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Canadian Company Spotlight
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Crowflight Minerals Inc. Website:
Click
Here |
Information As Of August 5,
2008 |
| Exchange:
TSX Venture |
Market Cap:
85.6 Million |
| Outstanding Shares:
267.4 Million |
52 Low / High:
$0.30 / $0.93 |
|
Price
August 5, 2008:
$0.32 |
CML Stock Quote and News:
Click Here |
"Production at
Bucko is scheduled to commence by Q3 2008 at the rate of 1,000
tonnes per day (tpd), yielding 11.1 million pounds of payable
nickel per year on average. Operating costs, including
smelting and refining, are US $4.32/lb, while recent nickel
prices have been US $8/lb"
Overview
Crowflight Minerals Inc. 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.
Investment
Highlights
- Production at Bucko is scheduled to commence by Q3 2008
at the rate of 1,000 tonnes per day (tpd), yielding 11.1
million pounds of payable nickel per year on average.
Operating costs, including smelting and refining, are US
$4.32/lb, while recent nickel prices have been US $8/lb.
- A 2007 Bankable Feasibility Study indicates that the
Bucko Lake Nickel Deposit will provide a 92% rate of return
and a net present value of C$201 million at a US$8.00 per
pound nickel price.
- A recent scoping study suggests that for a small
investment of capital, production could be increased by as
much as 50% resulting in a 42% increase in average annual
cash flow. Work continues in 2008 to study the potential of
supplying additional mill feed at this higher rate.
- Continued strong demand for nickel relative to current
and projected supplies suggests a strong nickel price well
into the future.
- The price for nickel, used to make stainless steel, may
rise 20 percent as a shortage of smelters to process ore
into metal constrains supply, Credit Suisse Group said in a
recent report. Nickel may reach $65,000 a metric ton in the
''near term,'' Credit Suisse London-based analysts led by
Jeremy Gray and Eily Ong said in a report dated May 16,
2008.
- Management has proven strengths in exploration, project
development, mine production and finance.
- The Company has an additional 800 square kilometres of
advanced stage properties surrounding the Bucko Lake Deposit
and in the Sudbury Basin.
- Crowflight completed a joint venture in 2007 to explore
the historic Manibridge deposit 20 kilometres south of Bucko
over the next three years.
- The Company has been granted its Environment Act License
from the province of Manitoba to commence production at
Bucko.
Projects
THOMPSON NICKEL BELT, MANITOBA
The Thompson Nickel Belt is one of the world’s most prolific
nickel producing regions and has a long history of production.
Crowflight’s main project within this region is the Bucko Lake
Nickel Deposit, in which the Company has a 100% interest. In
addition, Crowflight has the option to earn a 100% interest
from Xstrata Nickel on 500 sq km of advanced-stage exploration
properties located within 25 km from the Bucko Deposit,
including the M11A, Apex, Bowden Lake and Halfway Lake
deposits. NI 43-101 compliant mineral resource estimates for
these deposits include Inferred Resources at Bowden Lake of 63
million tonnes grading 0.68% nickel at a 0.5% cut-off grade
(almost 1 billion pounds of contained nickel) and at Halfway
Lake of 1.1 million tonnes grading 1.08% nickel at a 0.7%
cut-off grade. Crowflight also has a joint venture with Pure
Nickel to explore the area surrounding the past producing
Manibridge Mine where the partners expect to spend $6 million
over the next 3 years.
SUDBURY BASIN, ONTARIO
The Sudbury Basin is a large 100 km wide oval-shaped
depression in the Canadian Shield that comprises one of the
largest and most plentiful deposits of nickel, copper and PGMs
in the world.
Crowflight owns two properties in the Sudbury Basin,
including:
- The AER Kidd Project (100%), located immediately
adjacent to Inco’s Totten Deposit (10.1 million tonnes
grading 1.5% nickel, 2.0% copper, 4.8 grams/tonne PGMs).
Crowflight recently entered into an option agreement whereby
a private company may earn a 50% interest by spending C$5M
on exploration by 2009.
- At the Peter’s Roost Property (JV with Wallbridge
Mining), located on the North Rim of the Sudbury Basin,
airborne geophysical surveys have identified a number of
targets for further exploration. Wallbridge will spend C$5.0
million over 4 years to earn a 70% interest.
Other Facts
Results from a Bankable Feasibility Study on the Bucko Lake
Nickel Deposit, updated in March 2007, indicate that at a
US$8.00 per pound nickel price, the mine would generate
average annual cash flow of $55 million and deliver a 92% rate
of return and a net present value of C$201 million (at an 8%
discount rate). Production levels at Bucko are expected to be
1,000 tonnes per day or 11 to 14 million pounds of nickel per
year over a seven-year mine life.
A recent scoping study determined that an expanded through-put
scenario that could see production at Bucko increased to up to
1,500 tonnes per day beginning in Q3 2009 would boost annual
average cash flow at US$8.00 per pound nickel to $78 million,
a 42% increase over the base case Bankable Feasibility Study
level.
Resource Facts
Nickel:
-
Nickel is a metallic chemical element with
the symbol Ni and atomic number 28.
-
About 65% of the nickel consumed in the
Western World is used to make stainless steel. Another 12%
goes into superalloys. The remaining 23% of consumption is
divided between alloy steels, rechargeable batteries,
catalysts and other chemicals, coinage, foundry products,
and plating. The largest consumer of nickel is Japan, which
uses 169,600 tonnes per year (2005).
-
Global consumption of nickel is steadily
increasing while inventories have been at historically low
levels for the past five years. The forecasted supply from
current and new projects is insufficient to meet the
forecasted growth in demand. This is expected to be the case
until 2010, supporting a strong nickel price.
Platinum Group Metals (PGM):
-
The platinum group is a collective name
sometimes used for six metallic elements clustered together
in the periodic table.
-
The six platinum group metals are ruthenium,
rhodium, palladium, osmium, iridium, and platinum. They have
similar physical and chemical properties, and tend to occur
together in the same mineral deposits.
Copper:
-
Copper is a chemical element in the periodic
table that has the symbol Cu and atomic number 29. It is a
ductile metal with excellent electrical conductivity, and
finds extensive use as an electrical conductor, heat
conductor, as a building material, and as a component of
various alloys.
Recent News and
Press Releases
Crowflight Finalizes Metals Price Protection Requirements for
Debt Facility
CCNMatthews (Wed, Jul 30)
Crowflight Provides Update on Underground Drilling at Bucko
CCNMatthews (Wed, Jun 25)
Crowflight Appoints Anna Ladd as CFO
CCNMatthews (Mon, May 26)
Crowflight's Final Results From Winter Exploration Drilling
Further Indicate Potential to Expand Bucko Project and
Satellite Deposits
CCNMatthews (Tue, May 20)
Crowflight Provides Bucko Lake Nickel Project Update
CCNMatthews (Thu, May 8)
Crowflight Discovers New Zone of Mineralization at M11A North;
Intersects 26.7 Metres Grading 1.30% Nickel
CCNMatthews (Mon, Apr 21)
RETRANSMISSION: Crowflight Granted License to Commence
Production at Bucko Lake Nickel Project
CCNMatthews (Mon, Mar 31)
Crowflight Granted License to Commence Production at Bucko
Lake Nickel Project
CCNMatthews (Fri, Mar 28)
Crowflight Drilling at Halfway Lake Intersects 13 Metres
Grading 1.6% Nickel
CCNMatthews (Fri, Feb 29)
Crowflight Options AER Kidd Property in Sudbury; Provides
Additional Debt Facility Details
CCNMatthews (Wed, Feb 20)
Management Team
Mike Hoffman
Position: President & CEO
Mr. Hoffman is a professional mining engineer with over 25
years of experience in mine operations, projects,
engineering and corporate development. Mike recently served
in senior executive positions at Goldcorp, Desert Sun Mining
and Yamana Gold. He currently also serves as President and
CEO of Kria Resources Inc., a private mining company. He
also serves on the Board of Directors of Castillian
Resources, Largo Resources and Aberdeen International.
Paul Keller, P. Eng.
Position: Vice President Operations & COO
Mr. Keller is a professional engineer with more than 25
years of experience in mine engineering, operations and mine
management. He joined Crowflight in February of 2005 as Vice
President Operations, and Chief Operating Officer and has
since focused his attention on advancing the development of
the Bucko Nickel Deposit in Manitoba.
Prior to his time at Crowflight, Mr. Keller held a number of
senior management positions with Rio Algom, Homestake,
Barrick and Teck-Cominco; this includes being the Manager of
Underground Operations for the Williams Mine in the Hemlo
gold camp, where he was responsible for managing mine and
maintenance activities for the 5,500 tonne per day
underground gold operation. His experience in mine
engineering, operations management, process improvement,
strategic planning, and team building help him provide
guidance to the Crowflight team.
Mr. Keller has a Bachelor of Engineering degree in Mining
Engineering from Laurentian University.
Greg Collins, P.Geo
Position: Vice President, Exploration
Mr. Collins is a Professional Geologist with close to 15
years experience in mineral exploration and resource
development. Prior to joining the Crowflight team in May
2005, Mr. Collins worked for Falconbridge on numerous
domestic and international exploration and mine development
projects, including the discovery of several nickel sulphide
deposits in the Cape Smith Belt, Northern Quebec and new
mine developments in Timmins and Sudbury, Ontario. Mr.
Collins brings his knowledge and experience in magmatic
nickel sulphide deposits to Crowflight's geological team and
is the member of the team whose primary responsibility is to
work closely with Falconbridge to optimize the two
companies' Thompson Nickel Belt regional exploration
opportunities.
Mr. Collins has a Bachelor of Science in Geological
Engineering from Queen's University.
Anna M. Ladd
Position: Vice President Finance and CFO
Ms. Ladd is an experienced financial professional with a
wide array of experience in the mining industry. Prior to
joining Crowflight, she served as the Group Controller,
North American Operations of Kinross Gold Corporation and
has also worked in Thompson and Sudbury for Vale Inco. Ms.
Ladd is a Certified Management Accountant and holds a
Masters of Arts (Economics) from Queen's University in
Kingston, Ontario and a Bachelor of Commerce degree from the
University of British Columbia.
Ben de Jager
Position: Mine Manager
Mr. De Jager is a Project Management Professional (PMP) and
a mining and electrical Professional-Certificated Engineer
(Pr. Cert. Eng. South Africa) with more than 24 years of
experience in mine project management, engineering, mining
and mine management. He joined Crowflight in November of
2007 as Mine Manager of the Bucko Lake Operation.
Mr. De Jager has a Master Certificate in Project Management
from the George Washington University School of Business. He
also has a National Higher Diploma in Electrical Engineering
with a Mine Manager's Government Certificate of Competency
Metalliferous Mines and an Electrical Government Certificate
of Competency issued by the South Africa Department of
Minerals.
Contacts
Head Office: Crowflight Minerals Inc.
Address: 65 Queen Street West, Suite 815
Toronto, Ontario M5H 2M5
Telephone: (416) 861-5900
Fax: (416) 861-8165
SEDAR Filings
CML filings with SEDAR can be found
here. All
Fillings are current and the Company is fully reporting.
FORWARD
LOOKING STATEMENTS
This report includes
forward-looking statements that reflect Crowflight Minerals
Inc. current expectations about its future results,
performance, prospects and opportunities. Crowflight Minerals
Inc. has tried to identify these forward-looking statements by
using words and phrases such as "may," "will," "expects,"
"anticipates," "believes," "intends," "estimates," "plan,"
"should," "typical," "preliminary," "we are confident" or
similar expressions. These forward-looking statements are
based on information currently available and are subject to a
number of risks, uncertainties and other factors that could
cause Crowflight Minerals Inc.'s actual results,
performance, prospects or opportunities to differ materially
from those expressed in, or implied by, these forward-looking
statements. These risks, uncertainties and other factors
include, without limitation, the Company's growth expectations
and ongoing funding requirements, and specifically, the
Company's growth prospects with scalable customers, and those
outlined above. Other risks include the Company's limited
operating history, the Company's history of operating losses,
consumers' acceptance, the Company's use of licensed
technologies, risk of increased competition, the potential
need for additional financing, the terms and conditions of any
financing that is consummated, the limited trading market for
the Company's securities, the possible volatility of the
Company's stock price, the concentration of ownership, and the
potential fluctuation in the Company's operating results.
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sources deemed reliable. For more information see our
disclaimer section, a link of which can be found on our web
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particularly as related to the business plans of the Company,
within the meaning of Section 27A of the Securities Act of
1933 and Sections 21E of the Securities Exchange Act of 1934,
and are subject to the safe harbor created by these sections.
Actual results may differ materially from the Company's
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