Investments by Pala Investments Holdings Limited in Crowflight Minerals Inc.

    TORONTO, May 1 /CNW/ - PIHL announced today that it has purchased units
("Units") of Crowflight Minerals Inc. ("Crowflight") by way of private
placement. Each Unit consists of one common share (each a "Share") and one
half of a common share purchase warrant (each a "Warrant"). PIHL acquired
41,176,471 Units comprising 41,176,471 Shares and 20,588,235 Warrants
representing approximately 11.17% of the total number of Shares of Crowflight.
The Units were purchased directly by Pala and indirectly through its affiliate
Dumas Contracting Ltd.
    After giving effect of the acquisitions referred to above, PIHL owns and
controls a total of 56,079,971 Shares and 20,588,235 Warrants of Crowflight.
    As known by PIHL, PIHL owns and controls approximately (i) 15.21% of the
issued and outstanding Shares of Crowflight on a non-diluted basis, and (ii)
19.69% of the issued and outstanding Shares of Crowflight on a partially
diluted basis, with such percentage including the Warrants owned and
controlled by PIHL.
    The transactions referred to above took place by way of private placement
and not through the facilities of any stock exchange or any other marketplace.
    PIHL acquired the Units pursuant to the transactions referred to above
for investment purposes only. PIHL may acquire additional securities if they
become available at prices that are attractive to PIHL.

For further information:

For further information: PIHL's address is 12 Castle Street, St. Helier,
Jersey JE2 3RT. For further information please refer to the Early Warning
Report posted on SEDAR or contact Jan Castro at 011 41 41 560 9070

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Pala Investments Holdings Limited

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