VANCOUVER, Jan. 18 /CNW/ - CROWFLIGHT MINERALS INC. ("Crowflight" or the
"Company") (TSX: CML) today announced that consequent upon a review by
staff of the Ontario Securities Commission (the "OSC"), on January 13,
2011, the Company filed supplemental executive compensation disclosure
to supplement the information contained in the Company's Management
Information Circulars dated April 9, 2010 (the "Circular") on SEDAR.
This supplemental disclosure is to comply with the requirements of Form
51 - 102F6 Statement of Executive Compensation to provide additional
executive compensation disclosure for the Company to supplement the
information contained in the Circular. Specifically, it includes
information stating that Mr. Stan Bharti was a "Named Executive
Officer", which was not disclosed in the Circular, correcting and
clarifying the Company's disclosure regarding the use of benchmarking
to determine salaries of executive officers (including the Chief
Executive Officer) and the establishment of performance goals to
determine bonuses as set out under the headings "Benchmarking" and
"Bonus Payments" below, and including a discussion of how the trend in
the performance graph compares to the trend in the Company's
compensation of executive officers.
The Company also SEDAR filed on November 25, 2010 a redacted version of
a material contract namely its "Bucko Lake Concentrate Sales Agreement"
dated July 11, 2007 between the Company and Xstrata Nickel Inc. (the
"Offtake Arrangement"). Pursuant to the Offtake Arrangement, the
Company has agreed to sell, and Xstrata Nickel Inc. has agreed to
purchase 100% of the nickel concentrate produced at the Bucko Lake Mine
at commercially competitive terms during the life of the Bucko Lake
Mine. This material contract should have been filed at an earlier date
and was filed as a result of a review by the OSC.
The material change report filed on January 5, 2011, related to a press
release dated December 29, 2010 about the issuance of 58.4 million
shares for partial debenture conversion, and the material change
reports filed on August 16, 2010, related to a press release dated June
16, 2010 about the change of Board of Directors and King Place's
additional investment in the Company, and a press release dated
November 16, 2009 about the temporary suspension of Bucko Lake Mine
operation, respectively, should have been filed at an earlier date and
were filed as a result of a review by the OSC.
About Crowflight Minerals Inc.
Crowflight Minerals Inc. (TSX: CML) is a Canadian junior mining company
that owns and operates the Bucko Lake Nickel Mine near Wabowden,
Manitoba. The Company also holds 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 outcome of litigation and
seeking additional financing and its likelihood of success. The Company
does not undertake to update any forward-looking statements, except in
accordance with applicable securities laws.
SOURCE CROWFLIGHT MINERALS INC.
For further information:
Further information is available on the Company's website at www.crowflight.com or contact:
CFO and Corporate Secretary
Crowflight Minerals Inc.
P.O. Box 35 1655-999 West Hastings Street
Vancouver, British Columbia Canada V6C 2W2
Tel: 778-372-1806 Fax: 604-254-8863