Pala purchases additional shares of Crowflight Minerals

TORONTO, Feb. 19 /CNW/ - Pala Investments Holdings Limited ("PIHL") announced today that it has acquired, through a wholly owned subsidiary, a total of 36,231,250 common shares ("Shares") of Crowflight Minerals Inc. ("Crowflight") representing approximately 6.01% of the 603,273,552 issued and outstanding common shares of Crowflight, as known by PIHL. PIHL previously announced, by way of press release dated January 29, 2010, its commitment to acquire 21,356,250 common shares of Crowflight, which forms part of the Shares acquired as disclosed herein.

After giving effect to the acquisitions referred to above, PIHL, through its wholly-owned subsidiary, will own and control a total of 152,311,221 Shares and 50,588,235 warrants to purchase Shares ("Warrants") of Crowflight, which as known by PIHL, represents (i) 25.3% of the issued and outstanding Shares of Crowflight on a non-diluted basis, and (ii) 33.6% of the issued and outstanding Shares of Crowflight on a partially diluted basis, with such percentage including the Warrants owned and controlled by PIHL, through its wholly-owned subsidiary.

The transaction referred to above will take place by way of private placement and not through the facilities of any stock exchange or any other marketplace. The consideration for the Shares will be CDN$0.16 per Share, representing an aggregate purchase price of $5,797,000 for the Shares.

PIHL, through its wholly-owned subsidiary, has acquired these securities for investment purposes and may increase or decrease the investment in these securities depending upon future market conditions.

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 Colin Murray at 011 41 41 560 9070.

About Pala

Pala Investments Holdings Limited is a US$1.0 billion multi-strategy investment company focused on mining and natural resource companies in both developed and emerging markets. Pala Investments' exclusive investment advisor, Pala Investments AG, has extensive experience within the mining and natural resource sectors. Pala Investments seeks to assist companies in which it has long-term shareholdings by providing strategic advice and innovative financing solutions. For more information, visit www.pala.com.

Certain statements in the press release are forward-looking statements and are prospective in nature, including statements with respect to Pala's future intentions regarding the securities of Crowflight that it owns. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. These statements generally can be identified by the use of forward-looking words such as "may", "should", "will", "could", "intend", "estimate", "plan", "anticipate", "expect", "believe" or "continue", or the negative thereof or similar variations. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Such forward-looking statements should therefore be construed in light of such factors, and Pala is not under any obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

For further information: Colin Murray at 011 41 41 560 9070