Leading Chinese nickel producer bids for Crowflight Minerals

Jinchuan Group Ltd., China's largest producer of nickel, cobalt and platinum, has put in a $150-million bid for Crowflight Minerals Inc., (TSX-CML) a Toronto-based junior mining firm with operations in Manitoba and exploration properties in Sudbury.

This works out to roughly $0.26 per common share, a premium of 47.3 per cent to the closing price on the Toronto Stock Exchange on April 2, 2010.

The offer is subject to Jinchuan's satisfaction with a due diligence review of the company, as well as the receipt of the appropriate governmental and regulatory approvals.

The offer is also premised on Jinchuan's receiving all of the offtake from Crowflight's Bucko Lake Mine in Manitoba, as well as any of the exploration properties which are later put into production.

The deal is being reviewed by a special committee of Crowflight's board of directors.