Crowflight Declares Commerical Production at Bucko Mine
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TORONTO, ONTARIO, Jun 10 (MARKET WIRE) --
CROWFLIGHT MINERALS INC. (the "Company") (TSX: CML) today announced that,
as of June 1, 2009, it has achieved commercial production at its
wholly-owned Bucko Lake Nickel Mine (Bucko) located in the Thompson
Nickel Belt near Wabowden, Manitoba (commercial production being defined
as throughput greater than 60% of mill nameplate capacity).
Initial production at Bucko commenced during December 2008 and the first
shipment of nickel concentrate to Xstrata's integrated processing
facility in Sudbury, Ontario was achieved by February, 2009. Crowflight
has continued making regular shipments of concentrate to the Xstrata
facility since that time.
Bucko Production Key Performance Indicators (KPI) for the month of May
are as follows:
Tonnes processed: 20,041
Grade: 1.08% Ni
Average Tonnes Per Day (TPD): 647
Mill Performance: 64.7% of design capacity
Nickel Concentrate Produced: 660 Tonnes
Nickel Concentrate Grade: 20.3%
Contained Pounds of Nickel: 295,372
Recovery: 62%
Repairs to the cone crusher, modifications to the reagent distribution
system and shaft conveyance maintenance resulted in eight lost days of
processing during the month. Discounting these lost days, the mill
throughput averaged 811 TPD and nine days saw processing rates average
969 TPD. Both the mill and mine performance KPI's continue to steadily
improve as the operation ramps up to full production of 1,000 TPD, which
is expected by mid-summer.
Underground mining activities continue to accelerate with two stopes
producing from the 1,000 to 900 foot levels and the first stope between
the 500 to 450 levels is scheduled for production during July.
In conjunction with the declaration of commercial production, Crowflight
will make a royalty payment to Xstrata of CAD $500,000 as per the terms
of the Earn-In Agreement.
Crowflight Minerals - Canada's Newest Nickel Producer
Crowflight Minerals Inc. (TSX: CML) is a debt-free Canadian junior mining
company that is producing nickel at the Bucko Lake Nickel Mine near
Wabowden, Manitoba. Crowflight achieved full commercial production at
Bucko in the second quarter of 2009. The Company is also focused on
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 Bucko's production and
development potential and timetable; the future price of nickel; the
timing and amount of estimated future exploration and production; costs
of future activities; success of exploration and production activities;
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 mineral resources and mineral reserves are
based on extensive analysis regarding exploration information obtained
for diverse sources, including drill results; such analysis being
conducted by company geologists and verified by third party 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 Crowflight to be materially
different from those expressed or implied by such forward-looking
statements. Although management of Crowflight 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.
TSX Trading Symbol: CML
Total Shares Outstanding: 368.9MM
Fully Diluted: 450.3MM
52-Week Trading Range: C$0.09 - $0.72
Contacts:
Crowflight Minerals Inc.
Mike Kelly
President & CEO
(416) 861-2266
Crowflight Minerals Inc.
Heather Colpitts
Manager, Investor and Public Relations
(416) 861-5803
info@crowflight.com
www.crowflight.com
Copyright 2009, Market Wire, All rights reserved.
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