DATE: 16 May, 2007
TRADING SYMBOLS;
TORONTO AND OSLO -CRU
FRANKFURT -KNC
OTC, BB, OTHER –CRUGF
N E W S R E L E A S E
Financial Results for the Quarter Ended March 31, 2007
LONDON, United Kingdom, May 16, 2007 - Crew Gold Corporation (“Crew” or “the Company”) (TSE & OSE: CRU; Frankfurt: KNC; OTC-BB-OTHER: CRUGF.PK)
QUARTER HIGHLIGHTS
·
Commissioning three operations – Lefa, Masara and Nugget Pond
-
EBITDA of negative $5.0 million, reflecting the capitalisation of sales and reduced production during the commissioning of Lefa, Masara Phase 1 plant and Nugget Pond production facility
·
Lefa
-
Management has made the decision to increase processing capacity
-
First gold poured in February 2007
-
Commissioning was impacted by two general strikes in Guinea
-
Significant reserve and resource increase at Lefa
Ø
Proven and probable reserves increased by 870,000 ounces to 3.38 million ounces (34% increase)
Ø
Measured and indicated resources increased by 980,000 ounces to 4.819 million ounces (25% increase)
Ø
Inferred resources increased to 1.13 million ounces from 0.79 million ounces (43% increase)
Ø
Higher grade (+3 g/t Au) satellite deposits identified at Siguirini and Banora.
·
Masara
-
Phase 1 pilot project at Masara successfully commissioned
-
Construction of Phase 2 underway expected to be completed in Q3 with commissioning during Q4
-
Significant resource increase at Masara
Ø
Indicated resources as at February 28, 2007 increased by 15% to 0.304 million ounces
Ø
Inferred resources increased by over 60% to 1.847 million ounces
Ø
Indications of increased grade in plunging ore shoots
For full Q1 Results, please see attached file.
http://www.crewdev.com/pdf/Q1%20MARCH%2031ST%202007%20Crew%20Mar%2031%202007%20PRFinal.pdf
If the link is not active here, simply cut and paste the link into your URL browser.
Jan A Vestrum
President and CEO
1
