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Re: News Release - Wednesday, June 25, 2008
Crowflight Provides Update on Underground Drilling at Bucko
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CROWFLIGHT MINERALS INC. (Crowflight, the Company) (TSX Venture
Exchange: 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
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Core Core
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Drill Hole From To Length Length Ni% Section
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(m) (m) (m) (feet) %
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BUD-1 64.42 70.00 5.58 18.31 0.98 513
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BUD-1 77.43 84.85 7.42 24.34 1.07 513
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BUD-1 92.81 99.20 6.39 20.96 1.14 513
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BUD-2 58.82 66.50 7.68 25.20 1.08 513
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BUD-2 71.41 75.60 4.19 13.75 1.08 513
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BUD-2 80.30 83.30 3.00 9.84 0.89 513
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BUD-3 61.68 65.72 4.04 13.25 0.90 513
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BUD-3 73.95 78.50 4.55 14.93 1.06 513
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BUD-3 73.95 82.64 8.69 28.51 0.91 513
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BUD-4 53.31 66.50 13.19 43.27 0.83 513
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BUD-4 78.50 86.00 7.50 24.61 0.87 513
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BUD-5 55.69 58.00 2.31 7.58 1.14 515
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BUD-6 78.00 79.35 1.35 4.43 1.03 515
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BUD-7 87.20 90.29 3.09 10.14 1.06 515
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BUD-8 166.88 170.33 3.45 11.32 2.17 521
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BUD-8 193.00 202.27 9.27 30.41 2.82 521
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Incl. 193.00 200.50 7.50 24.61 3.18 521
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BUD-9 135.71 147.84 12.13 39.80 1.44 521
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BUD-9 172.82 177.80 4.98 16.34 1.97 521
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BUD-9 182.80 186.00 3.20 10.50 1.37 521
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BUD-10 134.80 141.00 6.20 20.34 1.55 521
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BUD-11 109.49 115.75 6.26 20.54 1.13 521
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BUD-11 126.5 133.09 6.59 21.62 1.36 521
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BUD-47 101.51 108.11 6.6 21.65 2.08 517
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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-V: 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.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Further information is available on the Company's website at
www.crowflight.com or contact:
Mike Hoffman
President and CEO
Crowflight Minerals
Tel: (416) 861-2964
Heather Colpitts
Manager, Investor and Public Relations
Crowflight Minerals
Tel: (416) 861-5803
info@crowflight.com
View Figure 1. Assay Results from 1000' Level Delineation Program:
http://www.crowflight.com/i/maps/2008-06-25_NRM.jpg
View News Release and Map in PDF Format:
http://www.crowflight.com/i/pdf/2008-06-25_NR.pdf
770 KB, approx. 2 minutes, 24 seconds at 56.6Kbps
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Copyright (c) 2008 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 Jun 25, 2008 at 8:57:47 AM Pacific Time
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