Crew Acquires 100% of Nalunaq Gold Mine, Greenland
LONDON, UNITED KINGDOM -- (MARKET WIRE) -- 11/01/07 -- Crew Gold
Corporation ("Crew" or "the Company") (TSX: CRU) (OSLO: CRU)
(FRANKFURT: KNC) (PINK SHEETS: CRUGF) today announced:
Crew is pleased to advise that it has concluded an agreement with
NunaMinerals A/S (Nuna) to purchase Nuna's 17.5% interest in the
Nalunaq Gold Mine. Consideration includes approximately CAD $2.5
million for the shares plus repayment of all loans between Nuna and
Nalunaq Gold Mine of approximately CAD $2.2 million. In addition,
Nuna will be entitled to a 1.5% NSR royalty on production in excess
of 992,000 ounces cumulatively. Approximately 195,000 ounces have
been produced to date. The transaction is expected to be concluded on
or before November 15, 2007. On completion, Crew will hold 100% of
the equity in the Nalunaq Gold Mine.
Crew operates the Nalunaq Gold Mine located in southern Greenland.
The mine has been operational since February 2004 and has produced
approximately 195,000 ounces of gold at an average head grade of
16.3g/t Au. In October 2006, Crew purchased the Nugget Pond
processing facility in Newfoundland, Canada to process ore from
Nalunaq. Current production from Nalunaq is 80,000 to 90,000 ounces.
In Q2 2007 Nalunaq Gold Mine produced 21,697 ounces.
Jan Vestrum, Crew President and CEO commented, "I am pleased to
announce the successful conclusion of negotiations with NunaMinerals.
This transaction enables Nalunaq and Nugget Pond to be operated with
maximum synergies and provides longer term benefits to Nalunaq and
Greenland. With a strong present gold price and positive outlook for
gold we believe this is an excellent transaction for Crew Gold."
Jan A Vestrum, President & CEO
Safe Harbour Statement
This news release contains forward-looking statements which reflect
the expectations of management and the board of directors, and are
made pursuant to applicable and relevant national legislation
(including the Safe-Harbour provisions of the United States Private
Securities Litigation Reform Act of 1995) in countries where Crew
Gold Corporation is conducting business and/or investor relations.
Forward looking statements typically contain words such as
"believes", "anticipates", "continue", "could", "expects",
"indicates", "plans", "will", "may", "projects", "would" or similar
expressions suggesting future outcomes or events, although not all
forward-looking statements contain these identifying words. Such
forward-looking statements reflect the current beliefs of management
and the board of directors based on information currently available
to them. Forward-looking statements involve inherent risks and
uncertainties, and Crew cautions readers not to place undue reliance
on these statements as a number of important factors could cause
Crew's actual results to differ materially from the beliefs and
expectations expressed in such forward-looking statements. Factors
that could cause actual results to differ materially from the results
discussed in the forward-looking statements, include, but are not
limited to, the factors discussed under the heading "Risks and
Uncertainties" in Crew's Annual Information Form dated April 2, 2007,
as filed on SEDAR at www.sedar.com. Although the forward-looking
statements contained in this news release are based upon what
management and the board of directors believes to be current and
reasonable assumptions, Crew cannot assure readers that actual
results will be consistent with these forward-looking statements. The
forward-looking statements contained herein are made as of the date
of this news release and are expressly qualified in their entirety by
this cautionary statement. Crew undertakes no obligation to publicly
update or revise these forward-looking statements to reflect
subsequent events or circumstances. Cautionary Note to US Investors -
The United States Securities and Exchange Commission permits US
mining companies, in their filings with the SEC, to disclose only
those mineral deposits that a company can economically and legally
extract or produce. We use certain terms on this website (or press
release), such as "measured", "indicated", and "inferred"
"resources", which the SEC guidelines strictly prohibit US registered
companies from including in their filings with the SEC. US Investors
are urged to consider closely the disclosure from the SEC's website
Crew Gold Corporation
UK Head Office
+44 -1932 268755
Email: email@example.com (FAX)
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