Tue Apr 24, 2007
Crowflight Files Bankable Feasibility Study on SEDAR, Study Discusses Activities to Further Enhance Project Economics
CROWFLIGHT MINERALS INC. (Crowflight, the Company) (TSX Venture Exchange: CML) is pleased to announce that it has filed the completed Bankable Feasibility Study (BFS) report on Sedar (www.sedar.com) which describes the results from the recently announced updated BFS (press release dated March 22, 2007). This study describes the various components of the technical and economic study regarding the development, mining and processing of the Bucko Deposit nickel ore via an underground mine and surface concentrator operation.
Thomas Atkins, President and CEO of Crowflight commented on the filing of the BFS stating: "With the filing of the report it's now available for investor's review. It also advances a significant milestone for the Company in that its completion satisfies the final component that permits the transfer of the Bucko Mining Lease from Xstrata Nickel to Crowflight. We're pleased with the results of the report and particularly excited by the activities underway to further enhance the confidence, performance and economics of the project as we advance towards production."
The study, employed the services of engineering specialists in a number of disciplines and was coordinated by Micon International and included the following firms.
Task
Consultant
§
Study Compilation/Coordination
§
Micon International
Geological Resources
§
P & E Mining Consultants
Metallurgy
§
G & T Metallurgical Services Ltd.
Plant Design and Costing
§
Met Chem Canada Inc.
Geotechnical/Tailings Design
§
Golder Associates Ltd.
Mine Design and Scheduling
§
AST Mining
Mine Costing
§
Dumas Contracting
Environmental/Permitting
Wardrop
§
What is of particular interest in the BFS report is that it describes planning and activities underway to further enhance the confidence, performance and potential economic return from the Deposit, including activities to enhance confidence in an expanded through-put scenario. These activities include:
* Drilling to enhance the confidence in the resources and reserves within the Deposit;
* Nature and distribution of mineralization;
* Definitive mine lay-out;
* Enhanced geotechnical characteristics of the host rock in which development is to take place and of the ore to be mined;
* Improved metallurgical processes and concentrator flow sheet efficiencies;
* Studies to consider the merits and potential of more efficient operating parameters, particularly the application of a paste backfill plant and a ramp from surface to underground ramp system; and
* Expanded through-put and efforts to expand the resources and reserves as extensions to the known Deposit.
The study recommends that these activities continue to be advanced and that results from this work be used to enhance the confidence, performance and potential through-put of the project coincident with project development activities.
Of particular interest is the current work being advanced with respect to: (1) metallurgical process and recoveries; (2) expanded through-put; and (3) opportunities to expand the nickel resources within the Deposit.
Regarding metallurgical improvements, the primary objectives of this work is to:
* Identify any potential mineralogical constraints of the previously developed Bucko Lake concentrator process;
* optimize metallurgical performance at coarser primary grind; and
* optimize reagent dosages in an effort to reduce reagent costs.
At the time of writing of the report only initial test results were available, however these results, indicate the potential to improve nickel recovery, concentrate grade and concentrate quality (further reduction in any possible deleterious elements) and reduce operating costs. More detailed results from this work are expected towards the end of the second quarter 2007.
As regards potential to expand through-put, the Company is evaluating more efficient backfilling and improved access to, and within, the underground workings via a ramp from the top of the currently designed underground workings to surface, in addition to the previously mentioned activities related to the metallurgical process. The objective is that with improvements in grinding, recoveries, backfilling and access, opportunities to expand through-put can be facilitated. Crowflight hopes to have greater certainty as to the cost and timing of these opportunities in the third quarter of this year such that it may consider implementing some of these changes coincident with project construction and development.
Regarding nickel resource expansion potential, Crowflight geologists and the Company's mineral resource consultant believe there is excellent potential to continue to increase nickel resources in the following areas:
* Hinge Zone from surface to 900 m depth.
* Southern extension of the West Limb of the Deposit from the 1000 Level (300 m depth) to the 2000 Level (600 m depth).
* Extensions to the main trend of the Deposit at depth from the 2000 Level (600 m depth) initially down to the 3000 Level (900 m depth).
Upon obtaining underground access in the third quarter of this year, the focus of underground drilling will be to in-fill drill for detailed stope planning purposes for the first 18 months of production. As the underground delineation drilling program is sufficiently advanced (towards the end of 2007), Crowflight intends to direct a portion of its underground drilling efforts towards additional resource delineation drilling from these underground workings further thereby further testing the opportunity to expand the mineral resources of the Deposit in a cost and time efficient manner.
Qualified Person/Quality Control Procedures
This press release has been reviewed by Mr. Paul Keller, P. Eng., Crowflight's Vice President Operations and Mr. Greg Collins, P. Geo., Crowflight's Vice President Exploration, Qualified Persons under the National Instrument 43-101 guidelines. National Instrument 43-101 compliant Indicated Resources have been calculated by Eugene Puritch, P.Eng. and Dr. Wayne Ewert, P. Geo. of P&E Mining Consultants Inc. of Brampton, Ontario.
Crowflight -- The Base Metal Builder
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, 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 regarding Crowflight, including details of its properties, and where relevant its earn-in interests in properties, 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 the U.S. Private Securities Litigation Reform Act of 1995. 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. viable.
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