In addition ore has been accessed on the 450 foot level andexpectations are to open up new production

In addition, ore has been accessed on the 450 foot level andexpectations are to open up new production on the 450 to 500 foot horizonin the next few months. Managementbelieves that this is a better indication of its expected performance infuture periods. This data is intended to provide additional informationand should not be considered in isolation or as a substitute for measuresof performance prepared in accordance with Canadian GAAP.A number of stoping areas have been developed on the 1,000 and 900 footlevels and a few of them are now available for production mining atBucko. This non-GAAP financial measuredoes not have any standardized meaning prescribed by Canadian GAAP and istherefore unlikely to be comparable to a similar measure presented byother issuers Management uses this measure internally.

Average operating cash cost(after declaration of commercial production) remains unchanged at US$3.61per pound(1) at an exchange rate of 1.20 to 1.00 Canadian to the USdollar.(1) Non-GAAP MeasureThis press release refers to cash cost per pound which is not arecognized measure under Canadian GAAP. Cash of $10.1 million was generated from themonetization of the Company’s forward nickel and currency contracts.Working capital deficit was $9.5 million at March 31, 2009, includingcash and cash equivalents of $1.6 million.OutlookDue to commissioning issues in the first quarter, Crowflight has revisedits 2009 guidance from 362,000 tonnes of 1.65% nickel to recover 9.1million pounds of payable nickel to 326,000 tonnes of 1.59% nickel torecover 7.9 million pounds of payable nickel. The resultsfor the first quarter of 2009 include a net realized gain of $2.1 millionon the monetization of all outstanding forward nickel and currency hedges.Cash provided by operations for the quarter ended March 31, 2009 was $8.5million compared to cash provided by operations of ($0.88) million in thesame period last year. Please see press releases dated April 15, 17, and30, 2009 for further details.Financial ResultsFor the three months ended March 31, 2009, the Company reported a netincome of $1.5 million or $0.01 per share, compared to a net loss of $2.8million or ($0.01) per share in the same period last year.

Each Unit consistsof one common share of Crowflight (a “Unit Share”) and one-half of onecommon share purchase warrant (each full warrant, a “Warrant”), each fullWarrant being exercisable to acquire one common share of Crowflight at apurchase price of $0.20 for a period of 24 months following the closingdate of April 30, 2009. The second placement consisted of 29,411,765 units (the”Units”) of the Company at a price of $0.17 for each Unit for total grossproceeds of $5,000,000 with Dumas Contracting Limited. The first one consisted of 46,000,000 units (the “Units”) ofthe Company at a price of $0.17 for each Unit for total gross proceeds of$7,820,000. Of this, $7.6million was used to pay off the outstanding balance of the debt facilityplus accrued interest. Crowflight is now debt-free as a result.- Subsequent to quarter end, the Company completed two separate privateplacements.

A forecasted long-term nickel price of US$6.00 and a0.81 CAD$:US$ exchange rate was assumed. Mining reserves were establishedusing a 1.25% nickel marginal cut-off grade. See press release of March12, 2009 for further details regarding the reserve estimate.- The Company monetized all remaining nickel forward sales and foreignexchange contracts for net proceeds of $10.1 million. Crowflighthas delivered on its primary milestone for 2009 by becoming Canada’snewest nickel producer. TORONTO, ONTARIO, May 11 (MARKET WIRE) — CROWFLIGHT MINERALS INC. (“Crowflight”, the “Company”) (TSX: CML) todayannounces its financial results for the first quarter of 2009.

That compares with a loss of $138 million, or 28 cents a share, a year earlier.Revenue fell 37 percent to $1.73 billion with declines in all segments and regions, the company said. TORONTO (Reuters) – Nortel Networks Corp, which filed for bankruptcy protection earlier this year, said on Monday its quarterly loss widened as the global recession contributed to a steep drop in revenue.Nortel, North America’s biggest maker of telephone equipment, also said it is completing plans to decentralize some functions at each of its four main businesses to give it more flexibility as it decides which divisions to sell.The company lost $507 million, or $1.02 a share, in the three months ended March 31. As of March 31,2009, the Sun Life Financial group of companies had total assets undermanagement of CDN$375 billion. For more information please visit Life Financial Inc. Chartered in 1865, Sun LifeFinancial and its partners today have operations in key markets worldwide,including Canada, the United States, the United Kingdom, Ireland, Hong Kong,the Philippines, Japan, Indonesia, India, China and Bermuda.