Crowflight Accepts $55 Million Debt Facility Offer; Commences 2008 Exploration Program
21 Janvier 2008 - 2:00PM
Marketwired
TORONTO, ONTARIO (TSX VENTURE: CML) today announced that it has
accepted the offer for up to Cdn$55 million in debt finance from
RMB Resources Inc. (RMB). RMB is arranging the finance as Agent for
FirstRand Ireland Plc, the Lender and underwriter of the debt
finance package.
The proposed $55 million facility will be used to finance the
remaining construction and start-up of the Bucko Lake Nickel Mine
near Wabowden, Manitoba. The proposed loan is subject to final
approval by the FirstRand Underwriting Committee and other
conditions typical of a facility of this nature. 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.
Further details about the debt finance are available in the
Crowflight press release dated January 10, 2008.
Crowflight is also pleased to announce the commencement of 2008
exploration activities on its Manitoba Thompson Nickel Belt
properties. In 2008, the Company intends to spend approximately
$2.5 million on properties held under option from Xstrata Nickel
and $2.0 million jointly funded by partner Pure Nickel on
properties including and adjacent to the past producing Manibridge
Nickel mine, located approximately 20 kilometres south of the town
of Wabowden.
The Company plans to complete 25 holes for a total of 10,000
metres during the winter 2008 drilling season. In the spring,
Crowflight expects to initiate an 8,000 metre drilling program at
Manibridge with the aim to establish NI 43-101 compliant mineral
resource estimates at this past producing property and evaluate
targets of high exploration potential identified nearby.
Greg Collins, Crowflight's Vice President of Exploration
commented: "Our focus during this 2008 winter program will be
further expanding Inferred Resources identified at Halfway Lake and
the evaluation of high-priority exploration targets located in
close proximity to the Bucko Lake Nickel Mine, particularly the
Bucko North target, located 300 metres north of planned underground
workings associated with the Bucko Lake Mine."
Three drills supplied by More Core Diamond Drilling Services
Ltd. of Stewart B.C. are currently coring. Results from the winter
exploration program are expected to become available over the
coming weeks.
Meanwhile, construction of the Bucko Mine site is progressing
steadily. The hoist and headframe set was commissioned in November
and is now fully operational. The underground shaft de-watering and
rehabilitation to the 1000 Level (approximately 330 metres below
surface) is complete, thereby providing access to commence the
underground development and exploration program. Two drills
supplied by Boart Longyear are on site and Crowflight is preparing
to commence underground drilling activities in late January. Work
continues to advance on the mill and other surface buildings.
Qualified Person Comments/Quality Control Procedures
The technical content of this press release has been prepared
and approved by Mr. Greg Collins, P.Geo., Crowflight's Vice
President of Exploration, a Qualified Person under the NI 43-101
guidelines.
Crowflight Minerals - Canada's Next Nickel Producer
Crowflight Minerals Inc. (TSX VENTURE: 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
the Company's plan of business operations; mineral resource
estimates, the benefits and liabilities associated with the debt
financing, and projected costs and expenditures. 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.
Total Shares Outstanding: 249.7MM
Fully Diluted: 286.5MM
52-Week Trading Range: C$0.35 - $1.35
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Contacts: Crowflight Minerals Mike Hoffman President and CEO
(416) 861-2964 Crowflight Minerals Heather Colpitts Manager,
Investor and Public Relations (416) 861-5803 Email:
info@crowflight.com Website: www.crowflight.com
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