Crowflight Options AER Kidd Property in Sudbury; Provides Additional Debt Facility Details
20 Fevereiro 2008 - 10:00AM
Marketwired
TORONTO, ONTARIO (TSX VENTURE: CML) today announces that it has
entered into an option agreement (the "Agreement") with a private
Ontario company (the "Optionor") in respect of the AER Kidd
Property (the "Property") near Sudbury, Ontario.
Pursuant to the Agreement, the Optionor can earn up to a 50%
interest in the Property upon the satisfaction of the following
conditions: payment to Crowflight of $85,000 upon execution of the
Agreement, assuming all future advance royalty payments due in
respect of the Property, and incurring a minimum of $5.0 million in
exploration expenditures on the Property by December 31, 2009. The
Agreement also provides that Optionor may earn an additional 20%
interest in the Property by incurring additional expenditures on
the Property of $7.0 million prior to December 31, 2013 and
continuing to make all royalty payments due and payable prior to
the expenditure of the entire $7.0 million. Upon earning a 50%
interest in the Property, Crowflight and Optionor shall enter into
a joint venture in respect of the Property.
Mike Hoffman, Crowflight's President and CEO commented: "By
optioning AER Kidd, we are leveraging the value of our large
Manitoba and Ontario land position while still maintaining an
interest in the property. We feel there is more value for our
shareholders at this time by concentrating our expansion efforts in
the Thompson Nickel Belt area."
The Optionor has agreed that it will not acquire any interest in
any property in the Province of Manitoba that has potential nickel
mineralization for a period of two years from the date of the
Option Agreement. The Option Agreement remains conditional upon
receipt of all necessary approvals, including approval from the TSX
Venture Exchange, if necessary, and from the beneficial owners of
the Property from whom Crowflight has obtained an option to earn an
interest in the Property.
Further to the press release dated February 13, 2008 regarding
the closing of the $55 million debt facility finance from RMB
Resources, Crowflight wishes to clarify that the exercise price of
the warrants is $0.6435 per warrant.
Further to enquiries from investors, Crowflight would also like
to clarify the metal price protection requirements of the recent
debt financing. As part of the RMB loan agreement, it is necessary
for Crowflight to put in place a metal price protection program for
a portion of the Bucko Mine's production over the life of the loan.
The minimum required price protection is approximately 30% of
production over the first four years of commercial mine production.
Crowflight is currently reviewing the options available for
implementing this program. Crowflight may increase the percentage
of production included in this program depending on metal prices,
metal price forecasts and general economic conditions.
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 Bucko Nickel deposit
located near Wabowden, Manitoba into production by mid-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
the Company's business activities and plans, the impact and
benefits of the AER Kidd option and receipt of regulatory approval.
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.
TSX-V Trading Symbol: CML
Total Shares Outstanding: 250.7MM
Fully Diluted: 282.7MM
52-Week Trading Range: C$0.45 - $1.35
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Contacts: Crowflight Minerals Mike Hoffman President and CEO
(416) 861-2964 Crowflight Minerals Heather Colpitts Manager,
Investor and Public Relations (416) 861-5803 Email:
info@crowflight.com Website: www.crowflight.com
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