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Re:   News Release - Thursday, February 26, 2009
      Crowflight Now Debt Free After Closing Out Hedge
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CROWFLIGHT MINERALS INC. (the "Company") (TSX: CML) today announced
that it has monetized their hedge position of 2.97 million pounds of
nickel and corresponding foreign exchange price protection for 2009,
thereby allowing the Company to repay its remaining CAD$7.6 million of
debt. As a result of this transaction, Crowflight is now debt free and
adds another CAD$5.5 million in cash to its treasury including the $3.0
million in the Debt Reserve Account.

Crowflight monetized the 2.97 million pound hedge at an average
realized price of US$7.74 per pound nickel (which included a CAD$1.19
to US$1.00 exchange rate) for net proceeds of CAD$10,134,725, with
CAD$7,648,257.61 of the proceeds to be used to pay off Crowflight's
remaining debt.

Crowflight has also signed a letter of intent with Auramet Trading LLC
for a working capital line of credit of US$10 million. Finalization of
the facility remains subject to due diligence and final binding
agreements. Crowflight intends to use the facility as an in-process
working capital facility to support the Company's mining activities and
for general corporate purposes. Auramet, based in Fort Lee, New Jersey,
is a leading metals trading, merchant banking and advisory firm
specializing in the global resource sector.

Commented Mike Hoffman, President and CEO of Crowflight, "We have been
very fortunate to have a partner such as RMB Resources Inc. who
arranged the $55 million debt facility early in 2008 with FirstRand
(Ireland) PLC, which allowed us to build the Bucko Lake Nickel Mine.
Working closely with RMB and managing exposures by both debt and nickel
hedges, Crowflight was able to create a win-win situation in the midst
of one of the most difficult times in the nickel industry in many
years. Monetizing the hedge that was put in place to secure the debt
facility, both in October 2008 and this week, has allowed us to repay
our $55 million debt facility four years early, as well as generate
over $25 million of additional cash resources to Crowflight with no
dilution to our shareholders. We now have a first class mine and
processing facility, no debt and approximately 1 billion pounds of
nickel resources within 20 kilometres of Bucko. The working capital
line of credit from Auramet will assist Crowflight in managing working
capital as nickel concentrate is delivered to the smelter."

Crowflight continues shipping nickel concentrate from the Bucko Lake
Nickel Mine to Xstrata's smelter in Sudbury. Concentrate quality
continues to meet specifications and recovery has also improved with
recent milling, which recently achieved recoveries of over 70%.

Crowflight Minerals -- Canada's Newest Nickel Producer
Crowflight Minerals Inc. (TSX: CML) is a Canadian junior mining company
that is producing nickel at the Bucko Lake Nickel Mine near Wabowden,
Manitoba. Full commercial production is expected to be achieved at
Bucko early in the second quarter of 2009. 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
Except for statements of historical fact contained herein, the
information in this press release constitutes "forward-looking
information" within the meaning of Canadian securities law. Such
forward-looking information may be identified by words such as "plans",
"proposes", "estimates", "intends", "expects", "believes", "may",
"will" and include without limitation, statements regarding use of
proceeds from the hedge close-out, planned production, timing and
revenue generated from production, access to financing on acceptable
terms, and closing of the working line of credit. Estimates regarding
future production and revenues are based on mining plans developed by
management and knowledge regarding current market prices. There can be
no assurance that such statements will prove to be accurate; actual
results and future events could differ materially from such statements.
Factors that could cause actual results to differ materially include,
among others, third party risks, production risks, metal prices,
competition, risks inherent in the mining industry, and regulatory
risks. Most of these factors are outside the control of the Company.
Investors are cautioned not to put undue reliance on forward-looking
information. Except as otherwise required by applicable securities
statutes or regulation, the Company expressly disclaims any intent or
obligation to update publicly forward-looking information, whether as a
result of new information, future events or otherwise.


Further information is available on the Company's website at
www.crowflight.com or contact:

Mike Hoffman
President and CEO
Crowflight Minerals
Tel: (416) 861-2964

Heather Colpitts
Manager, Investor and Public Relations
Crowflight Minerals
Tel: (416) 861-5803
info@crowflight.com

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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 Thu Feb 26, 2009 at 11:26:03 AM Pacific Time
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