Crew Gold Corporation

Crew Gold Corporation

January 25, 2010 09:20 ET

Crew Gold Corporation: LEFA Gold Mine Mineral Reserve Update

LONDON, UNITED KINGDOM--(Marketwire - Jan. 25, 2010) - Crew Gold Corporation ("Crew" or "the Company") (TSX:CRU) (OSLO:CRU) today announces:-

This release updates the previously reported mineral reserves of the LEFA Mine in Guinea, West Africa.

The following table presents the estimated mineral reserves on the LEFA Concession as at 31 August 2009.

Deposit Proven Probable Total
kt g/t k oz kt g/t k oz kt g/t k oz
LEFA Corridor
Lero-Karta 17,697 1.7 941 8,092 1.7 453 25,789 1.7 1,394
Fayalala 21,822 1.2 844 566 1.2 21 22,388 1.2 865
Kankarta 1,911 1.7 106 544 1.6 28 2,455 1.7 134
Firifirini 4,041 1.7 219 4,041 1.7 219
Banko 334 3.2 34 34 2.7 3 368 3.2 37
Folokadi 395 1.8 23 1,072 2.1 72 1,467 2.0 95
Toume Toume 258 1.5 12 258 1.5 12
HL Pads 6,784 0.9 187 2,307 0.7 54 9,091 0.8 241
TOTAL 48,943 1.4 2,136 16,914 1.6 862 65,858 1.4 2,998
31 August 2007 58,100 1.6 2,900 17,200 1.8 970 75,300 1.6 3,870

The Lefa Gold Mine estimated mineral reserves as at 31 August 2009 is 65.9 Mt, at average gold grade of 1.4 g/t, for contained gold of 3.0 million ounces.

Since August 2007, mining depletion was approximately 377,000 ounces (6.7 Mt @ 1.7 g/t).

Excluding mining depletion, the mineral reserves have decreased by approximately 500,000 ounces (13%) to 3.4 million ounces from the 3.9 million ounces announced for end August 2007. Depletion since August 2007 further reduces the reserves to 3.0 million ounces. This estimate is NI 43-101 compliant.

The new mineral reserves were estimated at a gold price of USD 800/oz and are based on the 2009 mineral resource models. These mineral resource models were revised following a thorough review of the Lero-Karta and Fayalala mineral deposits and a review of reconciliation between mining depletion and depletion in the geological model. Additionally, Societe Minieres de Dinguiraye (SMD), Crew's subsidiary in Guinea, undertook a geotechnical review of the LEFA Corridor pit walls. This review led to a revision of slopes in some areas, but overall, to the flattening of the north slopes, which led to some reduction in pit depth and consequently loss of mineral reserves.

The drilled out areas of the old leach pads are included in the mineral reserve estimate, where 2.3 million tonnes have so far been defined from in-fill drilling, returning 54,000 ounces, including ore losses and dilution. Approximately 7 million tonnes still remain to be drilled, providing further potential.

Bill LeClair, President and CEO of Crew commented: "A critical independent review of our mineral resources and reserves based on reconciliation results, combined with a thorough review of the geotechnical slope parameters, have resulted in a robust estimate of mineral reserves. Thus, while the review has resulted in a slight decrease in the reserve, net of mining depletion and the additions from exploration drilling, it presents a solid base for Crew to continue expanding the mineral resource. At 3.0 million ounces in mineral reserves, this places LEFA in the ranks of world-class gold deposits. The Company is confident that continuing exploration will provide further increases to the mineral resource and reserve inventory."

For further information on the resource data please refer to our website and to the technical report entitled "Disclosure of Mineral Resources and Reserves, Lefa Gold Mine, Northeast Guinea, Technical Report Update", dated November 2009, available at

William LeClair, President & CEO

Quality Assurance and Control and Qualified Person

The reported mineral reserves have been compiled by Mr Edgar Urbaez, a private consultant, who has sufficient experience, relevant to the style of mineralisation and type of deposit under consideration to qualify as a "Qualified Person" within the meaning of Canadian National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Mr Urbaez is "independent" of Crew Gold Corporation within the meaning of NI 43-101.

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 further potential of areas to be drilled, (2) the expected results of continued exploration, and (3) any inference that reserve estimates will be accurate when reconciled to actual results. Often, but not always, forward-looking statements can be identified by the use of words such as plans, expects, targets, budget, estimates, forecasts, intends, anticipates, 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 any future results expressed or implied by such forward-looking statements. Such risks and uncertainties include, among others, (1) the risk that the Company will be unable to proceed with expected exploration activities, and (2) exploration activities may not yield the results expected. The material factors and assumptions used to develop forward-looking statements which may be incorrect, include, but are not limited to, (1) the Company's continued execution of its current business plan, (2) the financial resources available to the Company, (3) the continued nature and scope of operations at LEFA, and (4) the price of gold. 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 the forward-looking statements contained herein 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 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 at

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