Company Information for Crew Gold Corp

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Company Statement

Crew is an international mining company focused on identifying, acquiring, developing and operating mineral resource projects worldwide with a primary focus on gold.

Crew has an operating gold mine (Nalunaq) in Greenland with an annual production rate target of 80,000 to 100,000 ounces, a gold mine in Guinea (Lefa) that  has an annual production rate target of 380,000 to 420,000 ounces. Crew also has a gold mine (Masara) in the Philippines with a 500 t/d processing plant which was commissionedi  Q1 of 2007 and to which a 2400 t/d plant is being  added. This project is expected to have an annual production rate target of 85,000 to 180,00 ounces once complete. In addition to its interests in these gold mining operations, Crew also holds gold and other development projects in Greenland, Ghana, the Philippines and Norway. 

(Crew also owns a 28% interest in Crew Minerals ASA (“Crew Minerals”).  The  primary asset of this company is the Mindoro Nickel Project in the Philippines.  Crew Minerals also has molybdenum exploration activities in Norway, royalty income from its interest in the Seqi Olivine Project in Greenland and diamond exploration activities in Greenland.  Crew Minerals was separately listed on the Oslo Stock Exchange in December 2006.

Current Operations

Nalunaq Gold Mine
Nalunaq has posed considerable challenges due to the simple, yet difficult geometry of the Main vein. The main factors being a narrow vein width of 0.7 m and a 30-40 degree dip. The narrow width calls for a high degree of drilling and blasting accuracy to prevent dilution, and the dip both precludes efficient footwall layouts for mechanised mining and also requires additional rock handling activities to ensure all the ore is successfully transferred to the bottom of the stope for mucking and cleaning.

The preferred mining method is longhole mining, which comprises drifting horizontally along strike at 11 m vertical spacing resulting in ore blocks of about 14-16 m length on dip. The ore drifts are either mined as a whole face or in two cuts separating the ore and the waste (resue). This block is then subdivided into 14 m wide stopes between 1.5 m stability pillars (rib pillars). Each block is opened with a short raise along one pillar and then blasted using long blastholes drilled either from the top or the bottom, giving the method its name. Following stoping and removal of the ore, the stope has to be cleaned of any residual fine ore, some of which is at high grade.

To access the drifts, from which all operations are carried out, a ramp and other mine openings are necessary to transfer the ore and waste to lower levels for transport or to supply access for mine services such as ventilation, power and water.

Lefa Gold Mine, Guinea
The LEFA Corridor Gold Project is located approximately 700 km northeast of Conakry, the capital of the Republic of Guinea. The principal concession, governed by the Convention de Base, covers an area of approximately 1,500 km2 and is known as the Dinguiraye Concession. LEFA also has a further six contiguous properties over which Crew has rights derived from six prospecting permits not governed by the Convention de Base, bringing the total project area to approximately 2,379 km2.

Maco Gold Project, Mindanao Island, Philippines
Experience during processing in 2007 and more recently in early 2008, has confirmed that the current 500t/d plant would be capable of processing up to 700t/d with good recoveries. The second phase of expansion requires minimal capital expenditure to upgrade certain pumps and lines to allow the 700t/d to be achieved on a consistent basis.

The third phase would then be to upgrade the plant to 1,000t/d to 1,500t/d which is mainly expansion to the crushing and grinding area; the studies on the flotation will be completed and the decision can be made to either expand the current trial flotation area or to increase the CIL capacity.

During the last quarter of 2007, the design of the new Tailings Management Facility was completed and work commenced. The first phase of construction will provide tailings capacity into 2009 as the tailings underground backfill is installed. The use of the tailings as backfill means that the current site can provide capacity for several years’ production.

Nugget Pond Processing Facility (for ore from Nalunaq), Newfoundland, Canada
On October 27, 2006 the Corporation completed the acquisition of the Nugget Pond processing facility in Newfoundland, Canada from New Island Resources Inc. (“New Island”) following the issue of three million shares. Additionally, the agreement also provides New Island with the opportunity to process ore mined on their Nugget Pond mineral leases at commercial rates.

The refurbishment of the facility was completed ahead of schedule and Nugget Pond is now utilized to process ore produced from Crew’s Nalunaq Gold Mine in Greenland.

In Q1 2007 a total of 44,145 dry metric tonnes of ore was delivered in three shipments to Nugget Pond’s off-load facility, of which 19,298 tonnes have been trucked to the plant. During Q1 the plant processed 12,839 tonnes at 13.8 g/t Au, which included 3,390 tonnes of lower grade ore processed during plant commissioning. Mill throughput averaged 377 tonnes per day, the nominal capacity.

The first gold pour took place on March 20, 2007 – approximately four months ahead of initial plans.

Geographical Spread

Greenland, Guinea, the Philippines, Canada

Board of Directors and Key Management

Cameron Belsher	Chairman, British Columbia, Canada
Erlend Grimstad	Director, Oslo, Norway
Brian Hosking	Director, Surrey, UK
Hans Christian Qvist	Director, Oslo, Norway
Richard Robinson	Director, UK
Simon Russell	Director, British Columbia, Canada
Jens Ulltveit-Moe	Director, Oslo, Norway
Jan Vestrum	Director, President and Chief Executive Officer, Weybridge, UK
William LeClair	Director and Chief Financial Officer, Weybridge, UK

Company Address ABBEY HOUSE WELLINGTON WAY WEYBRIDGE SURREY, United Kingdom KT13 0TT Telephone: +44 193 226 8755 Facsimile: +44 193 226 8756 Email: IR[at]crew.no Website: http://www.crewgold.com

Capital Shares outstanding - 422,524,875

Annual General Meeting December

Year End June 31st

Nominated Brokers N/A

Nominated Advisors Pareto and First Securities

Major Shareholders

Holding	Percentage	Name
112,224,000	25.19554	UMOE INVEST AS
44,063,940	9.89284	GOLDMAN SACHS INT.
16,206,000	3.63843	CITIGROUP GLOBAL MAR
15,332,120	3.44223	GOLDMAN SACHS & CO
12,491,800	2.80455	UBS AG, LONDON BRANC

Related News

03/06/08 - Crew Gold Plays Hard To Get And Its Strategy Is Difficult to Understand
15/10/07 - Crew Gold Has A Bit Of Catching Up To Do
20/02/07 - Crew Gold Is Worth More Than A Few Guineas

Most Recent Statement

17/11/08 - Crew Gold Corporation: Financial Results for the Quarter and Nine Months Ended September 30, 2008
11/11/08 - Crew Gold provides operational and financial update
26/09/08 - Take Over Mining Work at Lefa
13/08/08 - Financial Results for the Quarter and Six Months Ended June 30, 2008
12/06/08 - Contemplated Private Placement
13/05/08 - Financial Results for Quarter Ended March 31, 2008