Crew Gold Corporation

Crew Gold Corporation

October 13, 2009 09:00 ET

Crew Gold Announces Resignations

LONDON, UNITED KINGDOM--(Marketwire - Oct. 13, 2009) - Crew Gold Corporation ("Crew" or "the Company") (TSX:CRU)(OSLO:CRU) today announces the resignations of Mr. Jens Ulltveit-Moe as Director and Chairman of the Board and Mr. Tom Ruud as Director.

The Board of Directors thanks Messrs. Ulltveit-Moe and Ruud for their contributions over the past 2 years.

William LeClair, 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) production guidance for LEFA, (2) the proposed capital and debt restructuring, (3) the expected release of NI 43-101 reserve and resource reports and the contents of those reports, (4) the anticipated update of the Company's life of mine plan, (5) the expected actions of the Company's principal fuel supplier, and (6) the Company's anticipated non-payment of the $23.2 million principal payment due to bondholders in October 2009. 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 actual production results at LEFA being less than anticipated, (2) the actual results of the independent consultant's review of the reserves and resources at LEFA, (3) failure of plant, equipment or processes to operate as anticipated, (4) accidents, labour disputes and other risks of the mining industry, and (6) the Company's operating and necessary capital expenditures being higher or lower than expected.

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 the Company's properties consistent with 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, and (7) materials and labour costs increasing on a basis consistent with Crew's 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 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. 

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