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Crew Gold Corporation (Other OTC: CRUGF.PK) Corporate news announcement processed and transmitted by Hugin ASA. The issuer is solely responsible for the content of this announcement. ---------------------------------------------------------------------- --------------
Press Release - 7th July 2008
LONDON, United Kingdom: Crew Gold Corporation (Crew or the Company) (TSX: CRU) (OSE: CRU) (Frankfurt: KNC) (OTC-BB-Other; CRUGF.PK) today announced:-
Employee and Director Updates
Crew Gold Corporation advises the departure of its Executive Vice President and Chief Operating Officer, Mr Simon Booth. Simon has left Crew to pursue personal business interests. Simon joined Crew in January 2006, shortly after the Company's acquisition of both LEFA in Guinea and Maco in the Philippines and has had group operational responsibility during this period of intensive development and expansion of the Company.
Crew is pleased to announce that Mr. Neil Hepworth, Vice President Operations since May 2007, has assumed group operational responsibility for LEFA. Neil has nearly 30 years of experience in mining, initially mainly involved in geotechnical consulting for all aspects of mining, including tailings dam design, mine backfill systems, underground mining optimisation and open pit stability. He returned to a production role as Manager Mining at Somincor, Portugal and then as Vice President of Operations for European Goldfields prior to joining Crew.
Since joining Crew, Mr. Hepworth has had responsibility for the review and rectification of the Maco project in the Philippines and has re-established the onsite team that has turned that operation profitable. The Maco operation is now self-funding and the planning for the expansion of that operation has recommenced under Mr. Hepworth's direction.
In addition, Mr. Hepworth has had an advisory role for the LEFA, Nalunaq and Nugget Pond operations focusing primarily on staffing issues, mining methods and scheduling. Mr. Hepworth assumed group responsibility for LEFA on May 15, 2008.
Crew is also pleased to announce the election of Mr. Emil Morfett to the Board of Directors. Emil has 28 years of relevant experience, with 8 years in the mining industry and twenty years in mining finance. He has a degree in geology from the University of London and an M.Sc. in mineral exploration from Queens University, Canada. He has worked for Rio Tinto and Goldfields of South Africa before moving back to the City of London in 1987. He was Global Head of Mining Research at Bank Paribas and Head of Mining Research for J P Morgan in London. During this period, he was involved in many major mining transactions with a variety of responsibilities involving due diligence and analysis. In 2001, he founded his own consulting business (Millstone Grit Ltd.), providing both equity and debt focused mining research and strategic advice. He is also a Director of Greystar Resources and Alexander Mining Ltd.
In accordance with Corporation policy, Mr. Morfett was granted 250,000 options priced at the closing price of the TSX on July 2, 2008.
Jan A Vestrum President & CEO
Safe Harbour Statement Certain statements contained herein that are not statements of historical fact, may constitute forward-looking statements 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 is conducting business and/or investor relations. Forward-looking statements, include, but are not limited to those with respect to (1) the price of gold, (2) the estimation of mineral reserves and resources, (3) the realization of mineral reserves estimates, (4) the timing and amount of estimated future success of exploration activities, (5) the timing and amount of production estimates, (6) targeted production cash costs and forecasted cash reserves, (7) Crews hedging practices, (8) currency fluctuations, (9) requirements for additional capital, (10) government regulation of mining operations, (11) environmental risk, (12) title disputes or claims limitations on insurance coverage and (13) the timing and possible outcome of pending litigation. Often, but not always, forward-looking statements can be identified by the use of words such as plans, expects, does not expect, is expected, targets, budget, estimates, forecasts, intends, anticipates or does not anticipate, or believes, or equivalents or variation, including negative variation, of such words and phrases, or state that certain actions, events or results, may, could, would, might or will be taken, occur or be achieved.
Forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause the actual results of the Company to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. Such risks and uncertainties include, among others, (1) the actual results of current exploration activities, conclusions of economic evaluations, (2) changes in project parameters as plans continue to be refined, (3) possible variations in grade and ore densities or recovery rates, (4) failure of plant, equipment or processes to operate as anticipated, (5) accidents, labour disputes and other risks of the mining industry, (6) delays in obtaining government approvals or financing or in completion of development or construction activities. Although Crew has attempted to identify important factors that could cause actual actions, events or cause actions events or results not to be anticipated, estimated or intended, there can be no assurance that forward looking statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements.
The material factors and assumptions used to develop forward-looking statements which may be incorrect, include, but are not limited to, (1) there being no significant disruptions affecting operations, whether due to labour disruptions, supply disruptions, damage to equipment or otherwise, (2) continued development, operation and production at LEFA, Nalunaq and Maco consistent with our current expectations, (3) foreign exchange rates among the currencies the Crew does business in being approximately consistent with current levels, (4) certain price assumptions for gold, (5) prices for electricity, fuel oil and other key supplies remaining consistent with current levels, (6) production forecasts meeting expectations, (7) the accuracy of our current mineral reserve and mineral resource estimates, and (8) materials and labour costs increasing on a basis consistent with Crews expectations.
Except as may be required by applicable law or stock exchange regulation, the Company undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events. Accordingly, readers should not place undue reliance on forward-looking statements.
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 in this document, 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 SECs website at http://www.sec.gov/edgar.shtml.
