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

Crew Gold Corporation

February 23, 2009 09:00 ET

Crew Gold Corporation: Q4 Unaudited Financial Statement Release

LONDON, UNITED KINGDOM--(Marketwire - Feb. 23, 2009) - Crew Gold Corporation ("Crew" or "the Company") (TSX:CRU) (OSLO:CRU) (FRANKFURT:KNC) (PINK SHEETS:CRUGF) today announces:-

Crew Gold Corporation expects to release unaudited interim financial statements for the fourth quarter of 2008 on Friday February 27, 2009.

This release of information represents a change in reporting for the Company to comply with new rules of Oslo Bors. Crew is a Canadian company resident in the United Kingdom and is listed on the Oslo and Toronto stock exchanges. The Company's primary listing is Toronto; however, Norway is its Home State for EU reporting purposes. Crew will be providing interim financial statements for the fourth quarter as required by the new rules of Oslo Bors for companies with Norway as their Home State.

These rules require that unaudited interim financial statements for the quarter and year to date be published no later than two months following each quarter end and that the audited financial statements and annual report be published no later than four months after the year end. Canadian rules require the Company to publish unaudited financial statements and the Managements Discussion and Analysis ("MD&A") report explaining those statements no later than 45 days after each quarter end except for the fourth quarter ("Q4") when the financial statements must be audited and the MD&A must discuss the complete year. This year end report must be filed no later than 90 days after the year end. However, while this situation is highly unusual in Canada, interim unaudited financial statements are allowed to be published for Q4 at any time prior to publishing the annual audited financial statements.

Crew expects to file the unaudited Q4 2008 interim financial statements on February 27th, 2009 to comply with the Norwegian rules. On or before March 31st, 2009, the company will publish its audited year end financial statements and MD&A and will conduct its usual conference call to discuss the results for the year. The press release accompanying the interim financial statements next week will discuss financial accounting issues only.

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, (13) the timing and possible outcome of pending litigation, (14) the timing and terms of Crews proposed rights offering (15) expected cost reductions, and (16) the expected future capacity and success of the LEFA mine and its expansion potential. 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, (2) conclusions of economic evaluations, (3) changes in project parameters as plans continue to be refined, (4) possible variations in grade and ore densities or recovery rates, (5) failure of plant, equipment or processes to operate as anticipated, (6) accidents, labour disputes and other risks of the mining industry, (7) delays in obtaining government approvals or financing or in completion of development or construction activities, and (8) risks and uncertainties existing in world capital markets generally. 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, (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 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 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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