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Re: News Release - Wednesday, February 24, 2010
Crowflight Provides 2010 Outlook
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CROWFLIGHT MINERALS INC. ("Crowflight" or the "Company") (TSX: CML)
announced today its 2010 outlook for production from the Bucko Lake
Nickel Mine ("Bucko Mine") located in the Thompson Nickel Belt near
Wabowden, Manitoba.
Crowflight's production targets for 2010 from Bucko are approximately
8.6 million pounds of payable nickel based on projections of 342,000
tonnes at a 1.63% nickel grade and assuming a 78% recovery. The average
operating cash costs1 for the entire year are projected to be between
US$5.70 - $5.90 per pound of payable nickel (using a US:CAD exchange
rate of 0.94) as a result of lower tonnages in the first half of 2010
as the mine resumes production. The average operating cash cost1
projected for the second half of the year is expected to average
US$5.15 - $5.35 per pound of payable nickel when the mine is expected
to be in full production.
Crowflight currently estimates capital requirements for 2010 to be
approximately CAD$14 million for continued mine development, upgrading
of the backfill plant and increasing the tailings pond capacity.
Further to the Bucko operational update that Crowflight provided
earlier this month (see press release dated February 1, 2010), the ramp
connecting surface to the 1,000' Level has been completed. The ramp
connection has been designed to develop access to new areas for mining
and allow for the use of large 40-tonne class trucks to haul ore
directly from the stoping levels to surface. The trucking via ramp is
important to allow for efficient mining cycle time as well as the
continuous transport of ore to surface from a number of operating
mining levels.
Crowflight's President and CEO Mark Trevisiol stated, "We are pleased
to announce that production mining activities have resumed at Bucko and
we are ramping up to achieve our second quarter target of 1,000 tonnes
per day of ore. We anticipate that milling operations and shipments of
concentrate will restart in early March as planned."
1 Non-GAAP Measure
This press release refers to cash cost per pound, which is net of
by-product credits, and is not a recognized measure under Canadian
GAAP. This non-GAAP financial measure does not have any standardized
meaning prescribed by Canadian GAAP and is therefore unlikely to be
comparable to a similar measure presented by other issuers. Management
uses this measure internally. The use of this measure enables
management to better assess performance trends. Management understands
that a number of investors and others who follow the Company's
performance assess performance in this way. This data is intended to
provide additional information and should not be considered in
isolation or as a substitute for measures of performance prepared in
accordance with Canadian GAAP.
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 and Stephen
Davies, P.Eng., both of whom are Qualified Persons under the National
Instrument 43-101 guidelines.
About Crowflight Minerals
Crowflight Minerals Inc. (TSX: CML) is a Canadian junior mining company
that owns 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 production targets, payable
nickel projections, realized grade estimates, operating cash costs for
2010 and the second half of 2010, estimated capital requirements,
timing for restarting milling operations and shipments. 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 the anticipated timing,
amount and cost of mining at the Bucko Lake Project are based on
assumptions underlying mineral reserve and mineral resource estimates
and the probability of realizing such estimates that are set out
herein. Production estimates are based on mine plans and production
schedules, which have been developed by the Company's personnel and
independent 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
the Company to be materially different from those expressed or implied
by such forward-looking statements, including but not limited to risks
related to: unexpected events and delays during production; timing and
availability of external financing on acceptable terms; changes in
project parameters as plans continue to be refined; future prices of
minerals, particularly nickel; failure of plant, equipment or processes
to operate as anticipated; accidents, labour disputes and other risks
of the mining industry. Although management of the Company 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:
Mark Trevisiol
President and CEO
Crowflight Minerals
Tel: (416) 861-5893
Heather Colpitts
Manager, Investor and Public Relations
Crowflight Minerals
Tel: (416) 861-5803
info@crowflight.com
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Copyright (c) 2010 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 Wed Feb 24, 2010 at 7:00:35 AM Pacific Time
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VanEck Vectors Global Alternative Energy ETF
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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 1.2 millions as of today (US$ 863 092, € 770 828). Its stock quote reached its highest recent level on November 01, 1996 at 96.02, and its lowest recent point on February 04, 2016 at 0.03. Crowflight Mineral has 47 442 200 shares outstanding. |