=======================================================================
Re: News Release - Monday, November 16, 2009
Crowflight Announces Third Quarter 2009 Financial Results
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TORONTO, ONTARIO, Nov 16, 2009 (Marketwire via COMTEX) -- 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 $7.7 million as at December 31, 2008.
2009 Quarterly Bucko Mine Operations Production and Financial Data
----------------------------------------------------------------------
-----
Q1-2009 Q2-2009
Q3-2009
---------------------------------------------------
Pre-product- Pre-product-
ion ion Production
Production
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-----
Operating Statistics:
----------------------------------------------------------------------
-----
Tonnes ore mined 31,091 42,224 18,377
27,634
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-----
Average Nickel head
grade (%Ni) 0.95% 1.25% 0.93%
1.05%
----------------------------------------------------------------------
-----
Tonnes ore milled 29,303 35,490 18,390
23,493
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-----
Average Recovery 31.97% 61.40% 62.62%
69.70%
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-----
Nickel pounds:
----------------------------------------------------------------------
-----
Produced 138,956 441,200 234,920
384,327
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-----
Payable sold(1) 65,498 268,636 254,139
276,918
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-----
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-----
Pre-production Metal
Sales Revenue:
----------------------------------------------------------------------
-----
Average Ni price
(US$/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
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-----
Total metal revenue $ 374,253 $ 2,026,100
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-----
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-----
----------------------------------------------------------------------
-----
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
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-----
----------------------------------------------------------------------
-----
Pricing adjustments(3) -
52,810
----------------------------------------------------------------------
-----
Total metal revenue 2,007,450
2,284,493
----------------------------------------------------------------------
-----
Cost of sales 2,445,213
2,546,116
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-----
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)
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-----
Basic and diluted
earnings (loss per
share) $ (0.01) $
(0.01)
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-----
Cash flow from operating
activities 1,509,159
109,511
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-----
USD Cash Cost of sales
per pound sold(1,4) $ 8.28 $
8.45
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-----
(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. (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
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-----
----------------------------------------------------------------------
-----
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
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-----
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
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-----
$ 208,606,148 $
177,875,471
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-----
----------------------------------------------------------------------
-----
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
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-----
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
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-----
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
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-----
171,057,261
130,047,448
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-----
$ 208,606,148 $
177,875,471
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-----
----------------------------------------------------------------------
-----
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
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------
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)
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------
Balance,
September 30,
2009 10,195,919 14,455,652 7,679,269
171,057,261
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------
----------------------------------------------------------------------
------
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
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------
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
=======================================================================
Copyright (c) 2009 CROWFLIGHT MINERALS INC. (CML) All rights reserved.
For more information visit our website at http://www.crowflight.com/
or send mailto:info@crowflight.com
Message sent on Tue Nov 17, 2009 at 6:05:46 AM Pacific Time
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