Crowflight Partners With Pure Nickel to Explore Past Producing Manibridge Mine
November 15 2007 - 10:21AM
Marketwired
TORONTO, ONTARIO (TSX VENTURE: CML) is pleased to announce that
it has entered into a 50-50 Joint Venture Agreement with Pure
Nickel Inc. to explore for and develop nickel deposits on
properties controlled by both parties proximal to the past
producing Manibridge Nickel Mine, approximately 20 kilometres south
of the town of Wabowden, Manitoba. In a separate but related
transaction, Crowflight has concluded an option agreement with
Hudson Bay Exploration and Development Ltd. (HBED) to acquire a
100% interest in two claims within the area of interest of the Pure
Nickel Joint Venture.
Pursuant to the terms of the agreement with Pure Nickel, each
party will contribute property to the Joint Venture and make an
initial aggregate contribution of $6 million over a three year
period to fund preliminary exploration activities within the joint
venture area and perform further detailed technical studies as
necessary to evaluate the potential for development and mining on
the properties. Crowflight will be the operator of the joint
venture. In addition, Pure Nickel will have an option to earn a 50%
interest from Crowflight in the Pure Nickel Option Area (see Figure
1) surrounding the JV area by spending $1.5 million over a three
year period.
Mike Hoffman, Crowflight's President and CEO commented: "We are
very excited about this joint venture with a solid partner such as
Pure Nickel. We feel that enormous potential remains in this area,
and given that we will soon have an operational mill nearby, it is
in Crowflight's best interest to continue exploration work in an
area that has been a proven mineral producer in the past."
Jay Jaski, Pure Nickel's Chairman and CEO commented: "This
transaction will enable Pure Nickel to leverage the potential at
Manibridge by exploring not only the areas surrounding the mine but
the historical mineralization along strike that are evident in
exploratory drill holes from the 1960s and 1970s. By partnering
with Crowflight not only we do team up with a strong management and
exploration team, it is a company that is committed to the highly
prospective Thompson Nickel Belt properties and discovery of
additional sources of mill feed for its Bucko operation."
Properties contributed by Pure Nickel to the joint venture
contain the claims and tailings deposition area of the past
producing Manibridge Mine and are subject to rights held by Xstrata
Nickel, a business unit of Xstrata Canada Corporation ("Xstrata")
pursuant to an exploration property purchase agreement entered into
between Xstrata and Pure Nickel on August 2, 2007. Specifically,
Xstrata will, among other things (i) retain an off-take option to
purchase all or any portion of concentrates and other mineral and
other mineral products produced from the affected properties; and
(ii) be entitled to a 2% net smelter return (NSR) royalty with
respect to the Pure Nickel claims.
Properties contributed by Crowflight are shown on the attached
map Figure 1.
Under to the terms of the HBED Agreement on the NIM Claims,
Crowflight must make cash payments of $250,000 and fund a total of
$750,000 in exploration expenditures by 2011 to earn a 100%
interest in the property subject to a back in clause, right of
offer for off-take, and a 2% NSR.
Execution of the JV Agreement is anticipated to occur on or
around November 15, 2007 and is subject to applicable
approvals.
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. is a Canadian junior mining exploration
and development company 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 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.
About Pure Nickel Inc.
Pure Nickel is a mineral exploration company with multiple
nickel sulphide and PGE projects in Canada and Alaska. Pure Nickel
is well on its way to becoming one of the largest nickel
exploration companies in North America. The above noted transaction
accelerates Pure Nickel's aggressive drilling program beyond its
three core properties, MAN and Salt Chuck in Alaska and William
Lake, Manitoba. The Company's 2008 drilling program is fully
funded.
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 joint
venture, 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
Figure 1: Joint Venture Project Location Map is available at the
following web link:
http://www.ccnmatthews.com/docs/crowflight-map.pdf
The TSX has not reviewed and does not accept responsibility for
the adequacy or accuracy of this release.
Contacts: Crowflight Minerals Inc. Mike Hoffman President and
CEO (416) 861-2964 Crowflight Minerals Inc. Heather Colpitts
Manager, Investor and Public Relations (416) 861-5803 Email:
info@crowflight.com Website: www.crowflight.com
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