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Re: News Release - Wednesday, January 23, 2008
Crowflight Finalizes $55 Million Debt Facility to Complete Bucko
Lake Nickel Mine Development
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CROWFLIGHT MINERALS INC. (Crowflight, the Company) (TSX Venture Exchange: CML)
is pleased to announce that the offer for up to Cdn$55
million in debt finance from RMB Resources Inc. (RMB) has been has been
approved by FirstRand's Underwriting Committee. RMB is arranging the
finance as Agent for FirstRand Ireland Plc, the Lender and underwriter
of the debt finance package. Closing is anticipated by the end of
January.
The $55 million facility will be used to finance the remaining
construction and start-up of the Bucko Lake Nickel Mine near Wabowden,
Manitoba. RMB is a well-known arranger and provider of mining project
finance. FirstRand is one of South Africa's most prominent financial
institutions. Auramet Trading, LLC of Fort Lee, New Jersey is advising
Crowflight on this transaction.
Mike Hoffman, Crowflight's President and CEO commented: "Finalizing
this debt facility marks one of the milestones in our development of
the Bucko Lake Nickel Mine, as these funds provide the financial
security to bring Bucko into production by mid-2008. We are pleased
with the confidence RMB has demonstrated in our project by offering us
this debt facility."
Further details about the debt finance are available in the Crowflight
press release dated January 10, 2008.
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 Bucko Nickel deposit located near
Wabowden, Manitoba into production by mid-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 approval
and finalization of the debt facility, the benefits of the facility,
availability of financing, construction and permitting timelines and
costs of timing of production. 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
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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 Jan 23, 2008 at 6:49:03 AM Pacific Time
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