Crew Gold Corporation
PINK SHEETS : CRUGF
FRANKFURT : KNC
TSX : CRU
OSLO STOCK EXCHANGE : CRU

Crew Gold Corporation

November 18, 2008 09:00 ET

Crew Announces Record Date for Proposed Rights Offering

LONDON, UNITED KINGDOM--(Marketwire - Nov. 18, 2008) - Crew Gold Corporation ("Crew" or "the Company") (TSX:CRU) (OSLO:CRU) (FRANKFURT:KNC) (PINK SHEETS:CRUGF) today announced:-

Crew Announces Record Date for Proposed Rights Offering

Crew Gold Corporation ("Crew or the Company") today announced that the record date for the previously disclosed share rights offering will be November 21, 2008. Qualified holders of record of the Company's common shares at the close of business on November 21, 2008 will be entitled to receive one subscription right pursuant to the offering for every common share of the Company held. Each right will entitle the holder to purchase a fraction of one Crew share such that the total number of shares issued will not exceed 340 million. The subscription rights will be fully transferable, and are expected to be listed on the Oslo Stock Exchange during the subscription period.

The Company intends to launch the rights offering on or around November 24, 2008, subject to receipt of all necessary regulatory approvals, including approval by the Oslo Stock Exchange of the prospectus for the rights offering. The complete terms and conditions of the rights offering will be disclosed in the prospectus.

Tuesday, November 18, 2008 will be the last day that the common shares of the Company are traded inclusive of subscription rights on the Oslo Stock Exchange. Thus, the Company's common shares will be traded exclusive of subscription rights on the Oslo Stock Exchange from and including Wednesday November 19, 2008.

Thursday, November 20, 2008 will be the last day that the common shares of the Company are traded inclusive of subscription rights on the Toronto Stock Exchange. The Company's common shares will therefore be traded exclusive of subscription rights on the Toronto Stock Exchange commencing at the opening of trading on Friday, November 21, 2008.

Due to the issuance and trading of subscription rights, the Company will instruct its registrar with the Norwegian Central Securities Depository (VPS), to halt all cross border transactions between the Toronto Stock Exchange in Canada and the Oslo Stock Exchange in Norway. Any cross border transactions that have been initiated and which have not been settled by Wednesday, November 19, 2008, will be cancelled on Thursday, November 20, 2008, and the instructing party of the cross border transaction will be informed accordingly. The temporary halt in cross border transactions will be effective up to and including Friday, November 21, 2008. Any instructions for cross border transactions submitted from and including Monday, November 24, 2008, must have a trade or settlement date falling on or after November 24, 2008.

William LeClair, Interim 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.

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