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Crowflight Announces Third Quarter 2009 Financial Results

TORONTO, ONTARIO--(Marketwire - Nov. 16, 2009) - CROWFLIGHT MINERALS INC. ("Crowflight" or the "Company")(TSX:CML) today announces its financial results for the third quarter of 2009.

Complete interim financial statements and related Management's Discussion and Analysis will be filed under the Company's profile on [ www.sedar.com ]. All amounts are in Canadian dollars unless otherwise indicated.

Q3 2009 Financial and Operational Highlights:

-- For the quarter ended September 30, 2009, there was 384,327 pounds of
 nickel produced, and 276,918 pounds of commercial production nickel sold
 as compared to nil in the third quarter of last year as the mine was not
 yet in production. 

-- Total metal revenue for the quarter ended September 30, 2009 was $2.3
 million compared to nil for the third quarter last year. 

-- Operating cash flow for the quarter ended September 30, 2009 was
 $389,211 compared to operating cash flow of negative $634,800 in the
 third quarter last year. 

-- Loss for the quarter ended September 30, 2009 was $2.9 million or
 ($0.01) per share compared to net income of $9.9 million or $0.04 per
 share in the third quarter last year (due to a gain on derivative
 instruments in 2008). 

-- Commercial nickel sales settled during the quarter ended September 30,
 2009 were realized at an average price of US$7.41 per pound. 

-- Net working capital(4) as at September 30, 2009 was $15.2 million
 (including cash and cash equivalents of $13.7 million) compared to $7.7
 million as at December 31, 2008.


2009 Quarterly Bucko Mine Operations Production and Financial Data 

---------------------------------------------------------------------------
 Q1-2009 Q2-2009 Q3-2009 
 ---------------------------------------------------
 Pre-product- Pre-product- 
 ion ion Production Production 
---------------------------------------------------------------------------
Operating Statistics: 
---------------------------------------------------------------------------
Tonnes ore mined 31,091 42,224 18,377 27,634 
---------------------------------------------------------------------------
Average Nickel head 
 grade (%Ni) 0.95% 1.25% 0.93% 1.05%
---------------------------------------------------------------------------
Tonnes ore milled 29,303 35,490 18,390 23,493 
---------------------------------------------------------------------------
 Average Recovery 31.97% 61.40% 62.62% 69.70%
---------------------------------------------------------------------------
Nickel pounds: 
---------------------------------------------------------------------------
 Produced 138,956 441,200 234,920 384,327 
---------------------------------------------------------------------------
 Payable sold(1) 65,498 268,636 254,139 276,918 
---------------------------------------------------------------------------

---------------------------------------------------------------------------
Pre-production Metal 
 Sales Revenue: 
---------------------------------------------------------------------------
Average Ni price 
 (US$/lb) $ 4.46 $ 5.73 
---------------------------------------------------------------------------
CAD/US exchange rate 1.26 1.15 
---------------------------------------------------------------------------
Nickel revenue(1) $ 368,318 $ 1,939,400 
---------------------------------------------------------------------------
Other metals revenue(2) $ 5,935 86,700 
---------------------------------------------------------------------------
Total metal revenue $ 374,253 $ 2,026,100 
---------------------------------------------------------------------------
---------------------------------------------------------------------------

---------------------------------------------------------------------------
Commercial Production 
 Metal Sales Revenue: 
---------------------------------------------------------------------------
Average Ni price 
 (US$/lb) $ 6.79 $ 7.41 
---------------------------------------------------------------------------
CAD/US exchange rate 1.16 1.09 
---------------------------------------------------------------------------
Nickel revenue 2,007,450 2,231,683 
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Pricing adjustments(3) - 52,810 
---------------------------------------------------------------------------
Total metal revenue 2,007,450 2,284,493 
---------------------------------------------------------------------------
Cost of sales 2,445,213 2,546,116 
---------------------------------------------------------------------------
Accretion - - 
---------------------------------------------------------------------------
Temporary shutdown costs - 2,381,083 
---------------------------------------------------------------------------
Depreciation, depletion, 
 and amortization 336,093 605,141 
---------------------------------------------------------------------------
Gross profit (loss) (773,856) (3,247,847)
---------------------------------------------------------------------------
Net earnings (loss) (3,193,607) (5,214,837)
---------------------------------------------------------------------------
Basic and diluted 
 earnings (loss per 
 share) $ (0.01) $ (0.01)
---------------------------------------------------------------------------
Cash flow from operating 
 activities 1,509,159 109,511 
---------------------------------------------------------------------------
USD Cash Cost of sales 
 per pound sold(1,4) $ 8.28 $ 8.45 
---------------------------------------------------------------------------

(1) Includes settlement of prior quarter sales 
(2) Other metal revenue is recorded as an offset to Cost of Goods Sold in 
the Company's financial statements 
(3) Pricing adjustments reflect final pricing/volume adjustments on lots 
sold in prior quarters 
(4) Non-GAAP Measure 
This press release refers to cash cost per pound and working capital which 
is not a recognized measure under Canadian GAAP. This non-GAAP financial 
measure does not have any standardized meaning prescribed by Canadian GAAP 
and is therefore unlikely to be comparable to a similar measure presented 
by other issuers. Management uses this measure internally. The use of this 
measure enables management to better assess performance trends. Management 
understands that a number of investors and others who follow the Company's 
performance assess performance in this way. Management believes that this 
is a better indication of its expected performance in future periods. This 
data is intended to provide additional information and should not be 
considered in isolation or as a substitute for measures of performance 
prepared in accordance with Canadian GAAP. 

-- In July 2009, the Company announced a private placement financing with
 Pala Investments Holdings Ltd ("Pala"), whereby the Company raised
 $15,000,000 through the issuance of 60,000,000 units of the Company at a
 price of $0.25 per unit. Each Unit consisted of one common share of the
 Company and one-half of one common share purchase warrant (each full
 warrant, a "Warrant"), each whole Warrant being exercisable to acquire
 one common share of the Company at a price of $0.30 until July 23, 2011.
 Net proceeds from the Offering were used to pay outstanding
 indebtedness, including $5.0 million to its mining contractor (an
 affiliate of Pala), and for capital development and general working
 capital purposes. The Offering also enabled the Bucko operation to
 complete an upgrade to its effluent treatment capabilities so that
 Crowflight continues to maintain strict compliance with all
 environmental guidelines. 

-- Mill operations were temporarily suspended during July due to a lack of
 available ore from the main production stope. Poor ground conditions in
 the stope entrance required the development of a new stope access drift
 so that mining operations could resume safely. The new access was
 successfully completed by the end of the month. During the month of
 July, a new water treatment facility was also installed and commissioned
 at the Bucko Mine due to water issues that were encountered at the end
 of June. Thirty mill employees were temporarily laid off for four weeks
 until the mill resumed operation on August 4, 2009. 

-- In September 2009, Crowflight announced a private placement financing
 with Kingplace Enterprises Limited ("Kingplace") for a $20 million
 private placement financing, pursuant to which Kingplace agreed to
 purchase an aggregate of 80,000,000 common shares of the Company at a
 price of $0.25 per share. The primary purpose of the proceeds from the
 financing will be for the continued development of the Bucko Lake
 Project and the balance for general corporate purposes. The first
 tranche closed on September 29, 2009 for gross proceeds of $11,183,305
 and the second tranche closed subsequent to the quarter's end on October
 14, 2009 for gross proceeds of $8,816,695. 

Outlook

As announced earlier today, the Company will be temporarily suspending all production mining and milling operations at the Bucko Lake Nickel Mine (Bucko) located in the Thompson Nickel Belt near Wabowden, Manitoba for three months, effective immediately to complete ramp development, accelerate mine development and upgrade the backfill plant.

As a result, Crowflight has revised its production guidance for 2009 and now expects to produce 1.3 million pounds of nickel, generating approximately 1.2 million pounds of payable nickel. Average cash cost of sales per pound of nickel(4) for the full year 2009 is expected to be approximately US$7.50 - $8.50 per pound at an exchange rate of CDN$1.10 to US$1.00, primarily from costs incurred for the year-to-date and lower than expected production for the remainder of the year. Management expects that costs will decrease significantly as full capacity production is sustained at Bucko in 2010.

Capital expenditures for the remainder of 2009 are expected to be $6-7 million (consistent with the disclosure in the second quarter MD&A).

The Company also plans to spend $1.0 million dollars in exploration activity around the M11A deposit located 5 km from the Bucko mine site during the fourth quarter of 2009. This work will allow Crowflight to vest a 30% interest in the combined land package in the Thompson Nickel Belt held under option from Xstrata. Exploration drilling is expected to commence shortly with updates expected to be released over the coming weeks.

The Company plans to issue comprehensive guidance regarding 2010 production and costs in January 2010. It is anticipated that by the end of the first quarter 2010, the Bucko mine will be sufficiently developed and have adequate working places (stopes) available to sustain the full production rate of at least 1,000 tonnes per day.

The Company also announces the resignation of Mike Kelly from the Company's Board of Directors. Mr. Kelly's resignation follows his departure from the Company as President and CEO (refer to press release dated August 21, 2009).

Qualified Person/Quality Control Procedures

This press release has been prepared and reviewed by Mr. Greg Collins, P.Geo. (APGO/APEGM) VP Exploration of Crowflight, who is a Qualified Person under the National Instrument 43-101 guidelines.

Crowflight Minerals -- Canada's Newest Nickel Producer

Crowflight Minerals Inc. (TSX:CML) is a Canadian junior mining company that owns the Bucko Lake Nickel Mine near Wabowden, Manitoba. 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 Company's development potential and timetable of the Company's properties, including the Bucko Lake Project; the future price of nickel and other minerals; foreign exchange rates; the estimation of mineral reserves and mineral resources; conclusions of economic evaluations; the realization of mineral reserve estimates; the timing and amount of estimated future production; costs of production; capital expenditures; success of exploration activities; mining or processing issues; currency exchange rates; 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 the anticipated timing, amount and cost of mining at the Bucko Lake Project are based on assumptions underlying mineral reserve and mineral resource estimates and the probability of realizing such estimates that are set out herein. Capital and operating cost estimates are based on extensive research of the Company, purchase orders placed by the Company to date, recent estimates of construction and mining costs and other factors that are set out herein.
Production estimates are based on mine plans and production schedules, which have been developed by the Company's personnel and independent 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 the Company to be materially different from those expressed or implied by such forward-looking statements, including but not limited to risks related to: unexpected events and delays during construction, expansion and start-up; variations in mineral grade and recovery rates; receipt and revocation of government approvals; timing and availability of external financing on acceptable terms; actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of minerals, particularly nickel; failure of plant, equipment or processes to operate as anticipated; reliance on joint venture partners; accidents, labour disputes and other risks of the mining industry. Although management of the Company 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 ].

CONSOLIDATED BALANCE SHEETS 
As at 
---------------------------------------------------------------------------
---------------------------------------------------------------------------

 September 30, December 31, 
 2009 2008 
ASSETS (unaudited) (unaudited) 
Current 
 Cash and cash equivalents $ 13,675,834 $ 10,607,543 
 Restricted cash - 2,999,998 
 Amounts receivable 11,306,065 607,125 
 Inventory 2,152,818 268,285 
 Prepaid expenses and deposits 126,970 138,463 
 Derivative asset - 8,668,392 
---------------------------------------------------------------------------

 27,261,687 23,289,806 

Deposits and advances 534,709 536,709 
Property, plant and equipment 164,080,944 109,241 
Derivative assets - - 
Exploration and development 
 property and deferred 
 expenditures 16,728,808 153,939,715 
---------------------------------------------------------------------------

 $ 208,606,148 $ 177,875,471 
---------------------------------------------------------------------------
---------------------------------------------------------------------------

LIABILITIES 
Current 
 Accounts payable and accrued 
 liabilities $ 11,512,348 $ 14,950,385 
 In-process working capital 
 facility 334,286 - 
 Current portion of long term 
 debt - - 
 Equipment leases 44,342 48,129 
 Derivative liability 217,348 624,223 
---------------------------------------------------------------------------

 12,108,324 15,622,737 

Equipment leases 73,176 107,286 
Long term debt - 7,600,000 
Asset retirement obligations 918,387 359,000 
Future income tax liability 24,449,000 24,139,000 
---------------------------------------------------------------------------
 37,548,887 47,828,023 
---------------------------------------------------------------------------

SHAREHOLDERS' EQUITY 
Common shares 129,909,726 99,289,864 
Shares to be issued 8,816,695 - 
Warrants 10,195,919 4,944,374 
Contributed surplus 14,455,652 13,485,751 
Retained Earnings 7,679,269 12,327,459 
---------------------------------------------------------------------------

 171,057,261 130,047,448 
---------------------------------------------------------------------------

 $ 208,606,148 $ 177,875,471 
---------------------------------------------------------------------------
---------------------------------------------------------------------------
 These financials should be read in conjunction with the Notes and 
Management's Discussion and Analysis available online at [ www.sedar.com ] and 
 on the Company's webside at [ www.crowflight.com ]. 



Consolidated Statements of Shareholders' Equity 
(unaudited) 
 Shares to be 
 Common Shares issued 
------------------------------------------------------------
 No. $ 
 --------------------------------------------

Balance, 
 December 31, 
 2007 249,978,487 86,671,512 -

 Private 
 placement 39,680,000 15,251,000 -
 Value of 
 warrants 
 granted 
 related to 
 debt facility - - -
 Value of 
 warrants to be 
 granted - - -
 Exercise of 
 warrants and 
 broker 
 warrants 1,115,836 446,334 -
 Valuation 
 allocation on 
 exercise of 
 warrants - 118,742 -
 Exercise of 
 stock options 2,530,000 569,531 -
 Valuation 
 allocation on 
 exercise of 
 stock options - 979,566 -
 Stock based 
 compensation - - -
 Flow through 
 share tax 
 effect - (3,563,000) -
 Value of broker 
 warrants - (375,186) -
 Valuation 
 allocation on 
 expiry of 
 warrants and 
 broker 
 warrants - - -
 Share issue 
 costs - (1,198,635) -
 Tax effect of 
 cost of issue - 390,000 -
 Income for the 
 period - - -
------------------------------------------------------------

Balance, 
 December 31, 
 2008 293,304,323 99,289,864 -

 Private 
 placement 180,144,986 39,003,305 -
 Shares to be 
 issued on 
 private 
 placement - - 8,816,695
 Value of 
 warrants 
 granted - (4,842,336) -
 Value of 
 warrants 
 granted 
 related to 
 debt facility - - -
 Stock based 
 compensation - 
 shares 464,555 96,975 -
 Stock based 
 compensation - 
 options - - -
 Flow through 
 shares tax 
 effect - (2,982,000) -
 Value of broker 
 warrants - (301,612) -
 Share issue 
 costs - (523,400) -
 Tax effect of 
 cost of issue - 168,930 -
 Income for the 
 period - - -
------------------------------------------------------------

Balance, 
 September 30, 
 2009 473,913,864 129,909,726 8,816,695
------------------------------------------------------------
------------------------------------------------------------
 These financials should be read in conjunction with the 
 Notes and Management's Discussion and Analysis available 
 online at [ www.sedar.com ] and on the Company's webside at 
[ www.crowflight.com ]. 





Consolidated Statements of Shareholders' Equity 
(unaudited) 
 Contributed Accumulated Shareholders' 
 Warrants Surplus Deficit Equity 
----------------------------------------------------------------------------
 $ $ $ $ 
 ------------------------------------------------------------

Balance, 
 December 31, 
 2007 2,025,712 10,193,512 (22,151,940) 76,738,796 
 - 
 Private 
 placement - - - 15,251,000 
 Value of 
 warrants 
 granted 
 related to 
 debt facility 3,719,479 - - 3,719,479 
 Value of 
 warrants to be 
 granted 849,709 - - 849,709 
 Exercise of 
 warrants and 
 broker 
 warrants - - - 446,334 
 Valuation 
 allocation on 
 exercise of 
 warrants (118,742) - - - 
 Exercise of 
 stock options - - - 569,531 
 Valuation 
 allocation on 
 exercise of 
 stock options - (979,566) - - 
 Stock based 
 compensation - 2,364,835 - 2,364,835 
 Flow through 
 share tax 
 effect - - - (3,563,000)
 Value of broker 
 warrants 375,186 - - - 
 Valuation 
 allocation on 
 expiry of 
 warrants and 
 broker 
 warrants (1,906,970) 1,906,970 - - 
 Share issue 
 costs - - - (1,198,635)
 Tax effect of 
 cost of issue - - - 390,000 
 Income for the 
 period - - 34,479,399 34,479,399 
----------------------------------------------------------------------------

Balance, 
 December 31, 
 2008 4,944,374 13,485,751 12,327,459 130,047,448 

 Private 
 placement - - - 39,003,305 
 Shares to be 
 issued on 
 private 
 placement - - - 8,816,695 
 Value of 
 warrants 
 granted 4,842,336 - - - 
 Value of 
 warrants 
 granted 
 related to 
 debt facility 107,597 - - 107,597 
 Stock based 
 compensation - 
 shares - - - 96,975 
 Stock based 
 compensation - 
 options - 969,901 - 969,901 
 Flow through 
 shares tax 
 effect - - (2,982,000)
 Value of broker 
 warrants 301,612 - - - 
 Share issue 
 costs (523,400)
 Tax effect of 
 cost of issue - - - 168,930 
 Income for the 
 period - - (4,648,190) (4,648,190)
----------------------------------------------------------------------------

Balance, 
 September 30, 
 2009 10,195,919 14,455,652 7,679,269 171,057,261 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
 These financials should be read in conjunction with the Notes and 
Management's Discussion and Analysis available online at [ www.sedar.com ] and 
 on the Company's webside at [ www.crowflight.com ]. 




CONSOLIDATED STATEMENTS OF OPERATIONS AND DEFICIT 
(unaudited) 
For the three and nine months ended September 30, 

----------------------------------------------------------------------------
----------------------------------------------------------------------------
 Three months ended Nine months ended 
 September 30, September 30, 
 2009 2008 2009 2008 
----------------------------------------------------------------------------

Revenue 
Nickel sales $ 2,231,683 $ - $ 4,239,133 $ - 
Pricing 
 adjustments 52,810 $ 52,810 
----------------------------------------------------------------------------
Revenue - after 
 pricing 
 adjustments $ 2,284,493 $ - $ 4,291,943 $ - 

Cost of sales 
 (excludes 
 accretion, 
 depreciation, 
 depletion and 
 amortization) 2,546,116 - 4,991,329 - 
Depreciation, 
 depletion and 
 amortization 605,141 - 941,234 - 
----------------------------------------------------------------------------
Gross margin - 
 mining operations (866,764) - (1,640,620) - 

Temporary shutdown 
 costs 2,381,083 2,381,083 
----------------------------------------------------------------------------
Loss from mine 
 operations (3,247,847) - (4,021,703) -

Other expenses 
Professional, 
 consulting and 
 management fees 1,036,527 704,210 2,327,994 2,642,092

General and office 372,310 128,439 1,199,837 328,083
Shareholder 
 communications 
 and investor 
 relations 127,433 39,182 331,859 287,429

Travel 42,214 32,173 160,900 142,405
Interest expenses 
 and bank charges 51,773 4,123 128,621 9,332

Amortization 201 1,437 1,355 5,560
----------------------------------------------------------------------------


 1,630,458 909,564 4,150,566 3,414,901 
----------------------------------------------------------------------------

(Loss) before the 
 undernoted (4,878,305) (909,564) (8,172,269) (3,414,901)


Interest income 3,161 66,605 26,672 199,126 
Interest on long 
 term debt - (482,309) (48,673) (901,140)
General 
 exploration - (106,921) (50,000) (106,921)
Debt facility 
 transaction costs (322) (499,594) (383,464) (2,544,796)
Write down of 
 exploration 
 property and 
 deferred 
 expenditures - - (50,000) - 

Accretion - (299,695) 57,416 (789,180)
Recovery of 
 expenditures - - 66,958 - 
Net gain (loss) on 
 derivative 
 instruments (339,371) 18,267,980 1,402,100 18,267,980 
----------------------------------------------------------------------------

Income/(loss) 
 before income 
 taxes (5,214,837) 16,036,502 (7,151,260) 10,710,168 

Future income 
 taxes 2,308,970 (6,145,000) 2,503,070 (5,189,000)
----------------------------------------------------------------------------

Income/(loss) for 
 the period (2,905,867) 9,891,502 (4,648,190) 5,521,168 

RETAINED 
 EARNINGS/(DEFICIT),
 beginning of 
 period 10,585,136 (26,522,274) 12,327,459 (22,151,940)
 ----------------------------------------------------------

RETAINED 
 EARNINGS/(DEFICIT),
 end of period $ 7,679,269 $(16,630,772) $ 7,679,269 $(16,630,772)
 ----------------------------------------------------------
----------------------------------------------------------------------------

Loss per share - 
 basic & diluted $ (0.01) $ 0.04 $ (0.01) $ 0.02 

Weighted average 
 number of shares - 
 basic & diluted 415,524,927 269,683,888 351,897,975 261,202,344 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
 These financials should be read in conjunction with the Notes and 
Management's Discussion and Analysis available online at [ www.sedar.com ] and 
 on the Company's webside at [ www.crowflight.com ]. 



CONSOLIDATED STATEMENTS OF CASH FLOWS 
unaudited 
For the three and nine months months ended September 30, 

---------------------------------------------------------------------------
---------------------------------------------------------------------------
 Three months ended September Nine months ended September 
 30, 30, 
 2009 2008 2009 2008 
---------------------------------------------------------------------------
OPERATING 
 ACTIVITIES: 
Net income/(loss) 
 for the period $ (2,905,867) $ 9,891,502 $ (4,648,190) $ 5,521,168
Charges not 
 affecting cash: 
 Amortization 603,321 1,437 940,568 5,560 
 Stock-based 
 compensation 
 expense 334,705 508,473 1,052,626 2,047,060 
 Warrants issued 
 on In-process 
 working capital 
 facility - - 107,597 - 
 Accretion - 299,695 (57,416) 789,180 
 Debt facility 
 transaction 
 costs - 499,594 - 2,544,796 
 Capitalized 
 interest - 203,525 - 622,356 
 Change in value 
 of derivative 
 instruments (131,737) (18,267,980) 8,261,517 (18,267,980)
 Future income 
 tax recovery (2,308,970) 6,145,000 (2,503,070) 5,189,000 
Net change in 
 non-cash working 
 capital 4,797,759 83,954 7,236,213 (1,036,472)
---------------------------------------------------------------------------

 389,211 (634,800) 10,389,845 (2,585,332)
---------------------------------------------------------------------------

FINANCING 
 ACTIVITIES: 
Debt facility, 
 net of 
 transaction 
 costs - 39,500,406 (7,600,000) 62,673,758 
Retirement of 
 debt facility - (15,000,000) - (15,000,000)
Common shares 
 issued through 
 private 
 placements 21,132,546 - 28,425,966 10,184,706 
Shares issued 
 from exercise of 
 warrants and 
 options - 11,250 - 1,015,866 
Payments on 
 equipment leases (10,624) (20,312) (37,897) (67,656)
---------------------------------------------------------------------------

 21,121,922 24,491,344 20,788,069 58,806,674 
---------------------------------------------------------------------------

INVESTING 
 ACTIVITIES: 
Exploration and 
 development 
 property, plant 
 and equipment, 
 and deferred 
 expenditures (6,761,989) (25,076,313) (27,070,312) (60,997,071)
(Increase) 
 decrease in 
 deposits and 
 prepaid 
 exploraton 
 expenditure - - - 318,554
(Decrease)/Increase
 in accounts 
 payable 
 attributable to 
 property 
 development and 
 exploration (2,732,055) 6,888,246 (4,039,309) 8,492,386 
Release of 
 restricted cash - - 2,999,998 - 
---------------------------------------------------------------------------

 (9,494,044) (18,188,067) (28,109,623) (52,186,131)
---------------------------------------------------------------------------

CHANGE IN CASH 
 AND CASH 
 EQUIVALENTS 12,017,089 5,668,477 3,068,291 4,035,211 

CASH AND CASH 
 EQUIVALENTS, 
 beginning of 
 period $ 1,658,745 $ 7,371,522 10,607,543 9,004,788 
---------------------------------------------------------------------------

CASH AND CASH 
 EQUIVALENTS, end 
 of period $ 13,675,834 $ 13,039,999 $ 13,675,834 $13,039,999 
---------------------------------------------------------------------------
---------------------------------------------------------------------------

Cash and cash 
 equivalents 
 consist of: 
 Cash 5,509,476 5,488,999 5,509,476 5,488,999 
 Cash equivalents 8,166,358 7,551,000 8,166,358 7,551,000 
---------------------------------------------------------------------------
 $ 13,675,834 $ 13,039,999 $ 13,675,834 $13,039,999 
---------------------------------------------------------------------------
---------------------------------------------------------------------------
SUPPLEMENTAL 
 INFORMATION: 
Warrants granted 
 related to debt 
 facility - - 107,597 3,719,479 
Warrants granted 
 as cost of issue - - 301,612 244,831 
Stock based 
 compensation 
 charged to 
 exploration 
 properties - - 14,250 - 
Amortization of 
 assets deferred 
 to exploration 
 properties 604 7,193 9,437 21,582 
Interest received 3,161 68,120 28,672 206,923
Interest paid 8,885 - 69,405 158,221 
Income taxes paid - - - - 
Common shares 
 issued for 
 settlement of 
 accounts payable 5,053,939 - 10,053,939 - 
Shares to be 
 issued on 
 private 
 placement 8,816,695 - 8,816,695 - 


 These financials should be read in conjunction with the Notes and 
 Management's Discussion and Analysis, available online at [ www.sedar.com ]
 and on the Company's website at [ www.crowflight.com ]



TSX Trading Symbol: CML 
Total Shares Outstanding: 509.2MM 
Fully Diluted: 624.4MM 
52-Week Trading Range: C$0.09 - $0.35