Crowflight Announces Changes to Board of Directors; King Place Increases Its Investment in Crowflight
TORONTO, ONTARIO -- (Marketwire) -- 06/16/10 -- CROWFLIGHT MINERALS INC. ('Crowflight' or the 'Company') (TSX: CML) announced that Michael Barton and Gregory Radke have resigned from the Board of Directors of the Company. Messrs. Barton and Radke represented Pala Investments Holdings Limited ('Pala') on the Board.
Their resignation occurs in light of Pala selling all 152,311,221 common shares and 50,588,235 warrants of Crowflight that it held to King Place Enterprises Limited ('King Place') for a total purchase price of CAD$30.75 million. King Place has disclosed that, as a result of this purchase, it holds a total of 247,029,971 Crowflight common shares (representing approximately 42.3% of the outstanding common shares) and 50,588,235 Crowflight share purchase warrants.
The Board and management of Crowflight would like to publicly welcome King Place as Crowflight's largest shareholder. King Place has been supportive of the Company over the past eight months as the Company has successfully re-started the Bucko Lake Mine. Stan Bharti, the Chairman of the Company, stated, 'The Company welcomes King Place as its largest shareholder. We look forward to working with King Place, which has repeatedly demonstrated its support of the Company during the past year, to continue to increase production at the Bucko Lake Mine. We believe that the Company has significant potential to create shareholder value through both production and exploration efforts.'
King Place is a private company which is now affiliated with Hebei Wenfeng Industrial Group, the parent company of Hebei Wenfeng Iron and Steel Co., Ltd., a significant Chinese steel producing company.
Mr. Shaofeng Ge, President of King Place, commented at the time of the purchase of Pala's securities: 'This increased investment represents our confidence in the management of Crowflight, its underlying assets and in the future of nickel mining in Canada. We hope to be a constructive technical and financial resource for Crowflight going forward.'
Stan Bharti, the Chairman of the Company, stated, 'The Company would also like to thank Michael Barton and Greg Radke for their support and contribution to the Company, both as directors and as shareholders through Pala.'
About Crowflight Minerals
Crowflight Minerals Inc. (TSX: CML) is a Canadian junior mining company that owns the Bucko Lake Nickel Mine near Wabowden, Manitoba that recently resumed production. The Company also holds nickel, copper and Platinum Group Mineral (PGM) projects in the Thompson Nickel Belt and Sudbury Basin.
Cautionary Note on Forward-Looking Information
This press release contains forward-looking statements under Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the Company's development potential and timetable of the Company's properties, including the Bucko Lake Project; the future price of nickel and other minerals; foreign exchange rates; the estimation of mineral reserves and mineral resources; conclusions of economic evaluations; the realization of mineral reserve estimates; the timing and amount of estimated future production; costs of production; capital expenditures; success of exploration activities; mining or processing issues; currency exchange rates; government regulation of mining operations; and environmental risks. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as 'plans', 'expects' or 'does not expect', 'is expected', 'budget', 'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates' or 'does not anticipate', or 'believes', or variations of such words and phrases or statements that certain actions, events or results 'may', 'could', 'would', 'might' or 'will be taken', 'occur' or 'be achieved'. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made.
Estimates regarding the anticipated timing, amount and cost of mining at the Bucko Lake Project are based on assumptions underlying mineral reserve and mineral resource estimates and the probability of realizing such estimates that are set out herein. Capital and operating cost estimates are based on extensive research of the Company, purchase orders placed by the Company to date, recent estimates of construction and mining costs and other factors that are set out herein. Production estimates are based on mine plans and production schedules, which have been developed by the Company's personnel and independent consultants. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements, including but not limited to risks related to: unexpected events and delays during construction, expansion and start-up; variations in mineral grade and recovery rates; receipt and revocation of government approvals; timing and availability of external financing on acceptable terms; actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of minerals, particularly nickel; failure of plant, equipment or processes to operate as anticipated; reliance on joint venture partners; accidents, labour disputes and other risks of the mining industry and those other risks of the Company described in its annual information form that is available under its profile on SEDAR at www.sedar.com. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.
Further information is available on the Company's website at www.crowflight.com.
Contacts:
Crowflight Minerals
Mark Trevisiol
President & CEO
(416) 861-5893
Crowflight Minerals
Heather Colpitts
Manager, Investor and Public Relations
(416) 861-5803
info@crowflight.com