Crowflight Provides 2011 Outlook
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/30/11 -- CROWFLIGHT MINERALS INC. ('Crowflight' or the 'Company') (TSX: CML) is pleased to announce that it will resume the mine operation at Bucko Lake Mine in April 2011 and expects to mine 220,000 tonnes of ore in 2011 to produce approximately five million pounds of payable nickel. If the nickel price is trading at $12 per pound, the Company expects to generate $20 million cash flow from the operation of Bucko Lake Mine in 2011.
Capital expenditures in 2011 at Bucko Lake Mine are budgeted at $15 million, of which $6 million is for the acquisition of mining equipment, and the remaining $9 million for mine development, backfill plant upgrade, and tailing facility expansion.
The Company also budgets $3.0 million exploration expenditures in 2011, including carrying out 12,000 meters of diamond drilling program at the Thompson Nickel Belt Exploration Properties with intention to upgrade the mineral resources and assess the economic potential of the M11A zone.
Mine operation at Bucko Lake Mine was temporally suspended in October 2010 in order to facilitate the introduction of its own underground mining equipment and team and to make readjustments to address certain operation issues. In 2010, the Company sold a total of $2.1 million pound of nickel and reported a net loss of $34.2 million.
About Crowflight Minerals Inc.
Crowflight Minerals Inc. (TSX: CML) is a Canadian junior mining company that owns and operates the Bucko Lake Nickel Mine near Wabowden, Manitoba. 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. 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. 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 those 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.
Contacts:
Crowflight Minerals Inc.
Derek Liu
CFO and Corporate Secretary
778-372-1806
604-254-8863 (FAX)
www.crowflight.com