected over the coming
weeks.
Table 1. Bucko Underground Drilling Highlight Intersections
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Core Core
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Drill Hole From To Length Length Ni %
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(m) (m) (m) (feet) %
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1000' L
Phase
2 Program
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BUD-101 130.03 135.67 5.64 18.50 1.55
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BUD-102 128.18 133.45 5.27 17.29 1.31
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BUD-102 236.84 241.37 4.53 14.86 1.30
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BUD-103 186.27 202.86 16.59 54.43 1.66
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incl. 197.66 202.86 5.20 17.06 3.23
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BUD-104 165.21 178.71 13.50 44.29 1.42
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incl. 166.71 175.71 9.00 29.53 1.76
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BUD-104 187.93 196.47 8.54 28.02 3.53
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BUD-105 186.91 197.00 10.09 33.10 1.87
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BUD-106 160.23 185.19 24.96 81.89 1.44
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incl. 161.50 169.90 8.40 27.56 2.25
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incl. 181.31 185.19 3.88 12.73 1.82
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BUD-106 189.00 192.54 3.54 11.61 1.92
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BUD-107 150.00 155.32 5.32 17.45 1.22
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BUD-107 160.44 166.20 5.76 18.90 1.79
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BUD-108 225.46 249.90 24.44 80.18 1.65
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incl. 232.84 249.90 17.06 55.97 2.02
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BUD-109 173.36 183.36 10.00 32.81 1.15
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BUD-109 193.57 203.00 9.43 30.94 1.13
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BUD-109 236.31 245.38 9.07 29.76 1.13
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BUD-110 216.00 239.57 23.57 77.33 1.52
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incl. 220.53 236.04 15.51 50.89 2.04
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BUD-111 177.50 186.25 8.75 28.71 1.70
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BUD-111 217.13 222.78 5.65 18.54 1.61
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BUD-112 214.45 217.47 3.02 9.91 1.91
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BUD-113 186.58 190.00 3.42 11.22 1.40
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BUD-113 192.14 195.70 3.56 11.68 1.82
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BUD-113 207.00 218.96 11.96 39.24 2.10
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BUD-114 183.32 188.07 4.75 15.58 1.72
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BUD-116 208.00 212.62 4.62 15.16 1.01
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450' Level
Ramp
Program
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BUD-119 79.00 81.00 2.00 6.56 1.60
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BUD-120 53.00 61.20 8.20 26.90 5.24
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incl. 57.19 61.20 4.01 13.16 8.42
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BUD-121 64.00 76.00 12.00 39.37 3.56
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BUD-122 55.70 64.92 9.22 30.25 2.33
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incl. 57.70 61.96 4.26 13.98 2.77
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Intersection intervals reported are core lengths; actual true widths
range between 80% and 100% of core length.
Clarification Regarding TSX De-listing Review
The Company further announces that in connection with its recently
announced equity financing and as a standard procedure relating to an
application to use the financial distress exemption, the TSX is
reviewing whether the Company satisfies continued listing requirements.
Crowflight believes the de-listing review is a routine procedure when
using this exemption. The Company believes that it currently complies
with applicable TSX listing requirements and expects to continue to
comply with such requirements following completion of the financing.
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 Canadian junior mining company
that is producing nickel at the Bucko Lake Nickel Mine near Wabowden,
Manitoba. 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 or contact:
Mike Kelly
President & CEO
Crowflight Minerals
Tel: (416) 861-5900
Heather Colpitts
Manager, Investor and Public Relations
Crowflight Minerals
Tel: (416) 861-5803
info@crowflight.com
Figure 1. Location of Recent Assay Results from Underground Drilling at
Bucko
http://www.crowflight.com/i/pdf/2009-07-13_NRM.pdf
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Copyright (c) 2009 CROWFLIGHT MINERALS INC. (CML) All rights reserved.
For more information visit our website at http://www.crowflight.com/
or send mailto:info@crowflight.com
Message sent on Mon Jul 13, 2009 at 7:19:51 AM Pacific Time
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Crowflight Mineral Inc.
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PRODUCER |
CODE : CML.TO |
ISIN : CA13758Y2015 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Crowflight Mineral is a nickel producing company based in Canada. Crowflight Mineral produces nickel, copper in Canada, and holds various exploration projects in Canada. Its main asset in production is BUCKO LAKE in Canada and its main exploration properties are AER/KIDD, PETER'S ROOST and TNB NORTH in Canada. Crowflight Mineral is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 938 000 as of today (US$ 682 583, € 609 615). Its stock quote reached its highest recent level on November 01, 1996 at CA$ 96.02, and its lowest recent point on February 04, 2016 at CA$ 0.03. Crowflight Mineral has 37 520 000 shares outstanding. |