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CML Canickel Mining Limited

0.04
0.00 (0.00%)
03 Jun 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
Canickel Mining Limited TSXV:CML TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.04 0.035 0.045 0 01:00:00

Crowflight Provides Update on Underground Drilling at Bucko

25/06/2008 1:02pm

Marketwired Canada


CROWFLIGHT MINERALS INC. (Crowflight, the Company) (TSX VENTURE:CML) today
presents results from underground drilling activities at its wholly-owned Bucko
Lake Nickel Project (Bucko) located in the Thompson Nickel Belt near Wabowden,
Manitoba.


Detailed drilling from the 1,000 foot level has confirmed reserves for initial
production. In addition, two new zones of lower grade mineralization near
existing development have been outlined. These areas have been chosen as the
focus of initial mining, with mining from these areas expected to commence in
August. Definition drilling targeting the central portion of the deposit on
sections 517 and 521N is well in progress. Results from drilling to date have
been consistent with expectations.


Highlights from the assay results include:

- Hole BUD-8 intersected 7.50 metres grading 3.18% nickel

- Hole BUD-9 intersected 4.98 metres grading 1.97% nickel

- Hole BUD-10 intersected 6.20 metres grading 1.55% nickel

- Hole BUD-47 intersected 6.60 metres grading 2.08% nickel

Table 1 provides a summary of highlight intervals from the 12 assayed holes
received to date. Figure 1 illustrates the schematic location of the holes
completed thus far at Bucko.


Two underground diamond drills operated by Boart Longyear are stationed on the
1,000 foot level and have completed 30 holes totalling 5,371 metres to date. The
drilling results confirm the location and quality of reserves in advance of
development crews currently driving lateral development toward areas of initial
ore extraction.




Table 1.
Assay Results from 1,000 Foot Level Delineation Program 
----------------------------------------------------------------------
----------------------------------------------------------------------
                                   Core      Core                     
----------------------------------------------------------------------
Drill Hole     From        To    Length    Length      Ni%     Section
----------------------------------------------------------------------
                 (m)       (m)       (m)    (feet)       %            
----------------------------------------------------------------------
----------------------------------------------------------------------

----------------------------------------------------------------------
BUD-1         64.42     70.00      5.58     18.31    0.98          513
----------------------------------------------------------------------
BUD-1         77.43     84.85      7.42     24.34    1.07          513
----------------------------------------------------------------------
BUD-1         92.81     99.20      6.39     20.96    1.14          513
----------------------------------------------------------------------

----------------------------------------------------------------------
BUD-2         58.82     66.50      7.68     25.20    1.08          513
----------------------------------------------------------------------
BUD-2         71.41     75.60      4.19     13.75    1.08          513
----------------------------------------------------------------------
BUD-2         80.30     83.30      3.00      9.84    0.89          513
----------------------------------------------------------------------

----------------------------------------------------------------------
BUD-3         61.68     65.72      4.04     13.25    0.90          513
----------------------------------------------------------------------
BUD-3         73.95     78.50      4.55     14.93    1.06          513
----------------------------------------------------------------------
BUD-3         73.95     82.64      8.69     28.51    0.91          513
----------------------------------------------------------------------

----------------------------------------------------------------------
BUD-4         53.31     66.50     13.19     43.27    0.83          513
----------------------------------------------------------------------
BUD-4         78.50     86.00      7.50     24.61    0.87          513
----------------------------------------------------------------------

----------------------------------------------------------------------
BUD-5         55.69     58.00      2.31      7.58    1.14          515
----------------------------------------------------------------------

----------------------------------------------------------------------
BUD-6         78.00     79.35      1.35      4.43    1.03          515
----------------------------------------------------------------------

----------------------------------------------------------------------
BUD-7         87.20     90.29      3.09     10.14    1.06          515
----------------------------------------------------------------------

----------------------------------------------------------------------
BUD-8        166.88    170.33      3.45     11.32    2.17          521
----------------------------------------------------------------------
BUD-8        193.00    202.27      9.27     30.41    2.82          521
----------------------------------------------------------------------
Incl.        193.00    200.50      7.50     24.61    3.18          521
----------------------------------------------------------------------

----------------------------------------------------------------------
BUD-9        135.71    147.84     12.13     39.80    1.44          521
----------------------------------------------------------------------
BUD-9        172.82    177.80      4.98     16.34    1.97          521
----------------------------------------------------------------------
BUD-9        182.80    186.00      3.20     10.50    1.37          521
----------------------------------------------------------------------

----------------------------------------------------------------------
BUD-10       134.80    141.00      6.20     20.34    1.55          521
----------------------------------------------------------------------

----------------------------------------------------------------------
BUD-11       109.49    115.75      6.26     20.54    1.13          521
----------------------------------------------------------------------

----------------------------------------------------------------------
BUD-11        126.5    133.09      6.59     21.62    1.36          521
----------------------------------------------------------------------

----------------------------------------------------------------------
BUD-47       101.51    108.11       6.6     21.65    2.08          517
----------------------------------------------------------------------
----------------------------------------------------------------------

Intersection intervals reported are core lengths; actual true widths are 
unknown at this time but are generally 70 to 80% of core length. Once known,
true widths are calculated for each intersection. These could vary somewhat
from time to time as the zones are re-interpreted thereby altering the
geometry.



Stock Option Terms Amendment & Investor Relations Agreements

Crowflight also announces that it has amended the terms of certain stock options
granted in March 2007.


In March 2007, the Company granted an aggregate of 5 million options to European
investor relations consultants, Arvin Consultants and Talman Alliance. These
options constitute the total consideration offered to these investor relations
consultants. Of these options 1 million options have an exercise price of $0.60,
1 million options have an exercise price of $0.70, 1 million options have an
exercise price of $0.80, 1 million options have an exercise price of $0.90, and
1 million options have an exercise price of $1.00. Crowflight has amended these
options by cancelling 500,000 of the options with an exercise price of $0.80 and
all of the options with exercise prices of $0.90 and $1.00, for a total of 2.5
million cancelled options. The remaining options are scheduled to expire on
March 30, 2009. Arvin Consultants and Talman Alliance are investment and
merchant banking firms that advise emerging junior and small-cap companies with
respect to corporate financing and corporate transactions. Crowflight engaged
these firms, beginning in March 2007 and continuing on an on-going basis, to
develop corporate opportunities for the Company, advance the interests and
profile of the Company within German speaking regions of Europe, establish
contact with potential partners and significant investors and provide market
making services in connection with the Company's listing on the Frankfurt Stock
Exchange.


These options have been cancelled to reflect the Company's increased internal
handling of investor relations activities.


The Company has employed Heather Colpitts as its Manager, Investor and Public
Relations on a full-time, on-going basis since May 2007 to handle the Company's
marketing and investor relations initiatives. Prior to joining Crowflight, she
was an Account Manager for a number of domestic and international resource
companies at CHF Investor Relations, a Toronto-based consulting firm. Ms.
Colpitts holds a Master of Arts degree in English from McMaster University in
Ontario and a Bachelor of Arts degree with Distinction from Mount Allison
University in New Brunswick. Upon her appointment, she was granted 100,000 stock
options, the terms of which were disclosed in the press release dated June 28,
2007. In addition, she receives an annual salary.


Qualified Person/Quality Control Procedures

This press release has been prepared and reviewed by Mr. Greg Collins, P.Geo
(APGO/APEGM), a Qualified Person under the National Instrument 43-101
guidelines. All assays were performed at the ALS-Chemex laboratory in Vancouver
and undergo an ICP-AES finish and Sodium Peroxide Fusion. Standards and blanks
are submitted with each sample batch.


Crowflight Minerals - Canada's Next Nickel Producer

Crowflight Minerals Inc. (TSX VENTURE:CML) is a Canadian junior mining
exploration and development company focused on nickel, copper and Platinum Group
Mineral (PGM) projects in the Thompson Nickel Belt 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 fully-funded Bucko Lake Nickel Project
located near Wabowden, Manitoba into production by the third quarter of 2008.


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
estimated capital and operating costs, expected production timeline, benefits of
updated development plans, foreign exchange assumptions and regulatory
approvals. 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.


Total Shares Outstanding: 269.6MM

Fully Diluted: 308.3MM

52-Week Trading Range: C$0.45 - $1.06

To view Figure 1. Assay Results from 1000' Level Delineation Program, please
visit the following link:


http://media3.marketwire.com/docs/cml0625.pdf

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