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

Crew Gold Corporation

April 12, 2007 09:15 ET

Crew Gold Corporation: Update on Proposed Secondary Placing of Shares in Crew Minerals Inc.

LONDON, UNITED KINGDOM--(CCNMatthews - April 12, 2007) -

NOT FOR DISTRIBUTION IN THE UNITED STATES OR UNITED STATES NEWSWIRE SERVICES

Crew Gold Corporation ("Crew" or "the Company") (TSX:CRU) (OSLO:CRU) (FRANKFURT:KNC) (PINK SHEETS:CRUGF) today announced:-

Crew Gold Corporation (`Crew Gold`) yesterday announced the appointment of First Securities ASA (`First`) for a placement of up to 12 million shares in Crew Minerals ASA ('Crew Minerals') in a book-building process. The decision for Crew Gold to reduce its holdings in Crew Minerals was based, in part, on advice from its financial advisors to create a wider distribution and more open shareholder structure to increase liquidity in Crew Mineral's shares. The book was closed at 19:30 CET April 11th, 2007 due to oversubscriptions. The book was open to professional Norwegian and international investors.

The placement was oversubscribed by 66% at NOK 18.80 which was the market close of Crew Minerals at OSE Wednesday 11th of April 2007. However, the placement was done at NOK 18.50 to attract the support of some key new institutional shareholders. The Manager has retained the right to reduce or reject purchase orders at their own discretion. Prior to the placement, Crew Gold held 50 million shares in Crew Minerals representing 54.55% of the total issued share capital and after the placement holds approximately 42% of the outstanding shares. Crew Gold has undertaken not to sell or otherwise dispose of any other shares in Crew Minerals for a period of 90 days from the completion of the Placement without the prior written consent of the Manager. Crew Gold intends to use the net proceeds from the placement for general corporate purposes, including increased exploration activities.

Jan Vestrum, President and CEO of Crew Gold commented "We are pleased with the opportunity to create greater liquidity in the Crew Minerals shares while retaining a substantial interest in the company. The proceeds will also strengthen our balance sheet and provide a greater platform for our additional expansion and acquisition activities".

Jan A Vestrum, President & CEO

Safe Harbour Statement

This news release contains forward-looking statements which reflect the expectations of management and the board of directors, 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 Gold Corporation is conducting business and/or investor relations. Forward looking statements typically contain words such as "believes", "anticipates", "continue", "could", "expects", "indicates", "plans", "will", "may", "projects", "would" or similar expressions suggesting future outcomes or events, although not all forward-looking statements contain these identifying words. Such forward-looking statements reflect the current beliefs of management and the board of directors based on information currently available to them. Forward-looking statements involve inherent risks and uncertainties, and Crew cautions readers not to place undue reliance on these statements as a number of important factors could cause Crew's actual results to differ materially from the beliefs and expectations expressed in such forward-looking statements. Factors that could cause actual results to differ materially from the results discussed in the forward-looking statements, include, but are not limited to, the factors discussed under the heading "Risks and Uncertainties" in Crew's Annual Information Form dated October 10, 2006, as filed on SEDAR at www.sedar.com. Although the forward-looking statements contained in this news release are based upon what management and the board of directors believes to be current and reasonable assumptions, Crew cannot assure readers that actual results will be consistent with these forward-looking statements. The forward-looking statements contained herein are made as of the date of this news release and are expressly qualified in their entirety by this cautionary statement. Crew undertakes no obligation to publicly update or revise these forward-looking statements to reflect subsequent events or circumstances. 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 on this website (or press release), 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 SEC's website at http://www.sec.gov/edgar.shtml.

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