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

Crew Gold Corporation

February 27, 2009 09:30 ET

Crew Gold Corporation: Unaudited Results for the Quarter and Year Ended December 31, 2008 Corporate Governance Updates

LONDON, UNITED KINGDOM--(Marketwire - Feb. 27, 2009) - Crew Gold Corporation ("Crew" or "the Company") (TSX:CRU)(OSLO:CRU)(FRANKFURT:KNC)(PINK SHEETS:CRUGF) today announces;

Unaudited results

This release of information represents a change in reporting for the Company to comply with new rules of Oslo Bors. Crew is a Yukon, Canada incorporated corporation resident in the United Kingdom and is listed on the Oslo and Toronto stock exchanges. The Company's primary listing is Toronto, and Norway is its Home State for EU reporting purposes.

The new 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. Applicable Canadian rules require the Company to publish unaudited financial statements and the Management's 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.

On or before March 31st, 2009, the company will publish its audited year-end financial statements and MD&A and will conduct its conference call to discuss the results for the year. This press release discusses financial results only.

HIGHLIGHTS

- Production Results

- Gold produced in the quarter ended December 31, 2008 was 75,554 oz (quarter ended December 31, 2007 - 46,894 oz). Gold sold in the quarter ended December 31, 2008 was 64,011 oz at an average gold price of $798/oz (quarter ended December 31, 2007 - 41,829 oz sold at an average gold price of $811/oz);

- Gold produced in the year ended December 31, 2008 was 273,842 oz (year ended December 31, 2007

- 164,017 oz). Gold sold in the year ended December 31, 2008 was 262,177 oz at an average gold price of $873/oz (year ended December 31, 2007 - 150,913 oz sold at an average gold price of $712/oz);

- Comprehensive and expanded production information and cost information will be made available in the MD&A

- Financial Results

- The Company has early-adopted Canadian Institute of Chartered Accountants statement 3064 "Goodwill and Intangible Assets" in order to provide better comparability between the reporting periods. As a result of the application of this standard, prior period pre-operating revenues and costs have been recognised in the profit and loss statement and comparative balance sheet amounts have been restated where applicable;

- Net loss of $84.9 million for the quarter ended December 31, 2008 due mainly to non-cash impairment charges of $98.5 million for Maco and the further write down of goodwill of $22.2 million on the LEFA reporting unit, corporate related costs of $3.7 million and interest and finance charges of $7.4 million partly offset by non cash foreign exchange gains of $49.0 million on translation of the NOK denominated debt. A net loss of $9.4 million was recorded for the quarter ended December 31, 2007;

- Net loss of $253.4 million for the year ended December 31, 2008 due mainly to non-cash impairment charges of $254.3 million (net of a future income tax recovery of $10.5 million), including net impairment charges of $98.5 million for Maco, the write down and move to care and maintenance of the Nalunaq Gold Mine A/S ("Nalunaq") and the Nugget Pond processing facility ("Nugget Pond") which resulted in a net write down of $51.3 million and the full write down of goodwill of $104.6 million on the LEFA reporting unit, corporate related costs of $23.1 million and interest and finance charges of $33.2 million partly offset by non cash foreign exchange gains of $69.9 million on translation of NOK denominated debt. A net loss of $85.0 million was recorded for the year ended December 31, 2007.

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 forward-looking statements.

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.

Click here for entire results: http://www.crewdev.com/pdf/CRU_NR270209_UnauditedResultsForQ42008.pdf

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