Crowflight Minerals - Fundamental-Thread - 500 Beiträge pro Seite

[HHtrader]

Ich denke es ist an der Zeit einen Fundamental-Thread fuer Crowflight einzurichten. Dieser Thread soll ausschliesslich den fundamentals gewidmet sein (News, Analysen - sowohl fremde als auch eigene Analysen und Kalkulationen).

Dies hilft sowohl Neuinteressierten sich einen schnellen und guten Ueberblick ueber die Firma zu verschaffen als auch den alten Hasen an schlechten Tagen die Ruhe zu bewahren und nicht blind die Aktien ins bid zu werfen...

Wuerde mich freuen, wenn wir hier in Zukunft saemtliche wichtigen Daten, Analysen, u.ae. zusammentragen. Im Hauptthread kann ja auch weiterhin minuetlich ueber die RT-Kurse gesprochen oder die 3-Cent-Crashs geweint werden.

Ich fange mal an mit einigen Auszuegen, die auch auf der Homepage einsichtig sind.

HH

Homepage: http://www.crowflight.com


Wed Feb 28, 2007
Crowflight Minerals (WKN 358.036) -- die CASHMASCHINE startet!
Liebe Premiumabonnenten,

trotz Nickelpreisanstieg, baldiger Produktion und ausgezeichneten IRR bewegt sich unsere jüngste Musterdepotaufnahme Crowflight Minerals (WKN 358.036) nur minimal. Was ist hier los?

Zuerst wollen wir uns einmal den Fakten zuwenden. Crowflight betreibt ein Nickelpojekt im Norden von Kanada. Laut bankfähiger Machbarkeitstudie erwirtschaftet das so genannte Bucko Nickel Projekt eine unglaubliche Rendite von 117 % pro Jahr und das bei einem Nickelpreis von 8 US$ pro Pfund. Bei 12 US$ pro Pfund liegt die jährliche Rendite schon bei unglaublichen 417 %! Aber jetzt kommt das Beste, der aktuelle Nickelpreis steht bei 18,55 US$, also noch deutlich über dem positiven Szenario von 12 US$. Damit sind die Investitionskosten innerhalb weniger Monate abbezahlt und das Projekt ist die reinste CASHMASCHINE für das Unternehmen. Somit würde beim aktuellen Nickelpreis das Unternehmen aus diesem Projekt einen jährlichen Cashflow von rund 175 Mio. CA$ lukrieren. Die gesamte Marktkapitalisierung beträgt aber nur 110 Mio. CA$. Das heißt, sie bekommen eine Company, die im ersten Jahr ihres vollen Betriebes bereits mehr Cash Flow erwirtschaftet, als die gesamte Firma jetzt kostet.

Das ist schlichtweg einfach nicht fair bewertet. Woran kann es also liegen, dass die Company so billig bewertet ist? Wollen wir ein paar Faktoren durchgehen.

Wann ist Produktionsstart?
Die erste Produktion ist bereits für das Q1/Q2 2008 geplant. Wie man an den Bildern sieht, wird an der Produktionsanlage bereits intensiv gearbeitet.



Wie schaut es mit der Finanzierung aus?
Die gesamten Investitionskosten für dieses Projekt liegen bei 64 Mio. CA$. Mit zwei Banken wurde eine Kreditlinie von rund 45 Mio. CA$ fixiert, über den Rest verfügt das Unternehmen bereits Cash durch die letzten Finanzierungen. Daher wird die Aktie kaum mehr von weiteren Finanzierungen verwässert (wir erwarten noch eine kleine Finanzierung in den nächsten Monaten).

Wie sieht es mit den Genehmigungen aus?
Hier kommen wir zu dem Schwachpunkt der ganzen Aktie. Und daher war die Pressemeldung vom letzten Freitag so wichtig. Denn natürlich wird der Bau der ganzen Anlage mit einer bestehenden Genehmigung durchgeführt, jedoch bestehen bei der Abraumlagerung noch Probleme. Das Unternehmen möchte dazu einen flachen, nahe gelegenen See nützen. Dazu wurde vor kurzem eine 30-tägige Begutachtungsfrist durchgeführt, die jetzt positiv abgeschlossen wurde. Daher hat Crowflight jetzt von der Provinz Manitoba die Bestätigung erhalten, dass eine Genehmigung für die Nickellagerstätte Bucko Lake bald erteilt werden soll. Jetzt muss dazu noch eine Bestätigung der kanadischen Regierung erfolgen. Ich denke, dass wir diese in den nächsten Wochen erhalten sollten.

Daher steht für uns fest -- Crowflight ist derzeit die billigste Aktie auf dem Markt -- das Risiko ist sehr überschaubar und das Kurspotenzial enorm. Bedenken Sie nur - bereits im ersten vollen Geschäftsjahr wird das Unternehmen mehr Cash Flow produzieren als die ganze Company derzeit an der Börse wert ist. Wir gehen daher davon aus, dass Crowflight der Nickel-\"Shootingstar\" der nächsten 12 bis 18 Monate sein wird. Wenn der Nickelpreis auf dem jetzigen Niveau stabil bleibt und die letzte Genehmigung erteilt ist, dann muss unweigerlich der Aktienkurs der Crowflight \"explodieren\". Das heißt, dass sogar mehr als 500 bis 1.000 % Kursperformance nicht unrealistisch sind.

[HHtrader]

Wed Jan 17, 2007
Crowflight Intersects 45.9 Feet Grading 3.3% Nickel in Bucko Deposit Drilling

View News Release in PDF Format

CROWFLIGHT MINERALS INC. (Crowflight, the Company) (TSX Venture Exchange: CML) is pleased release assay results from the final two holes of the 2006 resource in-fill drill program at the Bucko Lake Nickel Deposit, Wabowden, Manitoba. Highlights from the final two holes of this program included drill hole BK06-28B wherein 14.0 metres (45.9 feet) grading 3.34% nickel including an 11.5 foot intersection grading 8.58% nickel were intersected. Please refer to Table 1 for complete drill hole assays and Figure 1 for drill hole location.

Greg Collins Crowflight's newly appointed Vice President of Exploration, commented on the results of the program stating: "Results from drill hole BK06-28B is a further illustration of the Bucko Deposit's continuing ability to provide us with spectacular results. The Deposit remains open for expansion in all directions. We look forward to additional drilling results as we kick-off our 2007 winter exploration program evaluating the near surface potential of the Hinge Zone at the Bucko Deposit and the evaluation of several exploration targets in close proximity to the Bucko."

Since the spring of 2006, Crowflight has conducted surface diamond drilling to test the potential to expand the resources around the previously identified Indicated Resource at the Bucko Lake Nickel Deposit. A total of approximately 13,300 metres was drilled in 23 holes (including the drill holes announced in this press release) as part of this program. Drill hole BK06-28B is a drill hole that was attempted earlier in the program (BK06-28) to test the down-dip extension of the South Plunge Zone in the Deposit, but which due to complications while drilling, had to be abandoned and was later re-drilled via a wedge-cut off of the original hole. Drill hole BK06-40 is a late-stage program hole that targeted the Hinge Zone of the Deposit.

On December 7, 2006, the Company announced a 32 percent increase in NI 43-101 compliant Indicated Resources at the Bucko Lake Nickel Deposit following the results from 30 holes of the 2006 in-fill program. This new Resource did not include results from these two holes. As part of the 2007 winter exploration program, Crowflight intends to test some shallow areas of additional resource expansion potential in the first quarter 2007. Once underground in the second half of 2007 it is planned that additional drilling will take place from underground to define reserves and attempt to further expand resources in the Bucko Deposit.

Drill Hole From To Core Length Core Length Nickel Copper PGE’s (1)
(metres) (metres) (metres) (feet) (%) (%) (gpt)

BK06 – 28B
657.3 661.0 3.7 12.1 4.81 0.13 1.19

and
681.5 695.5 14.0 45.9 3.34 0.13 0.89
including 681.5 685.0 3.5 11.5 8.58 0.16 1.76

BK06 – 40
454.4 459.9 5.5 18.1 1.21 0.07 n/a

and
487.5 491.5 3.9 13.0 1.51 0.10 n/a

(1) Combined platinum and palladium values

Intersection intervals reported are core lengths, actual true widths are unknown at this time but are generally 70 to 80% of core length. Once known, true widths are calculated for each intersection. These could vary somewhat from time to time as the zones are re-interpreted thereby altering the geometry.

Qualified Person/Quality Control Procedures
This press release has been prepared and revised by Mr. Greg Collins, P.Geo (APGO/APEGM) a Qualified Person under the NI 43-101 guidelines. Fire assays are performed at the ALS-Chemex laboratory in Vancouver on all the samples for Gold and PGE's which undergo an ICP-AES finish and Sodium Peroxide Fusion. All other metals undergo an ICP-AES finish. Standards and blanks are submitted with each sample batch.

Crowflight - Canada's Next Nickel Producer
Crowflight Minerals Inc. is a Canadian junior mining exploration and development company listed on the TSX Venture Exchange. The company is focused on nickel, copper and Platinum Group Mineral ("PGM") projects in the Thompson Nickel Belt ("TNB") and Sudbury Basin. The company currently owns and/or has under option approximately 600 square kilometres of exploration and development properties in Manitoba and Ontario.

In Manitoba, these properties include: (1) the Bucko Lake Nickel Deposit; (2) an earn-in option with Xstrata Nickel on five highly prospective properties (Bucko/Bowden, Resting Lake, Rock Island Lake, Halfway Lake and Gonlin Lake) on the TNB South Project located within 30 kilometres of the Bucko Deposit; and (3) six additional properties (Burntwood River, Birchtree South, Birchtree North, Airport, Moak Lake and Strong Lake) located 100 kilometres to the north on the TNB North Project.

In the Sudbury Basin, these properties include: (1) the 100% owned AER Kidd Project adjacent to Inco's Totten Deposit (10.1 million tonnes grading 1.5% nickel, 2.0% copper and 4.8 g/t PGM's); (2) the 100% owned Peter's Roost Property, the subject of a recent joint venture agreement with Wallbridge Mining Co. Ltd.; and (3) the Airport Property (a 50/50 joint venture with Millstream Mines Ltd.) located 4 kilometres south, and on-strike, with Falconbridge's Nickel Rim South Deposit (13.2 million tonnes grading 1.7% nickel, 3.5% copper and 4.1 g/t PGM's).

[HHtrader]

Urspruengliche BFS von Anfang Februar 07.
HH


Thu Feb 1, 2007
Crowflight Completes Bankable Feasibility Study On Bucko Lake Nickel Deposit, Study Demonstrates Potential For 118% Internal Rate Of Return At Us$8.00/Pound Nickel
CROWFLIGHT MINERALS INC. (Crowflight, the Company) (TSX Venture Exchange: CML) is pleased to announce the results from its Bankable Feasibility Study on the Bucko Lake Nickel Deposit, Wabowden, Manitoba. The Bankable Feasibility Study (BFS) is an updated version of the feasibility study completed December 2005 (refer to press release dated December 16, 2005) that incorporates cost savings from the purchase of used capital equipment, improved revenue from the recently announced definitive offtake agreement with Xstrata Nickel, and a firm contractor quote for underground mine development and contractor mining. The BFS does not yet take into account the impact of the recently announced 32% increase in Measured and Indicated Resources at the Bucko Deposit (refer to press release of December 7, 2006), but relies on the Proven and Probable Reserves from the December 2005 feasibility study.

The BFS demonstrates that the project has the ability to deliver a 117.6% rate of return and a net present value at an 8% discount rate of $157.3 million at an average life-of-mine nickel price of US$8.00 per pound, or less than half current nickel prices. The table below demonstrates the internal rate of return and net present value of the project over a range nickel prices that have existed over the past 3 years.

Economical Parameters at Varying Nickel Prices



Thomas Atkins, President and CEO of Crowflight commented on the BFS stating: "I am extremely impressed by the robust rate of return on the project assuming nickel at less than half current prices. We're confident that once we've factored-in the recently announced addition of 25 million pounds of contained nickel Resources which have the potential to extend the mine life by about two years, we'll see an even more robust rate of return for the project. We're excited about continuing to advance the development of the project in order to benefit from the cash flow potential the project offers in the current nickel price environment."

Discussion of BFS Results

The BFS was prepared by the same team of professionals and independent consulting firms as the December 2005 feasibility study. The BFS studied 1.8 million tonnes of Measured and Indicated Resources grading 2.10 percent nickel at a 1.5% nickel cut-off grade. The study considered an underground mine utilizing the rehabilitated three-compartment shaft available on the property, plus an internal ramp system for primarily long-hole stoping, contractor mining of 1.7 million tonne Proven and Probable Reserve grading 1.92% nickel at a similar 1.5% nickel cut-off grade (these are the same Resources and Reserves as were studied in the feasibility study announced in December 2005 and which is available at: www.sedar.com).

Shaft hoisted ore is to be processed in a surface concentrator at the rate of 1,000 tonne per day. Under this scenario, the concentrator will recover approximately 81% of the contained nickel to produce an average annual 12.5 million pounds of contained nickel in a concentrate grading from 17% to 18% nickel and free of any deleterious elements which would result in penalties. Minor amounts of by-product credits were available from platinum group elements, copper and cobalt. Concentrate is to be transported and sold to Xstrata Nickel under the terms of a definitive offtake agreement. Capital cost of project development to production is estimated to total $64 million and includes all engineering, procurement, construction, management and contingencies.

Crowflight will utilize a combination of refurbished used equipment already purchased by the Company supplemented by new equipment purchases. Crowflight is currently updating the mine plan to take into account the 32% increase in Measured and Indicated Resources and expects that prior to the time required to file a National Instrument 43-101 feasibility report, the Company will have updated these BFS numbers to include a portion of these Resources as Proven and Probable Reserves. It is expected that the addition of this material will enhance project economics.

The following diagrams demonstrate the internal rate of return and net present value of the project under percent changes in the nickel price, US dollar-Canadian dollar exchange rate, capital cost, operating costs, reserves and nickel grade assuming a base US$8.00 per pound life of mine nickel price with all other variables based on Bankable Feasibility Study numbers.

In December 2005, Crowflight announced results from a feasibility study on the Bucko Deposit. The Company required the feasibility study to advance full project permitting with permitting expected to take from 6 to 18 months to complete. Crowflight was also required to spend an additional $2.5 million in BFS related activities to earn its interest in the Bucko Lease. Upon completion of the 2005 feasibility study, the Company set out to study ways in which to improve the economics of the Deposit. The internal rate of return for the project based on the 2005 study was 23.1% and the project delivered a net present value at a 10% discount rate of $22.6 million at an average life-of-mine nickel price of US$5.00 per pound. The current BFS delivers an internal rate of return of 24.2% and a net present value at an 8% discount rate of $25.8 million at a similar average life-of-mine nickel price, yet prior to including the impact of the recently announced 32% increase in Measured and Indicated Resources.





Current Activities

Crowflight is currently installing support infrastructure to facilitate the rehabilitation of the historical 3-compartment shaft which provides access to the 1000 Level of the mine (approximately 330 metres below surface). This includes the installation of electric power, the construction of a used hoist and headframe and numerous office, shop and dry buildings. The Company is in discussion with a number of project lending banks to finance the next tranche of project development capital via project debt. The total project capital cost, including engineering, procurement, construction and management plus contingencies is estimated to total $64 million. Two banks have received credit approval for a project facility of up to $45 million for the purpose of financing the further development of the project to production, based on the results from the 2005 feasibility study. In the past year the Company has raised gross proceeds of approximately $27million in equity capital through financings and the exercise of warrants and has as of December 31, 2006 unaudited cash totalling approximately $14 million.

Crowflight expects to begin production of a nickel concentrate at the Bucko Deposit in early 2008 at the initial rate of 12.5 million pounds of contained nickel per year. The Bucko Deposit remains open laterally and at depths below 600 metres. Once underground, Crowflight will begin a program of detailed in fill drilling for stope planning purposes. Once in production, the Company is planning to begin to drill test potential expansions to the mineral resource laterally and at depth. Crowflight's geologists believe there is excellent potential to expand the mineral resources within the Deposit both laterally and at depth. The Company is also spending $2.5 million on its 500 square kilometre portfolio of advanced stage exploration properties surrounding the Bucko Lake Deposit and 100 kilometres north of Bucko, immediately adjacent to the CVRD-Inco's producing Thompson and Birchtree mines.

[HHtrader]

Mon Mar 26, 2007
Crowflight Announces Bought Deal Financing of $20 Million
CROWFLIGHT MINERALS INC. (Crowflight, the Company) (TSX Venture Exchange: CML) is pleased to announce that it has entered into an agreement with a syndicate of underwriters led by Orion Securities Inc. and including Canaccord Adams Inc., Sprott Securities Inc. and Pacific International Securities Inc. (collectively the "Underwriters"). Under the agreement, the Underwriters will purchase, on a bought deal private placement basis, $20,000,000 of units and flow through shares. The private placement, will be for the issuance of 12,500,000 units (the "Units") of the Company at a price of $0.80 per Unit (the "Unit Price") and 10,000,000 common shares of the Company which qualify as flow-through shares for the purposes of the Income Tax Act (Canada) (the "Flow-Through Shares") at a price of $1.00 for each Flow-Through Share for total gross proceeds from the private placement of $20,000,000. Crowflight will grant the Underwriters an option, to purchase up to an additional 3,125,000 Units ($2,500,000) and 2,500,000 Flow-Through Shares ($2,500,000), exercisable at the Issue Price for a period of 48 hours prior to the closing of the Offering (the "Closing Date").

Each Unit will consist of one common share in the capital of the Company (a "Common Share") and one half of one transferable common share purchase warrant (each whole common share purchase warrant, a "Warrant"). Each whole Warrant shall entitle the holder thereof to acquire one Common Share (a "Warrant Share") at a price of $1.15 for a period of 12 months following the closing date. However, if over a period of 15 consecutive trading days between the date that is 4 months following the closing date and the expiry of the Warrant, the daily volume weighted average trading price of the common shares on the TSX Venture Exchange, or such other stock exchange where the majority of the trading volume occurs, exceeds $1.50 on each of those 15 consecutive days, the Company may, within 30 days of such an occurrence, give written notice to the holders of the Warrants that the Warrants will expire at 4:00 p.m. (Toronto time) on the 45th day following the giving of notice unless exercised by the holders prior to such date.

Closing of the offering is anticipated to occur on or before April 12, 2007 and is subject to receipt of applicable regulatory approvals including approval of the TSX Venture Exchange. The Common Shares, Flow-Through Shares and Common Shares issuable upon exercise of the Warrants are subject to resale restrictions for a period of four months plus one day from the closing date.

The Underwriters will receive a commission of 6.0% of the gross proceeds raised in the brokered private placement, which they may elect to receive in cash or, in whole or in part, in Units (the "Commission Units") of the Company at a deemed price equal to the Unit Price of the offering. The Commission Units will have the same terms as the Units of the offering. The Underwriters will also receive compensation options (the "Compensation Options") equal to 5.5% of that number of Units and Flow-Through Shares issued in connection with the brokered private placement. Each Compensation Option will entitle the Underwriters to purchase one Unit of the Company at the Unit Price for a period of 12 months following the closing date.

The gross proceeds from the sale of the Units will be used for exploration and development of the Bucko Nickel project in the Thompson Nickel Belt, Manitoba and for general corporate purposes. The gross proceeds from the sale of the Flow-Through Units will be used for general exploration expenditures, which will constitute Canadian exploration expenses (as defined in the Income Tax Act (Canada)) and will be renounced for the 2007 taxation year.

[HHtrader]

Bohrergebnisse angrenzend an Bucko Deposit-Projekt, dass Anfang 2008 in Produktion geht. Ergebnisse der scoping study sind fuer Q3 07 vorgesehen.

Tue May 8, 2007
Preliminary Results from Crowflight's Winter Drill Program Outline New Nickel Mineralization Near Bucko Deposit

News Release No. 15/ 07

CROWFLIGHT MINERALS INC. (Crowflight, the Company) (TSX Venture Exchange: CML) is pleased to announce initial results from its winter regional exploration program in the Thompson Nickel Belt, Manitoba. Diamond drilling near the town of Wabowden has been successful in further defining the extent of nickel mineralization at the Apex and M11A North Zones (discovered in 2006) and has resulted in the identification of a new zone of nickel mineralization (Bucko Lake North Zone), located 300 metres north of the currently defined Bucko Deposit.

Thomas Atkins, President and CEO of Crowflight Minerals commented on the preliminary results, stating: "Given the combination of the change of regional operatorship from Xstrata to Crowflight and recent commodity price trends, the opportunity for Crowflight to unlock value from resources such as the Bowden Lake Deposit, M11A and Apex Zones need to be re-examined. The imminent development of the Bucko Mine project and the availability of cash flow from nickel production will permit the Company to more cost efficiently advance these resource opportunities in the future."

Within the Apex Zone, 5 diamond drill holes totalling 2,106 metres were completed (assay results remain pending for 1 of these 5 drill holes). Highlight results include drill hole AP07 - 01 which intersected 53.0 metres (173.9 feet) grading 0.66% nickel, including 6.3 metres (20.5 feet) grading 1.13% nickel. The drilling has further defined the extents of the main mineralized corridor and indicates that the deposit remains open for further expansion at depth below 300 metres vertical.

Within the M11A North Zone, 4 holes totalling 1,465 metres were completed (assay results remain pending for 2 holes). Highlight results include drill hole M07 - 01 which intersected 20.8 metres (68.4 feet) grading 0.82% nickel. Assay values up to 9.43% nickel were encountered in drill hole M07 - 01.

Within the Bucko Lake North Zone, a large ultramafic body located 300 metres north of the Bucko Deposit, drill hole BX07 - 01, intersected 7.5 metres (24.6 feet) grading 0.78% nickel including 1.5 metres (4.9 feet) grading 2.19% nickel. Despite the proximity and compositional similarity of this body to the Bucko Deposit, this target area had only previously been investigated by 3 shallow drill holes. Table 1 provides a summary of currently available 2007 drill results with highlight intersections from 2006 drilling.

A key objective of the 2007 program was to evaluate the resource potential of nickel-mineralized intrusions proximal to infrastructure at the Bucko Deposit mine development site. To accomplish this goal, drilling targeted three areas within a 4 kilometre radius of the Bucko Deposit (please refer to location map presented in Figure 1).

Results from the 2007 program at the Apex and M11A North zones will be combined with previous drilling results and used to establish NI 43-101 compliant resource estimates for each of these areas. Historical drilling by Falconbridge Limited within the Bowden Lake Deposit (located 8 kilometres north of the Bucko Deposit) in the 1970's and 1990's resulted in the definition of a pre-national instrument 43-101 inferred resource of 88 million tonnes grading 0.63% nickel. Drilling by Falconbridge in 2005 at Bowden Lake, under the joint Falconbridge-Crowflight Agreement (since amended such that Crowflight is the project operator - refer to press release dated January 31, 2007), identified broad intervals of elevated nickel mineralization within the core of this resource grading in excess of 1.0% nickel.

Greg Collins, Crowflight's Vice President of Exploration, commented on the next steps to the development of these resources, stating: "We're pleased to see continued success from our drilling of known and recently discovered nickel mineralized zones that lie in close proximity to the Bucko Deposit. Crowflight plans to compile results from recent and historical work to better understand the magnitude of these mineralized bodies and to investigate potential economic scenarios for their future development. We'll begin with resource studies and follow these up with economic scoping studies. The results of this work will assist us in determining the extent to which we might focus available cash resources going forward to unlock value from projects such as the Bowden Lake Deposit."

Following the NI 43-101 resource studies, Crowflight plans to conduct an economic scoping study or multiple scoping study scenarios on one, or a combination of the Bowden Lake Deposit, Apex and M11A North Zones. The results of this work will be used as a guide to the economic exploitation of these resources and as a means by which to focus future exploration efforts on the possible development of those areas with the most attractive economic potential. Results from the scoping study work is expected in the third quarter 2007.

In total, 25 holes, totalling 9,920m were completed during the 2007 winter drill program. Assay results are currently available for 13 of the 25 completed holes. Additional results including assays from drilling targeting the near surface extension of the Hinge Zone at the Bucko Deposit and regional exploration targets including Halfway Lake, and projects located near Thompson are pending.

[HHtrader]

Weitere Bohrergebnisse zur Erweiterung der Ressourcen.


Tue May 15, 2007
Crowflight Drilling Confirms Additional Near Surface Mineralization At Bucko Lake Nickel Deposit
CROWFLIGHT MINERALS INC. (Crowflight, the Company) (TSX Venture Exchange: CML) is pleased to announce additional assay results from its winter drill program in the Thompson Nickel Belt, Manitoba. Holes BK07-41 and BK07-42 were completed to test for a near surface extension to mineralization associated with the Hinge Zone portion of the Bucko Lake Deposit and to determine potential crown pillar geotechnical conditions.

Drill hole BK07-41 intersected 3.6 metres (12.0 feet) grading 1.45% nickel. Drill hole BK07-42 intersected nickel sulphide mineralization across two zones, including: 4.2 metres (14.0 feet) grading 1.52% nickel from 250.2 to 254.4 metres and 4.8 metres (15.9 feet) grading 2.11% nickel from 295.5 to 300.3 metres. Table 1 summarizes assay results from this portion of the drilling program. Figure 1 illustrates the location of the drilling.

Greg Collins, Crowflight's Vice President of Exploration, commented on the results of this drilling, stating: "Our objective for this drilling was to assess the resource potential of the near surface extension of the Hinge Zone from drill pads prepared on the ice at Bucko Lake. These holes were unable to be drilled during the summer/fall 2006 program due to the restriction of drilling at that time to sites located along the shoreline. We are encouraged by the results as they demonstrate the potential to expand resources in this area. Additional drill testing of this area and other areas occurring laterally and at depth of known resources, will remain a priority for additional drilling to be conducted from underground infrastructure commencing later this year."

In total, 25 holes, totalling 9,920m were completed during the 2007 winter drill program. Assay results are now available for 15 of the 25 completed holes. Additional drill results including assays from regional exploration targets including Halfway Lake, and projects located approximately 200 kilometres north of the Bucko Deposit in the Thompson Nickel Belt North project area, are pending.




(1) Combined platinum and palladium values

Intersection intervals reported are core lengths, actual true widths are unknown at this time but are generally 70 to 80% of core length. Once known, true widths are calculated for each intersection. These could vary somewhat from time to time as the zones are re-interpreted thereby altering the geometry.


Paul Keller, Crowflight's Vice President of Operations commented on work to investigate this expansion scenario at the Bucko Deposit, stating: "We're excited to see further confirmation of additional resources in this portion of the Hinge Zone. These resources will be further assessed from underground workings or via a ramp decline, currently the subject of an ongoing study. Mining from these upper areas of the Deposit via this decline ramp could enhance production rates at Bucko by as much as 50%, thereby providing additional annual cash from development of the Deposit and enhanced project economics."

A ramp decline is being investigated to extend from a portal located on the eastern shore of Bucko Lake and to advance around the upper extension of the Hinge Zone being investigated in this drilling. This scenario could provide a means by which to increase underground production by providing a secondary means of access to the upper portions of the mine and the presently envisioned internal ramp system, enabling greater mobility of men and equipment as well as a second route for ore haulage.

[HHtrader]

Thu May 31, 2007
Crowflight Regional Exploration Drilling Intersects 32.8 Feet Grading 1.35% Nickel At Halfway Lake
CROWFLIGHT MINERALS INC. (Crowflight, the Company) (TSX Venture Exchange: CML) is pleased to announce that regional exploration drilling conducted at the Halfway Lake area within the Thompson Nickel Belt South Project Area (please refer to Location Map on figure 1.) as part of its 2007 winter drill program intersected 10.0 metres (32.8 feet) grading 1.35% nickel in drill hole HW07-01. The Halfway Lake property is located approximately 20 kilometres north of the Bucko Lake Deposit, currently under construction for an early 2008 start-up to production.

Greg Collins, Crowflight's Vice President of Exploration, commented on the results, stating: "The widths and grade of nickel mineralization encountered at Halfway Lake are consistent with what we commonly observe at our Bucko Lake Deposit. We're encouraged by these results as they enhance the potential that the Halfway Lake property could develop into a new nickel resource for the Company. The dimensions of this deposit are yet to be determined and it remains open in all directions."

Between 1994 and 1996, Falconbridge carried out various airborne and ground geophysical surveys and limited diamond drilling over the Halfway Lake property. Results from this drilling included intercepts of 1.19% nickel over 8.0 metres in hole HW94-02, 1.25% nickel over 5.7 metres in hole HW96-08 and 1.38% nickel over 17.5 metres in hole HW95-05. In 2005, Falconbridge completed a deep hole targeting an area 200 metres vertically below HW96-08 and intersected 0.5% nickel over 17.0 metres. Historical drilling in the Halfway Lake area includes 27 drill holes completed in an area approximately 1 kilometre by 2 kilometres testing depths of 50 to 300 metres below surface (an area approximately 20 times the size of the area hosting the currently known Bucko Lake Deposit and within which there are approximately 225 drill holes).

During the winter of 2007, Crowflight completed two diamond drill holes to establish the continuity of mineralization between the previous widely spaced Falconbridge drilling. Hole HW07-01 targeted an area 100 metres to the north of historical hole HW95-05 and intersected 10 metres of ultramafic rock hosting 15-20% coarse disseminated to net textured sulphides grading 1.35% nickel. Hole HW07-02 was completed from the same set-up testing an area located 100 meters below HW07-01 and encountered a similar sequence of rocks hosting disseminated sulphides grading 0.86% nickel over 2.9 metres. Table 1 presents a summary of recent and historical drilling associated with this occurrence.

In total, 1,167 metres of drilling was conducted from the surface of Halfway Lake during the 2007 Winter Program before spring break-up conditions resulted in the conclusion of all ice supported activities. Figure 2 presents a longitudinal section illustrating the relative position of drill intercepts and assays.

(1) Combined platinum and palladium values
Intersection intervals reported are core lengths, actual true widths are unknown at this time but are generally 70 to 80% of core length. Intersection grades are specific gravity length weighted averages based on assay data provided by ALS Chemex. Once known, true widths are calculated for each intersection. These could vary somewhat from time to time as the zones are re-interpreted thereby altering the geometry.

Crowflight intends to include the results of drilling at Halfway Lake with those from the Apex, M11A North and Bowden Lake Deposits in calculating NI 43-101 compliant Inferred Resources for each of the respective areas. Resources defined during this exercise will be used to facilitate scoping studies or scoping study scenarios on all or a select number of these areas to better ascertain the economic opportunity of each zone. The results of this work will be used to assist in planning future exploration activities with the possibility of developing those areas with the most attractive economic potential. Results from the scoping study work are expected in the third quarter of 2007.

Qualified Person/Quality Control Procedures

This news release has been prepared and revised by Mr. Greg Collins, P.Geo (APGO/APEGM) a Qualified Person under the NI 43-101 guidelines. Fire assays are performed at the ALS Chemex laboratory in Vancouver on all the samples for gold and PGEs which undergo an ICP-AES finish and Sodium Peroxide Fusion. All other metals undergo an ICP-AES finish. Standards and blanks are submitted with each sample batch.

[Damien_Thorn]

Hier nochmal die letzten News auf Deutsch!!!

IRW-News: Crowflight Minerals Inc.
02.07.07 09:45, Quelle: dpa-AFX
IRW-PRESS: Crowflight Minerals Inc.: CROWFLIGHT`S SCOPING STUDY - EIN SZENARIO MIT ERHÖHTEM DURCHSATZ BEI DER NICKELMINE BUCKO ERHÖHT JÄHRLICHEN CASH FLOW AUF $ 78 MILLIONEN

CROWFLIGHT`S SCOPING STUDY - EIN SZENARIO MIT ERHÖHTEM DURCHSATZ BEI DER NICKELMINE BUCKO ERHÖHT JÄHRLICHEN CASH FLOW AUF $ 78 MILLIONEN

CROWFLIGHT MINERALS INC. (Crowflight, das Unternehmen) (TSX Venture Exchange: CML) freut sich, den Abschluss einer Rahmenuntersuchung (Scoping Study) zur Parameterdefinierung eines Szenarios mit erhöhtem Durchsatz bei der Nickellagerstätte Bucko Lake, die sich zurzeit im Bau befindet, bekannt zu geben. Gemäß der Rahmenuntersuchung kann die Produktion auf bis zu 1.500 Tonnen pro Tag (tpd) gesteigert werden, beginnend bei Q3-2009 (eine Erhöhung um 50% im Vergleich zum Produktionslevel der bankfähigen Machbarkeitsstudie (BFS) und unter Verwendung derselben Infrastruktur und desselben Equipments, welche für das Szenario mit 1.000 tpd angenommen wurden (dieses Equipment wurde bewusst zu groß bemessen, um Kapazitäten für eine Erhöhung des Durchsatzes auf 1.500 tpd zu schaffen), wodurch eine derartige Erweiterung möglich ist.

Die zusätzlichen Kapitalkosten zum Erreichen dieser Expansion werden auf $ 8,5 Millionen geschätzt. Bei einem angenommenen Nickelpreis von US$ 8,00 pro Pfund (weniger als ein Drittel des durchschnittlichen Nickelpreises von 2007) würde sich der durchschnittliche jährliche Cashflow der Mine auf $ 78 Millionen erhöhen eine Steigerung um 42% im Vergleich zum Produktionslevel der BFS in Höhe von $ 55,1 Millionen (siehe Pressemitteilung vom 24. April 2007). Die durchschnittlichen jährlichen Cashflowschwankungen je nach unterschiedlichem Nickelpreis sind in Tabelle 1 dargestellt.

Paul Keller, Vice President Operations von Crowflight, kommentierte diese Rahmenuntersuchung wie folgt: 'Das Technikerteam von Crowflight war immer zuversichtlich, dass die Lagerstätte Bucko auf einen höheren Durchsatz erweitert werden kann als in früheren Machbarkeitsstudien angenommen. Die geschätzte Erhöhung der Indicated Mineral Resources um 53% als Folge der Ressourcenexpansionsbohrungen der vergangenen 18 Monate wies dieses Potenzial nach. Größeres Equipment, wie etwa Hubwerke, Fördergerüste und Verdichter, wurde gekauft, um eine Erweiterung des Durchsatzes um 50% im Vergleich zur Machbarkeitsstudie auf 1.500 Tonnen pro Tag zu ermöglichen. Die Rahmenuntersuchung setzt die Kosten für zusätzliches Equipment und Planungsparameter dieser Expansion fest und veranschaulicht die erforderliche Grundlage, um diese Investition, die auf einem bedeutend stabileren jährlichen Cashflow und einem schnelleren Kapitalrückfluss basiert, fortzusetzen.'

Tabelle 1.

Cashflowschwankungen je nach Nickelpreis auf Basis der BFS und des Szenarios mit 1.500 tpd

Jährlicher Jährlicher

NI Cashflow Cashflow

Preis (Basis BFS) (1.500 tpd)

(US$/Pfund) (CDN$ Millionen) (CDN$ Millionen)

$6,00 $32,4 $45,3

$8,00 $55,1 $78,0

$10,00 $77,7 $110,6

$12,00 $100,4 $142,7

$14,00 $123,4 $174,4

Hinweis: Annahme von 1.000 tpd BFS, einschließlich US$:C$-Wechselkurs, Rücklagen und Betriebskosten. In dieser Phase der Studie sind die Betriebskosteneinsparungen in Zusammenhang mit den Auswirkungen dieses höheren Durchsatzes nicht in den Cashflow-Zahlen enthalten. Eine Erhöhung des C$:US$-Wechselkurses um C$ 0,01 hat bei jedem Szenario eine Änderung des durchschnittlichen jährlichen Cashflows um etwa C$ 1,5 Millionen zur Folge.

Thomas Atkins, President und CEO von Crowflight, fügte zu den Kommentaren von Paul Keller Folgendes hinzu: 'Unser Ziel ist es, gegen Ende des dritten Quartals 2007 die Kosten und den Zeitplan der Expansion festzulegen, damit wir in der Lage sind, zu entscheiden, ob wir in die Expansion investieren und möglicherweise mit einigen Aktivitäten, die in Zusammenhang mit dieser Möglichkeit stehen, beginnen werden. Wir sind zuversichtlich, dass die Kombination aus flüssige Geldmittelt, In-the-money-Warrants und über eine Projekt-Darlehensfazilität verfügbares Kapital die entsprechenden Geldquellen für eine Investition in eine Erhöhung um 50% auf eine Produktion von 1.500 Tonnen pro Tag im Jahr 2009 liefern werden.'

Die am 24. April 2007 veröffentlichte bankfähige Machbarkeitsstudie (BFS) ergab eine auf dem Grundstück verfügbare Untergrundmine durch Benutzung des rehabilitierten, aus drei Teilen bestehenden historischen Schachtes sowie eines internen Rampensystems vor allem für Langlochabbau und Contract-Mining von 2,3 Millionen Tonnen einer Proven und Probable Reserve mit einem Nickelgehalt von 1,84%. Das von diesem Schacht abgebaute Erz wurde von einem Oberflächenverdichter mit einer Rate von 1.000 Tonnen pro Tag verarbeitet. Der Verdichter soll etwa 81% des enthaltenen Nickels gewinnen und pro Jahr aus durchschnittlich 12,5 Millionen Pfund konzentriertes Nickel produzieren; die Lebensdauer der Mine soll acht Jahre betragen. Die Kapitalkosten der Projekterschließung werden auf insgesamt $ 66 Millionen geschätzt, einschließlich aller technischen Arbeiten, Beschaffungen, Konstruktion, Management und unvorhergesehenen Ausgaben. Die Produktion soll planmäßig im zweiten Quartal 2008 mit der Produktion beginnen und im Jahr 2015 gemäß den Mineralressourcenschätzungen der BFS beendet werden.

Die Kosten für zusätzliches Equipment und Planungsparameter, die für eine Erweiterung des Durchsatzes auf bis zu 1.500 tpd erforderlich sind, werden während dieser Rahmenarbeiten auf insgesamt $ 8,5 Millionen geschätzt. Diese Schätzung basiert auf den Kosten eines neuen Equipments; Crowflight ist davon überzeugt, gebrauchtes Equipment zu geringeren Kosten erwerben zu können. In dieser Phase der Studie wurden die Einsparungen der Betriebskosten, die in Zusammenhang mit diesem höheren Durchsatz stehen, noch nicht in die wirtschaftlichen Ergebnisse der Expansion miteinbezogen. Zusätzliches Equipment und Planungsparameter umfassen:

Abnahmerampe an der Oberfläche zur Verbindung mit dem internen Untergrundrampensystem und zur Vereinfachung des Transportes von Bergleuten, Service, Equipment, Abfall und seicht liegendem Erz an der Oberfläche, wodurch der Schaft beim Szenario mit 1.000 tpd für die Förderung von zusätzlich abgebautem Erz freigemacht wird.

Installation einer Anlage für bindemittelhaltige Hinterfüllung (vergleichbar mit der in der BFS vorgesehenen Hydraulikanlage für Hinterfüllung), die eine effizientere Hinterfüllung ermöglicht und zur Ablagerung von mehr Abgängen führen könnte als ursprünglich im BFS-Szenario vorgesehen.

Zusätzliche Infrastruktur zur Unterstützung der Mine, einschließlich Belüftung, Pumpen und Infrastruktur in Zusammenhang mit Hinterfüllung, um einen größeren Durchsatz zu ermöglichen.

Die Rahmenuntersuchung verwendete ebenfalls 2,5 Millionen Tonnen an Measured und Indicated Resource mit einem Nickelgehalt von 2,01% (bei einem Cut-off-Gehalt von 1,4% Nickel) und einer Probable Reserve von 2,3 Millionen Tonnen mit einem Nickelgehalt von 1,84%, die auch bei der BFS im April 2007 verwendet wurden. Bei einer Durchsatzrate von 1.500 tpd wird die Lebensdauer der Mine von etwa acht Jahren auf ca. sechs Jahre herabgesetzt. Die Rentabilität des Szenarios mit einem erweiterten Durchsatz ist zwar nicht abhängig von der Lebensdauer der Mine, das technische Personal von Crowflight ist aber dennoch der Ansicht, dass Potenzial vorhanden ist, die Lebensdauer der Mine gemäß dem Szenario mit einem erweiterten Durchsatz mittels unterschiedlicher Methoden zu erweitern. Diese umfassen:

Eine Reduktion des Cut-off-Gehalts bei der Bestimmung der Ressourcen und Reserven innerhalb der Lagerstätte. Auf Basis der in dieser Pressemitteilung dargestellten Tabelle der Ressourcenschwankungen bezüglich der Ressourcen innerhalb der Lagerstätte (vom 7. Dezember 2006) steigt bei einer Reduktion des Cut-off-Gehaltes um 0,2% bei der Berechnung der Measured und Indicated Resource (von 1,4% bis 1,2% Nickel) das innerhalb der Lagerstätte enthaltene Nickel um 37%, wenn auch bei einem um 13% niedrigeren Gehalt 1,75% Nickel.

Erhöhung der Ressourcen und Reserven durch zusätzliche Infill-Bohrungen.

Crowflight plant, die Bohrungen in den Untergrundgrubenbauen im dritten Quartal 2007 zu beginnen, sobald der Zugang zu den rehabilitierten Untergrundgrubenbauen möglich ist (die Rehabilitierungsarbeiten des Schachtes begannen im Mai 2007). Zweck dieser ersten Bohrungen ist eine detaillierte Abbauplanung mit dem Ziel, genügend Ressourcen für die ersten 18 Produktionsmonate zu beschreiben. Nach diesen Arbeiten wird das Unternehmen den Schwerpunkt dieses Untergrundbohrprogramms teilweise auf Ressourcenexpansionsbohrungen legen zunächst von 1.000 auf 2.000 tpd. Das Ressourcenexpansionsbohrprogramm soll erwartungsgemäß gegen Ende 2007 beginnen.

Sobald das Unternehmen die Bohrungen zum Zweck der Abbauplanung ausreichend weiterentwickelt hat, ist es einfacher, einen genauen, überarbeiteten Minenplan bei einem reduzierten Cut-off-Gehalt zu erstellen und die Möglichkeiten zu evaluieren, um die Lebensdauer der Mine bei einer Durchsatzrate von 1.500 tpd durch eine Reduktion des Cut-off-Gehaltes zu erhöhen. Es ist vorgesehen, dass während des dritten Quartals 2008, gemäß der Steigerung der Minenproduktion auf die ursprünglichen 1.000 tpd, Informationen erhalten werden, auf deren Basis die Möglichkeiten abgeschätzt werden können, die Lebensdauer der Mine durch eine Reduktion des Cut-off-Gehaltes und/oder durch zusätzliche Ressourcen des Untergrund-Infill-Bohrprogramms zu erhöhen. Dieser Zeitplan ermöglicht es, die Minenplanung für die Steigerung des Durchsatzes in der ersten Jahreshälfte 2009 sowie die Lebensdauer der Mine, wie in einem oder beiden Szenarien einer erweiterten Ressource dargestellt, durch Infill-Bohrungen und eine eventuelle Reduktion des Cut-off-Gehaltes zu optimieren.

Optionen

Außerdem emittierte das Unternehmen 2.965.000 Optionen auf den Kauf von Stammaktien zu einem Preis von $ 0,94 pro wahrgenommener Option für Vorstände, Direktoren, Angestellte und Berater des Unternehmens. Diese Optionen unterliegen einer regulativen Bewilligung. Die Optionen sollen in den nächsten acht Quartalen in gleichen Anteilen erworben werden und einer gesetzlich verankerten Halteperiode von vier Monaten unterliegen.

[Damien_Thorn]

7/12/2007

TORONTO, ONTARIO, Jul 12, 2007 (MARKET WIRE via COMTEX News Network) --
CROWFLIGHT MINERALS INC. (Crowflight, the Company) (TSX VENTURE: CML) is pleased to announce that the Company and Xstrata Nickel have concluded the transfer of the 5.5 square kilometre Mining Lease 031, which surrounds and includes the Bucko Lake Nickel Deposit, from Xstrata Nickel to Crowflight. Crowflight completed all of its earn-in commitments, including the expenditure of $7.5 million on a Bankable Feasibility Study of a technical standard acceptable to a bank for financing such a project's development and signed all documents for the transfer of ownership of Mining Lease 031 to Crowflight.

Thomas Atkins, President and CEO of Crowflight, commented on the transfer, stating: "It is gratifying that after almost three years of hard work that the Company has accomplished this milestone, having earned a 100% interest in an asset as attractive and with as much potential as Mining Lease 031. We remain confident of our ability to continue to enhance the value of this asset in the future through additional exploration and project development efforts. Construction of the Bucko Lake mine is progressing well and we continue to build our management and operating team to begin nickel production in approximately 12 months time."

Under the terms of the jointly signed Mining Lease Transfer Agreement (refer to press release dated January 31, 2007), Crowflight had the right to earn a 100% interest in Mining Lease 031 by completing its expenditure commitments and having completed a Bankable Feasibility Study. In connection with the closing of the lease transfer, Crowflight has issued 2,000,000 common shares to Xstrata Nickel. These shares are subject to a four-month statutory hold period from the date of issue.

Crowflight Minerals - Canada's Next Nickel Producer

Crowflight Minerals Inc. is a Canadian junior mining exploration and development company listed on the TSX Venture Exchange. The Company is focused on nickel, copper and Platinum Group Mineral ("PGM") projects and currently owns or has under option approximately 600 square kilometres of exploration and development properties in the Thompson Nickel Belt ("TNB") in the province of Manitoba and Sudbury Basin in Ontario.

In the Thompson Nickel Belt, Manitoba, these properties include: (1) the Bucko Lake Nickel Deposit; (2) an earn-in option with Xstrata Nickel on 400 square kilometres in 11 highly prospective properties within the TNB South Project Area (located within 30 kilometres of the Bucko Deposit) and the TNB North Project Area (immediately adjacent to CVRD-Inco's nickel operations at Thompson, Manitoba); and (3) a 100% interest in the Clarke Lake property comprising approximately 100 square kilometres of recently staked ground south and adjacent to the TNB South Project Area that surround the formerly producing Manibridge Mine.

In the Sudbury Basin, Ontario these properties include: (1) the 100% owned AER Kidd Project adjacent to Inco's Totten Deposit (10.1 million tonnes grading 1.5% nickel, 2.0% copper and 4.8 g/t PGM's); (2) the 100% owned Peter's Roost Property, being explored under a joint venture agreement with Wallbridge Mining Co. Ltd.; and (3) the Airport Property (a 50/50 joint venture with Millstream Mines Ltd.) located 4 kilometres south, and on-strike, with Falconbridge's Nickel Rim South Deposit (13.2 million tonnes grading 1.7% nickel, 3.5% copper and 4.1 g/t PGM's).

Further information is available on the Company's web site at www.crowflight.com.

Statements in this release that are not historical facts are "forward-looking statements" within the meaning of applicable securities laws. Readers are cautioned that any such statements are not guarantees of future performance and that actual developments or results may vary materially from those in these "forward-looking statements. The Company cautions investors that the projections for increases to the Indicated Resources are based on Inferred Resources. There is no certainty that these projections will be added to the Indicated Resources or that they will be economically viable.

Total Shares Outstanding: 245.2 million

[The_Newbie]

Analyst Research Report Snapshot


title: Crowflight - Scaling Up

price: $30.00
provider: Orion Securities, Inc.
file info: Available for Immediate Download date: 29 Jun 2007 pages: 6 type: AcrobatPDF
companies referenced: CML=CA
summary:
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Pierre Vaillancourt
[e-mail]

Jeff Woolley
[e-mail]

June 29, 2007

CROWFLIGHT MINERALS INC.

Scaling Up

CML, TSX-V – $1.00 12-Month Target: $1.75
Rating: Overweight
Potential Return: 75%
Market Cap.: $234.8 million

All values in C$ unless otherwise noted.

What’s Changed
Previous New
2008 CFPS ($) $0.19 Unchanged
2009 CFPS ($) $0.58 $0.54
2010 CFPS ($) $0.30 Unchanged
Rating $1.75 Unchanged
Target Overweight Unchanged

What Happened?
* Completion of 1,500 tpd scoping study for Bucko Lake. Crowflight announced
the completion of a scoping study to determine the parameters of an expanded
throughput scenario at the Bucko Lake Nickel Deposit, from 1,000 tpd to 1,500
tpd commencing in Q3/09 at an additional cost of $8.5 million. The larger
scale operation would use much of the same infrastructure and equipment as
for the 1,000 tpd scenario.
* The scoping study utilized the same 2.3 million tonne Probable Reserve
grading 1.84% nickel as was used in the April 2007 feasibility study. At a
1,500 tpd rate of throughput, the life of the mine is reduced from
approximately eight years to a six. However, Crowflight believes there is
potential to extend the mine life under the expanded throughput scenario
through a reduction of the cut-off grade and increases in resources and
reserves through additional infill drilling.

What Does it Mean?
* Significant increase in cash flows. Assuming $8.00/lb nickel, average
after-tax annual cash flow from the mine increases from $37 million in the
1,000 tpd scenario, to $54 million in the 1,500 tpd scenario. The increase in
capital costs is only marginally higher by $2 million compared with what we
had modeled in our initiation report. As a result, our net asset valuation is
only affected to a minor extent.


What to Expect?
* Underground drilling to start soon. Crowflight plans to commence drilling
from underground workings during Q3/07 for detailed stope planning purposes
with the objective of having delineated sufficient resources for the first 18
months of production. By year-end, the company will shift part of the focus
of this underground drilling program to resource expansion drilling.
* Tailings license should be ready in time for mine start-up. Crowflight
expects to hear from the federal Department of Fisheries and Oceans to
proceed with the amendment to the Metal Mining Effluent Regulation (MMER) by
mid-September, to be followed by a tailings disposal license for Bucko Lake
by March 2008.
* More resource estimates to come. Crowflight expects to be releasing NI 43-
101 compliant resources on the Bowden Lake, Halfway Lake, Apex and M11A
deposits by the end of July. Regional drilling is expected to begin in the
fall.

What to Do
* We maintain our Overweight rating on Crowflight. Despite a deteriorating
nickel price environment, we believe the economics of the project remain
strong. We anticipate that additions to resources will add to the mine life
at Bucko Lake and the NAV of the stock.

Disclaimers
Orion Securities Inc. has acted as a financial agent (underwriter) for
Crowflight Minerals Inc. within the past two years.
Orion Securities Inc. holds options or compensation shares related to
Crowflight Minerals Inc.
The primary analyst for Crowflight Minerals Inc. has visited its material
operations and development assets within the past year. The company has
furnished local transportation and accommodations as part of these site
visits.
The analyst authoring this report controls shares in Crowflight Minerals Inc.