Crew Gold Corporation
TSX : CRU
OSLO STOCK EXCHANGE : CRU

Crew Gold Corporation

December 08, 2010 09:01 ET

Crew Gold Corporation: Approval of Plan of Arrangement

LONDON, UNITED KINGDOM--(Marketwire - Dec. 8, 2010) - Crew Gold Corporation ("Crew") (TSX:CRU) (OSLO:CRU) is pleased to announce that at a special meeting held on 7th December 2010, Crew's shareholders approved the previously announced plan of arrangement (the "Arrangement") which, when implemented, will involve the acquisition (the "Transaction") by Nord Gold N.V. and Nord Gold (Yukon) Inc. of all the issued and outstanding common shares of Crew (not already owned by Nord Gold N.V. and Nord Gold (Yukon) Inc.) at a price of US$4.65 per share in cash pursuant to the Arrangement. The final certified results of the vote are 99.78% of common shares voted in favour of the Arrangement, 0.22% voted against. A total of 101,488,334 votes were cast, representing 94.92% of eligible outstanding common shares.

These totals exceed the required two-thirds of the votes cast on the arrangement resolution by shareholders present in person or represented by proxy at the special meeting. The Arrangement will be submitted to the Supreme Court of Yukon for a final order of approval on December 10, 2010. 

The closing of the Transaction is expected to occur after the satisfaction and/or waiver of all conditions precedent to the Arrangement, which is currently expected to occur on or about December 13, 2010.

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 the timing of the common share consolidation.

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. Although Crew has attempted to identify important factors that could cause actual events or results to differ from those described in forward-looking statements contained herein, there can be no assurance that the 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, current estimates of the timing of the closing of the transaction.

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.

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