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Crowflight Minerals Inc.: Crowflight Amends Terms of Warrants in Connection With Debt Facility Restructuring

^{Published on 2008-12-31 10:38:15, Last Modified on 2008-12-31 10:39:02 - Market Wire}
 

TORONTO, ONTARIO--(Marketwire - Dec. 31, 2008) - CROWFLIGHT MINERALS INC. (the "Company") (TSX:CML) is pleased to announce that in connection with the debt facility restructuring previously announced in a press release dated October 28, 2008, Crowflight is repricing the 17,324,786 warrants issued to FirstRand Ireland Plc ("FRI") to $0.2125 and is amending the terms of the warrants so that they shall expire three years from the date of issue, on or about January 16, 2012. The warrants shall be issued ten days from the date of this press release, on or about January 16, 2009 (the "Effective Date"). In addition, FRI shall be issued an additional 2,675,214 warrants exercisable to acquire one common share in the Company at an exercise price equal to 125% of the 20 day VWAP for the Company's shares as at the Effective Date. FRI is an arm's length party to the Company.

Crowflight Minerals - Canada's Next Nickel Producer

Crowflight Minerals Inc. (TSX:CML) is a Canadian junior mining company that is bringing the Bucko Lake Nickel Mine near Wabowden, Manitoba into production. Full commercial production is expected to be achieved at Bucko in early 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

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 benefits and time-line of the debt restructuring, amendment and issuance of warrants, expected production timeline, benefits of development plans, the receipt of all necessary approvals and the development potential and timetable of the Bucko Lake Nickel project, capital expenditures; permitting time lines and permitting, government regulation of mining operations; and environmental risks. 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.

Further information is available on the Company's website at [ www.crowflight.com ].

Total Shares Outstanding: 293.3MM

Fully Diluted: 331.7MM

52-Week Trading Range: C$0.09 - $0.80

The TSX does not accept responsibility for the adequacy or accuracy of this release.