Crowflight Closes $55 Million Debt Facility

TORONTO, ONTARIO (TSX VENTURE: CML) is pleased to announce that it has closed the previously-announced debt facility finance of Cdn$55 million from RMB Resources Inc. (RMB).

Mike Hoffman, Crowflight's President and CEO commented: "By completing the debt facility, Crowflight is now able to begin drawing funds from the First Tranche of $10 million later this week that will assist in the continuing construction of the Bucko Lake Nickel Mine. This marks yet another achievement in the process of bringing Bucko into production: our offtake agreement with Xstrata has been in place since early last year, construction is progressing steadily at the site and now we have access to the funds necessary to complete construction and commence production during 2008. Furthermore, the structure of this facility allows us to minimize equity dilution to our shareholders while maintaining financial flexibility to pursue other potential opportunities as they arise."

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 arranged the finance as Agent for FirstRand Ireland Plc, the Lender and underwriter of the debt finance package. 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 advised Crowflight on this transaction.

In connection with this debt facility, a total of 17,324,786 warrants were issued to RMB with an exercise price of $0.64 per warrant. Of that total, 16,324,786 warrants have a term of 36 months and the proceeds of this warrant conversion will be used to pay off the First Tranche Secured Loan of $10 million. The remaining one million warrants have a term of 24 months.

The interest rate on the First Tranche $10 million Secured Loan and the Bridge Tranche Facility of a $15 million short term secured loan is LIBOR plus 2.25% per annum. The interest rate on the $45 million Final Tranche Secured Loan (note: the $15 million Bridge Facility must be paid from proceeds of the Final Tranche) is LIBOR plus 1.75% per annum if Crowflight does not draw down the Bridge Facility in full or LIBOR plus 1.5% per annum if Crowflight draws down the Bridge Facility in full. The $15 million Bridge Facility is available for drawing once the First Tranche is fully drawn and the Final Tranche Secured Loan becomes available for drawing upon Crowflight's receipt of the permits required to commence production of concentrate at the Bucko Lake Nickel Mine.

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 benefits of the facility, plans regarding proceeds of the facility and projected draw down amounts, 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.

TSX-V Trading Symbol: CML

Total Shares Outstanding: 249.7MM

Fully Diluted: 286.5MM

52-Week Trading Range: C$0.35 - $1.45

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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