TORONTO, ONTARIO--(Marketwire - Feb. 24, 2010) - CROWFLIGHT MINERALS INC. ("Crowflight" or the "Company") (TSX:CML) announced today its 2010 outlook for production from the Bucko Lake Nickel Mine ("Bucko Mine") located in the Thompson Nickel Belt near Wabowden, Manitoba.
Crowflight's production targets for 2010 from Bucko are approximately 8.6 million pounds of payable nickel based on projections of 342,000 tonnes at a 1.63% nickel grade and assuming a 78% recovery. The average operating cash costs(1) for the entire year are projected to be between US$5.70 - $5.90 per pound of payable nickel (using a US:CAD exchange rate of 0.94) as a result of lower tonnages in the first half of 2010 as the mine resumes production. The average operating cash cost(1) projected for the second half of the year is expected to average US$5.15 - $5.35 per pound of payable nickel when the mine is expected to be in full production.
Crowflight currently estimates capital requirements for 2010 to be approximately CAD$14 million for continued mine development, upgrading of the backfill plant and increasing the tailings pond capacity.
Further to the Bucko operational update that Crowflight provided earlier this month (see press release dated February 1, 2010), the ramp connecting surface to the 1,000' Level has been completed. The ramp connection has been designed to develop access to new areas for mining and allow for the use of large 40-tonne class trucks to haul ore directly from the stoping levels to surface. The trucking via ramp is important to allow for efficient mining cycle time as well as the continuous transport of ore to surface from a number of operating mining levels.
Crowflight's President and CEO Mark Trevisiol stated, "We are pleased to announce that production mining activities have resumed at Bucko and we are ramping up to achieve our second quarter target of 1,000 tonnes per day of ore. We anticipate that milling operations and shipments of concentrate will restart in early March as planned."
(1) Non-GAAP Measure
This press release refers to cash cost per pound, which is net of by-product credits, and is not a recognized measure under Canadian GAAP. This non-GAAP financial measure does not have any standardized meaning prescribed by Canadian GAAP and is therefore unlikely to be comparable to a similar measure presented by other issuers. Management uses this measure internally. The use of this measure enables management to better assess performance trends. Management understands that a number of investors and others who follow the Company's performance assess performance in this way. This data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with Canadian GAAP.
Qualified Person/Quality Control Procedures
This press release has been prepared and reviewed by Mr. Greg Collins, P.Geo. (APGO/APEGM) and VP Exploration of Crowflight and Stephen Davies, P.Eng., both of whom are Qualified Persons under the National Instrument 43-101 guidelines.
About Crowflight Minerals
Crowflight Minerals Inc. (TSX:CML) is a Canadian junior mining company that owns the Bucko Lake Nickel Mine near Wabowden, Manitoba. The Company is also focused on nickel, copper and Platinum Group Mineral (PGM) projects in the Thompson Nickel Belt and Sudbury Basin.
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