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Re:   News Release - Thursday, July 23, 2009
      Crowflight Announces Closing of Previously-Announced Private
      Placement Financing
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CROWFLIGHT MINERALS INC. ("Crowflight" or the "Company") (TSX: CML)
announces today that it has closed its Cdn$15 million private placement
financing (the "Offering").  As previously announced, the Company
entered into an agreement with Pala Investments Holdings Limited
("Pala"), pursuant to which Pala agreed to purchase, on a non-brokered
private placement basis, 60,000,000 units (the "Units") of the Company
at a price of $0.25 per Unit for total gross proceeds of $15 million.
Each Unit consists of one common share of the Company (a "Unit Share")
and one-half of one common share purchase warrant (each full warrant, a
"Warrant"), each whole Warrant being exercisable to acquire one common
share of the Company at a purchase price of $0.30 until July 23, 2011.
An aggregate of 60,000,000 Unit Shares and 30,000,000 Warrants were
issued in connection with the Offering. If all of the 30,000,000
Warrants were exercised, the maximum number of common shares of the
Company that would be issued in connection with the Offering would be
90,000,000 common shares (approximately 24.39% of the issued and
outstanding common shares of the Company as at the date hereof).

As a result of the Offering, Pala now holds, directly and indirectly,
116,079,971 common shares and 50,588,235 warrants of the Company
(representing approximately 27.07% on a non-diluted basis and
approximately 34.76% on a partially diluted basis, taking into account
only those warrants held by Pala, of the issued and outstanding common
shares of the Company).  The TSX granted Crowflight an exemption under
the provisions of section 604(e) of the TSX Company Manual from the
shareholder approval requirements for the offering as the Company did
not have sufficient time to seek shareholder approval and was relying
on the financial hardship exemption.

Pursuant to the terms of the Offering, Mike Hoffman and Lewis MacKenzie
have resigned from the Company's Board of Directors, effective as of
closing of the Offering. Pala has nominated Michael Barton and Jan
Castro to the Company's Board of Directors in their place.

Stan Bharti, Executive Chairman of the Board of Crowflight, commented
"On behalf of the Board of Directors, we wish to thank Mike Hoffman and
Lewis MacKenzie for their valuable service to Crowflight. Their
contributions as board members have been key in advancing the Company
over the past few years. We wish them the best of luck in their future
endeavors."

Mr. Castro is the Managing Director of Pala Investments AG, the
exclusive advisor to Pala Investments Holdings Limited, a US$ 1.0
billion investment company focused on the mining and natural resources
sector.  Prior to founding Pala, Mr. Castro worked internationally in
the mining sector, on mergers and acquisitions and private equity. Mr.
Castro currently serves on the boards of Anatolia Minerals Development
Ltd, Avoca Resources Limited, Coalcorp Mining Inc., Churchill Mining
plc, Dumas Contracting Ltd, Gemcom Software International Inc., and
Norcast Castings Company Limited.

Mr. Barton is a finance professional who has worked in the natural
resources sector throughout his career.  Mr. Barton is a Vice President
at Pala Investments AG, the exclusive advisor to Pala Investments
Holdings Limited, and prior to that was Vice President at Hatch
Corporate Finance, a company specializing in providing corporate
finance advisory services to the metals and mining industry.  He
currently serves on the boards of Dumas Contracting Ltd., New
Birmingham Inc. and Norcast Castings Company Limited. Mr. Barton is
also a qualified chartered accountant and a member of the Securities
and Investment Institute.

Net proceeds from the Offering will be used to pay outstanding
indebtedness, including $5.0 million to its mining contractor (an
affiliate of Pala), and for capital development and general working
capital purposes. The Offering will also enable the Bucko operation to
complete an upgrade to its effluent treatment capabilities so that
Crowflight continues to maintain strict compliance with all
environmental guidelines as the operation achieves full production
capacity by the end of 2009.

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. Crowflight began full commercial production at Bucko in the
second quarter of 2009. The Company is also focused on nickel, copper
and Platinum Group Mineral (PGM) projects in the Thompson Nickel Belt
and Sudbury Basin.

About Pala
Pala Investments Holdings Limited is a US$1.0 billion multi-strategy
investment company focused on mining and natural resource companies in
both developed and emerging markets. Pala Investments' exclusive
investment advisor, Pala Investments AG, has extensive experience
within the mining and natural resource sectors. Pala Investments seeks
to assist companies in which it has long-term shareholdings by
providing strategic advice and innovative financing solutions. For more
information, visit www.pala.com.

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 Company's development
potential and timetable of the Company's properties, including the
Bucko Lake Project; the future price of nickel and other minerals; the
estimation of mineral reserves and mineral resources; conclusions of
economic evaluations; the realization of mineral reserve estimates; the
timing and amount of estimated future production; costs of production;
capital expenditures; success of exploration activities; mining or
processing issues; currency exchange rates; 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 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. Capital and operating cost
estimates are based on extensive research of the Company, purchase
orders placed by the Company to date, recent estimates of construction
and mining costs and other factors 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 construction, expansion and
start-up; variations in mineral grade and recovery rates; receipt and
revocation of government approvals; timing and availability of external
financing on acceptable terms; actual results of current exploration
activities; 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; reliance on
joint venture partners; 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:

Mike Kelly
President and CEO
Crowflight Minerals
Tel: (416) 861-2266

Heather Colpitts
Manager, Investor and Public Relations
Crowflight Minerals
Tel: (416) 861-5803
info@crowflight.com

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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 Fri Jul 24, 2009 at 6:35:06 AM Pacific Time
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