Crowflight Closes Thompson Transaction With Falconbridge.

TORONTO -- CROWFLIGHT MINERALS INC. (TSX Venture Exchange: CML) has received TSX Venture Exchange approval for the joint venture agreement that it recently entered into with Falconbridge Limited, a major international mining company, to develop nickel properties in Thompson, Manitoba. Crowflight issued 2,000,000 shares to Falconbridge and 5,000,000 warrants. The 5,000,000 warrants consisted of 2,500,000 warrants exercisable at $0.35 valid for a period of 2 years and 2,500,000 warrants exercisable at $0.75 valid for a period of 2 years. In addition, Crowflight has contributed the first instalment of $1,250,000 for the third and fourth quarter 2004 exploration programs on the Bucko/Bowden Property and other Exploration Claims.

The properties optioned by Crowflight from Falconbridge are the Bucko Deposit and associated exploration land package adjacent, north and south of the Bucko Deposit in the Thompson Nickel Belt (TNB). These properties are outlined in more detail below.

Bucko Deposit - Thompson

With the completion of this transaction, Crowflight has acquired an option to earn a 100% interest in the Bucko Deposit (previously referred to as the Bucko Resource Block) by completing a feasibility study and arranging financing to put the Deposit into production. It is anticipated that the feasibility will cost about $7.5 million and should be completed on or before December 2006.

Bucko Deposit - Expenditures

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           2004  2005  2006   Total  Initial   Within        Interest
                             (3yrs)  Earn-in   6 months       earned
                                     Interest  of comple-
                                               tion
                                               of Bankable
                                               Feasibility
                                               Study
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Bucko       $7.5M             7.5M    50%      Production       100%
Resource    (feasibility                       Decision
Block       study) on or                       And Arranging
            before                             Financing
            December 31,
            2006
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The historical resource estimate by Falconbridge in 1992 (prior to NI 43-101) for the Bucko Deposit is 2.5 million tonnes grading 2.23% nickel and 0.17% copper included within a global resource of 19 million tonnes grading 1% nickel.

Historical scoping studies (prior to NI 43-101) by Falconbridge in 1994 and an independent scoping study by Micon International in 2001 confirm that the project has excellent economics at current metal prices. As the attached table shows, the Micon study indicated that the central high grade core at Bucko could produce at peak production some 10 million pounds of Nickel and 700,000 pounds of Copper annually, and would provide a rate of return of 41% at US $3.00 Nickel per pound. The Falconbridge study indicated that at US $4.34 per pound Nickel, the project had a rate of return of 15% and would produce 32 million pounds of Nickel and 1.5 million pounds of Copper annually.

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             Basis          Metal        Evaluation     Annual
                            Prices                      Production
                            (US)
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Micon         Mine high     Ni - $3/lb   Rate of        Nickel -
Scoping       grade                      Return 41%     10 million
Study         core of 2                  Net Present      pounds/year
(a)(2001)     million tons               Value @ 15%    Copper -
              @ 2.23% Ni                 $14.5 million  0.7 million
                                                          pounds/year
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Falconbridge  Mine 19       Ni -         Rate of        Nickel -
Pre-          million tons  $4.34/lb     Return 15%     32 million
Feasibility   open pit                                     pounds per
(1994)        @ 0.91% Ni                                   year
              2.77 million                              Copper -
              tons                                      1.5 million
              underground                                  pounds per
              @ 2.23% Ni                                   year

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(a) Note that the historical resource calculations are not NI 43-101
    compliant and the resulting Scoping Studies under NI 43-101
    cannot be used for financial decision making and are only
    intended to provide a guideline on the potential economic
    parameter for this project.

Thompson Nickel Belt - Prime Land Package

Crowflight has an option to earn a 50% interest in Falconbridge's Exploration Claims comprising the Bucko/Bowden, Halfway Lake and Resting Lake Properties by spending a total of about $18 million over the next five years (see the attached map and visit www.crowflight.com for details) in the TNB.

The entire land package covers more than 190 square kilometres of mining leases and claims located in the Wabowden segment of the TNB, located 100 kilometres south of Inco's producing mines (Thompson and Birchtree) which yielded more than 100 million pounds of nickel in 2003 along the same mineralized belt. The TNB hosts nickel mineralization along a well established geological trend, extending for over 250 kilometres. The TNB has yielded an estimated 4.5 billion pounds of nickel in past production. Inco's operations at the Thompson and Birchtree Mines currently host reserves of 34 million tonnes grading 2.19% Nickel and 0.15% Copper. Falconbridge has been an active participant in the TNB since the early 1960's and has produced an extensive technical database for the Wabowden segment of the Belt.

Planned Expenditures - Exploration Claims

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          2004    2005   2006    Initial     2007     2008   Interest
                                 Earn in                     earned
                                 Interest
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            Firm Commitment                  Option
                                             Period
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Bucko/    $0.5M   $2.5M  $3.75M     25%      $3.0M    $1.5M    50%
Bowden
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Halfway,  $0.75M  $1.5M  $1.5M      25%      $1.5M    $1.0M    50%
Resting
Lakes
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Total     $1.25M  $4.0M  $5.25M              $4.5M    $2.5M
Expl
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"Crowflight is very excited about moving forward on these properties with Falconbridge as our joint venture partner" stated Jean Lafleur, Crowflight's President and CEO. "Crowflight now has a nickel project with solid prospects for near term production - the Bucko Deposit - with a potentially economic resource, and excellent exploration properties in two of the largest base metal camps in the world - Sudbury and Thompson. We hope to be in production within the next three to four years by activating the Bucko Deposit while providing exploration upside for our shareholders though our excellent land positions in Sudbury and Thompson."

Crowflight - Base Metal Builder

As a result of this agreement, Crowflight is positioned to become a future base metal producer and is listed on the TSX Venture Exchange. The Company has the option to earn a 100% interest in the Bucko Mine in the Thompson Camp, with a historical resource of 19 million tonnes grading 1% Nickel, potentially economic at current metal prices. The Company also has significant exploration properties focused on nickel-copper-PGE's in the Sudbury Basin, and in the Thompson Nickel Belt. The company currently owns and has under option more than 365 km2 in Ontario and Manitoba, containing six highly prospective properties in Sudbury - AER Kidd, Airport Property (a joint venture with Millstream Mines Ltd.), Marble Mountain Option, Copenhagen Option, Mystery Offset Dyke Option and Peter's Roost - and three in the Thompson Belt - Bucko-Bowden, Resting Lake and Halfway Lake.

The Bucko Deposit will be the subject of a feasibility study starting this year. A major drilling program is also under way to identify massive sulphides at the AER-Kidd in Sudbury, located on the Worthington Offset near Inco's Totten Deposit (10.1 million tonnes grading 1.5 % Ni, 2.0 % Cu and 4.8 g/t PGE's), the prospective McIntyre Project and FNX Mining's Victoria project.

Statements in this release that are not historical facts are "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned that any such statements are not guarantees of future performance and that actual developments or results may vary materially from those in these "forward-looking statements."

NOTE: There is a Map available on CCNMatthews' website at: http://www2.cdn-news.com/database/fax/2000/CROW818.doc

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.