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Gold/Mining/Energy : Gold and Silver Juniors, Mid-tiers and Producers
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From: E. Charters3/22/2007 2:05:40 PM
   of 78419
 
Crowflight Updates Bankable Feasibility Study on Bucko Lake Nickel Deposit, Increases Net Present Value of Project By CDN$44 Million at US$8.00 Per Pound Nickel

TORONTO, ONTARIO -- March 22, 2007) - CROWFLIGHT MINERALS INC. CML/TSXV is pleased to announce the results from an update on its recently announced Bankable Feasibility Study (BFS) on its Bucko Lake Nickel Deposit (refer to press release of February 1, 2007) that includes the impact of the addition of 26 million pounds of contained nickel in reserves resulting from the inclusion of the 32% increase in mineral resources (from 85 million pounds to 110 million pounds of nickel) announced on December 7, 2006. The inclusion of these reserves in the mine plan resulted in a CDN$44 million increase in the net present value of the project assuming a life-of mine nickel price of US$8.00 per pound nickel compared to the BFS numbers released in the announcement of February 1, 2007.

The BFS demonstrates that the project has the ability to deliver a 92.2% rate of return and a net present value at an 8% discount rate of $201.2 million at an average life-of-mine nickel price of US$8.00 per pound, or approximately one-third of current nickel prices. The table below demonstrates the internal rate of return and net present value of the project over a range of nickel prices that have existed over the past 3 years.

Economical Parameters at Varying Nickel Prices

                                                           Average
Ni                  NPV                                     Annual
Price          Previous        New    Diffrenence        Cash Flow
--------      ----------     ------  ------------       -----------

(US$/lb)           (C$M)      (C$M)          (C$M)            (C$M)
$ 6.00           $ 66.6     $ 86.1         $ 19.5           $ 32.4
$ 8.00           $157.3     $201.2         $ 43.9           $ 55.1
$ 10.00          $247.9     $316.4         $ 68.5           $ 77.7
$ 12.00          $338.6     $431.5         $ 92.9           $100.4
$ 14.00          $429.2     $546.6         $117.4           $123.0
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