Crew Gold Corporation

Crew Gold Corporation

June 27, 2005 09:53 ET

Crew Gold Corporation: Private Placement of 17.6 Million Shares Concluded

LONDON, UNITED KINGDOM--(CCNMatthews - June 27, 2005) - Crew Gold Corporation ("Crew") (TSX:CRU) (OSE:CRU) (FWB:KNC) (PINK SHEETS:CRUGF):

Crew Gold Corporation ("Crew") is pleased to report that the Private Placement announced on June 9th 2005 of 17.6 million common shares at NOK 8.2 per share (approximately CDN$ 1.60) for aggregate gross proceeds of NOK 144.3 million (approximately CDN$ 28.1 million) has been concluded.

The Private Placement was directed towards institutional investors. Crew is pleased to report that the Placement was several times oversubscribed. In addition to a strong interest from a number of our main existing institutional shareholders, 6 new major international institutional investors participated in the placement.

The proceeds from the Private Placement will be used for funding of Crew's expansion and to increase the Company's financial flexibility. Crew's advisors and placement agents for the private placement are First Securities and Pareto Securities/Pareto Private Equity.

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.

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