Crew Gold Corporation
FRANKFURT : KNC
TSX : CRU
OSLO STOCK EXCHANGE : CRU
OTC Bulletin Board : CRUGF

Crew Gold Corporation

September 30, 2005 08:30 ET

Crew Gold Corporation: Financial Results Year Ended June 30, 2005

LONDON, UNITED KINGDOM--(CCNMatthews - Sept. 30, 2005) - Crew Gold Corporation ("Crew") (TSX:CRU)(OSE:CRU)(FWB:KNC)(OTCBB:CRUGF)

The Company has recorded EBITDA (ref page 4) for the year ended June 30, 2005 of $2.7 million compared to negative EBITDA of $1.4 million for the year ended June 30, 2004.

For the year ended June 30, 2005 the Company recorded a net loss of $8.9 million ($0.05 per share) compared with a net loss of $2.9 million ($0.02 per share) for the year ended June 30, 2004. The 2005 result is affected adversely by a decrease in non-cash equity earnings from its investment in Barberton Mines Limited of $2.3 million, non-recurring finance charges of $2.0 million from the negotiated conversion of the convertible bonds and a negative $1.9 million non-cash effect from currency losses. This was mitigated by the positive effect of the Company's sale of its interests in the Seqi Olivine project and interest savings from negotiated conversion of convertible bonds.

http://www.crewdev.com/default.asp?V_DOC_ID=792

or

http://hugin.info/90/R/1013782/158228.pdf

Jan A Vestrum, President & CEO

This news release contains certain "Forward-Looking Statements". All statements, other than statements of historical fact, included in this release, and/or statements made by company officers or directors at any given time, as well as Crew's future plans are such forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are based on the estimates and opinions of management on the date the statements are made, and Crew does not undertake any obligation to update forward-looking statements should conditions or management's estimates or opinions change.

NON-GAAP MEASURES

"EBITDA" is a non GAAP measure of performance that describes our earnings before interest, taxes, depletion, and amortization. "Gross gold sales" is a non GAAP measure derived from ounces produced from processing multiplied by the then current gold price. "Cash Cost per ounce" is a non GAAP measure derived from the total cost of ounces produced, less depreciation and amortization and other non cash items; as a measure of total ounces produced. Cash costs are presented as they represent an industry standard of comparison.

EBITDA and gross gold sales and cash cost per ounce are not defined terms under Canadian generally accepted accounting principles, nor do they have a standard, agreed upon meaning. As such, EBITDA, gross gold sales and cash cost per ounce may not be directly comparable to EBITDA gross gold sales and cash cost per ounce reported by other similar issuers.

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