Crowflight Restructures $55 Million Debt Facility: Pays Off $42 Million of Debt and Adds $19.4 Million in Cash

CROWFLIGHT MINERALS INC. (Crowflight, the Company) (TSX VENTURE:CML) is pleased
to announce that in conjunction with RMB Resources Inc. acting as agent for
Crowflight's lender, FirstRand Ireland Plc, Crowflight has restructured the Cdn
$55 million debt facility entered into in February 2008 (see Press Release
February 13, 2008).


Both Crowflight and RMB Resources have decided to close out most of the nickel
forward sales contract entered into in July 2008 (see Press Release July 30,
2008). At that time, Crowflight hedged 20.5 million pounds of nickel at a price
of US$8.49 per pound over a four year period. Details of the debt restructuring
are as follows:


- The following amounts of nickel were closed out recently to raise net proceeds
of Cdn $63 million. A total of 18.2 million pounds of nickel or 89% of the hedge
has been monetized.




                       ------------------------------
                       Calendar Year   Million pounds
                       ------------------------------
                       2008                       0.4
                       ------------------------------
                       2009                       1.6
                       ------------------------------
                       2010                       5.7
                       ------------------------------
                       2011                       5.5
                       ------------------------------
                       2012                       4.9
                       ------------------------------



- The proceeds of Cdn $63 million are being used to repay in its entirety the
Tranche 1 debt facility of Cdn $10.35 million (including capitalized interest)
and a minimum of Cdn $33.2 million (including capitalized interest) of the
Cdn$45 million Tranche 2 debt facility. As of October 27, 2008, Crowflight had
only drawn Cdn $50.2 million of the Cdn $55.0 million debt facility. As part of
the debt restructuring, Crowflight and the Lender have agreed to cancel the 16.3
million warrants exercisable at Cdn $0.64 per share associated with the Tranche
1 facility and the 1 million warrants exercisable at Cdn $0.64 per share
associated with the Tranche 2 facility.


- After monetization of the nickel hedge, Crowflight will still have 2.27
million pounds of nickel hedged at US$8.49 per pound in 2009. In addition
Crowflight will put in place a currency hedge covering the Canadian dollar
amount of the nickel hedge in 2009. 


- Crowflight's new debt outstanding under the restructured facility is Cdn $7.6
million, which is repayable to the Lender over 2010, 2011 and 2012 in equal
quarterly installments. As a part of the restructured facility Crowflight will
make mandatory quarterly prepayments to the Lender equal to 40% of after debt
service project cash flow during 2009, falling to 15% thereafter.


- The restructuring will provide Crowflight with Cdn $19.4 million in cash and
the restructured facility calls for Cdn$10 million to be applied to the facility
proceeds account for completion of the Bucko Mine and project working capital,
Cdn$3 million to the facility debt service reserve and the remainder to
Crowflight for working capital and general corporate purposes. Under the
restructured facility Crowflight has agreed to grant 20 million Crowflight
warrants, the Restructuring Warrants, at 125% of the 20 day VWAP (volume
weighted average price) at closing to the Lender, subject to regulatory
approval. Any proceeds from the warrants will be used to prepay or repay the
restructured facility debt outstanding.



- Crowflight in conjunction with RMB may also implement future strategic
currency and nickel hedges both to protect Crowflight cash flow and meet Lender
requirements.


Commented Mike Hoffman, President and CEO of Crowflight, "During discussions
with our lender during the week of October 14th, we noticed that the value of
our nickel hedge was far in excess of our market capitalization due to a
weakening Canadian dollar and weaker nickel prices. We realized we had a very
unique opportunity to lower our lender's risk by repaying a large portion of the
debt and dramatically improve our financial situation with the debt repayment
while leaving us with sufficient cash to ramp up the Bucko Mine to commercial
production. It is a testament to our Board and the flexibility of RMB Resources
and FirstRand Ireland plc that we could execute this opportunity during the
window that was available on a very timely basis. With our existing cash
balances and the additional funds provided by the restructured facility,
Crowflight is in a strong position as we bring on line Canada's newest primary
nickel mine."


Crowflight expects to initiate production of nickel concentrate at the Bucko
Mine by the end of October. Final testing and commissioning of mill components
continues to advance.


Crowflight Minerals - Canada's Next Nickel Producer

Crowflight Minerals Inc. (TSX VENTURE:CML) is a Canadian junior mining company
that is bringing the Bucko Lake Nickel Mine near Wabowden, Manitoba into
production. Full commercial production is expected to be achieved at Bucko in
early 2009. The Company is also focused on nickel, copper and Platinum Group
Mineral (PGM) projects in the Thompson Nickel Belt and Sudbury Basin. 


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.


Total Shares Outstanding: 269.7MM

Fully Diluted: 307.9MM

52-Week Trading Range: C$0.13 - $0.93
Canickel Mining (TSXV:CML)
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