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CROWFLIGHT MINERALS INC. (Crowflight, the Company) (TSX Venture
Exchange: 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.
http://www.crowflight.com.editmec.com/i/misc/cmi-nov152007-map.gifUnder 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.
The TSX has not reviewed and does not accept responsibility for the
adequacy or accuracy of this release.
Further information is available on the Company's website at
www.crowflight.com or contact:
Mike Hoffman
President and CEO
Crowflight Minerals