Crew Minerals ASA
OSLO STOCK EXCHANGE : CMI

Crew Minerals ASA

January 15, 2007 10:15 ET

Crew Minerals Consolidates Major Kimberlite District in West Greenland, Preliminary Results Report Diamonds From All Samples

OSLO, NORWAY--(CCNMatthews - Jan. 15, 2007) - Crew Minerals ASA (OSE:CMI) is pleased to report it has successfully consolidated a nearly 200,000 ha area in West Greenland, covering the entire Maniitsoq Kimberlite Province, and that all samples from the 2006 sampling so far analysed, have returned diamonds. Eight samples from three different dyke systems returned a total of 34 diamonds larger than 0.106 mm, two of which are larger than 0.425 mm, with one to eight diamonds recovered from each 50-kg sample. Results from twelve samples are still pending.

In late 2006 Crew filed applications with Greenland's Bureau of Minerals and Petroleum for a 1,746 km2 exclusive exploration licence and for a 17 km2 enlargement to its initial 180 km2 licence, and thereby consolidated a total area of 1,943 km2 in Greenland's second largest kimberlite province. The area was known from exploration work in the 1990s and subsequent government investigations to have diamondiferous kimberlites in three widely scattered localities, but very limited follow-up had been conducted.

In August 2006 Crew conducted a first sweep sampling of the kimberlite dykes in its initial exploration and prospecting licence areas and submitted the samples to a Canadian ISO 17025 accredited laboratory (Thunder Bay Diamond Services) for caustic fusion and diamond identification. Twenty 50-kg kimberlite samples were collected, and included new kimberlite dykes identified by Crew as a result of follow-up on kimberlite indicator minerals from till samples.

The preliminary counting and sizing results of eight of the twenty 50-kg kimberlite dyke samples completed so far are encouraging, as all samples are diamondiferous, and the known diamondiferous kimberlite occurrences now include four major dyke systems and one boulder field, suggesting that kimberlites throughout the province have sampled diamondiferous lithosphere. Diamond extraction results from a fifth dyke system in the central part of the province, discovered during the August 2006 field work, are still pending. It is interesting that the kimberlite dykes and indicator minerals trains appear to be aligned in three to four parallel lineaments through the undisturbed Archaean craton segment.

In the search for new kimberlites we have noted a high degree of correlation between kimberlite occurrences and presence of kimberlite indicator minerals in regional till samples (Map 1), but have also found that some kimberlites in the 'down-ice' direction of nearby till sampling points are not reflected in the regional till samples. This, and the fact that kimberlite dykes are notoriously difficult to locate using airborne geophysics, has emphasised the need for intense ground traversing in order to discover new kimberlite occurrences.

Crew is encouraged by these initial results and will continue its exploration for diamonds in the Maniitsoq region, focusing on diamond distributions within the known, major kimberlite dyke systems as well as on the search for additional new kimberlites. The known dyke systems are 2 to 6 km long, and having seen they are all diamond-bearing, we will now endeavour to examine internal variations within the dyke systems in order to locate possible local, greater concentrations and sizes of diamonds, as has been a recent outcome of exploration in Greenland's other major kimberlite province in the Sarfartoq region 150 km to the north.

Crew Mineral's CEO Hans Christian Qvist comments: "The find of diamonds is highly encouraging as we only set out to examine whether previously untested kimberlite dykes in the area were diamond-bearing. The fact that not only did we find new dyke systems, but also that the preliminary results suggest a presence of diamonds in individual dyke systems more than 50 km apart are indeed very exiting and promising for the ongoing work".

The content of this press release has been reviewed by S. M. Jensen, PhD, and qualified person pursuant to NI 43-101. Dr. Jensen is Chief Geoscientist for Crew Minerals ASA and not an independent person.

A copy of the release including a map of the license areas in the Maniitsoq Kimberlite Province, West Greenland can be found at: http://www.crewminerals.no/pdf/CMI_NR150107_ManiitsoqKimberliteProvince.pdf

Hans Christian Qvist, President and CEO, Crew Minerals ASA

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Certain statements contained herein, as well as oral statements that may be made by the company or by officers, directors or employees of the company acting on the company's behalf, 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 Crew Acquisition Corp.'s intention to proceed with the compulsory acquisition. 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, the price of gold, fluctuations in financial markets, investor interest in the proposed private placement. 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. 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 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 at http://www.sec.gov/edgar.shtml.

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