Crowflight Options The Sandcherry Property, Sudbury Basin Progress At The AER-Kidd Property.
Business Editors
TORONTO--(BUSINESS WIRE)--Aug. 28, 2000--
Shares Outstanding: 18,871,049
Close August 25, 2000: $0.65
Crowflight Minerals Inc. (CDNX:CML.) announces that it has reached
an option agreement with Consolidated Venturex Holdings (CVA) to earn
a 50% interest in the Sandcherry Creek Property, Leinster and Tyrone
Townships, Sudbury Area, Ontario. The terms of the agreement require
three annual payments to Consolidated Venturex of $30,000, or
equivalent in stock at Crowflight's option, and a work commitment of
$150,000 a year for three years. After Crowflight earns its 50%
interest, a standard joint venture would ensue, with possible dilution
of either party to 15%.
The Sandcherry Property consists of 90 units covering about 1440
hectares over about 11 kilometres of the Foy Offset Dyke, as well as
the junction of the Foy and Hess Offset Dykes. The property is
adjacent to mining leases held by Falconbridge and Inco. With this
agreement, Crowflight will control approximately 12,200 hectares of
prospective ground in the Sudbury Basin Area.
Drilling is continuing at the AER (Kidd) Property and diamond
drill hole CML-002 is currently at 950 metres in the Footwall. Crone
Geophysics will commence a down-hole Pulse EM survey this week to
locate off-hole anomalies within the offset dyke. A preliminary report
on the AMT survey from Phoenix Geophysics has been received. A number
of deep and intermediate AMT anomalies have been identified.
Management regards these of significance, and plans to drill these as
soon as the final report is received. Approximately 25% of the AER
Property has been covered by this initial AMT survey, and it is
proposed to complete the coverage when the ground freezes and the
balance of the ground is more readily accessible.
(signed)
James M. Brady,
President & CEO
CROWFLIGHT MINERALS INC.
Suite 408, 133 Richmond Street West,
Toronto, Ontario, Canada M5H 2L3
Phone: (416) 368-0114 * Fax: (416) 368-0198
THE CANADIAN VENTURE EXCHANGE (CDNX)
HAS NEITHER APPROVED NOR DISAPPROVED
THE CONTENTS OF THIS NEWS RELEASE.
Website: www.crowflightmineralsinc.com
e-mail: jbrady@hornbybay.com
*T
--30--jlm/in*
CONTACT: Crowflight Minerals Inc.
Dr. James M. Patterson, Vice President, Exploration
416/368-0114
Fax 416/368-0198
KEYWORD: CANADA
INDUSTRY KEYWORD: MINING/METALS
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