SOURCE: Crowne Ventures, Inc.

October 31, 2011 08:30 ET

Crowne Ventures, Inc. Updates Status of Gold Mine Project

LAS VEGAS, NV--(Marketwire - Oct 31, 2011) - Crowne Ventures, Inc. (PINKSHEETS: CRWV) announced today that, after a two month delay in the preliminary development of their Gallo de Oro Gold Mine property due to heavy rains, the development of the project is recommencing.

Dane Peterson, President of Crowne Venture, Inc., stated, "Heavy rains washed our temporary access roads interfering with our planned initiation of the geological studies necessary to prove the viability of the property. Most recently, we sustained minor damage to our test facilities from the hurricane that hit the West Coast of Mexico. Currently, the weather has improved, giving us windows of dry spells and time to reschedule our next plans. Repairs have been made to the test facility and crews have been scheduled to assess the necessary road repairs and new road construction that will provide for planned year round production."

Additionally, the Company has been working closely with the various Mexican government bureaus to facilitate compliance with all government regulations as well as with local civic leaders to ensure good communications with the communities and residents in the territory surrounding the Company's project.

Mr. Peterson added, "The Company feels that it is an absolute necessity to maintain a good relationship with the local community in which we operate. Unlike many mining operations, we intend to ensure that, as we profit from our mining operations, we stay focused on the impact that operations have on our neighbors, many of whom will be our future employees."

This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words or phrases "would be," "would allow," "intends to," "will likely result," "are expected to," "will continue," "anticipate," "expect," "estimate," "project," "indicate," "could," "potentially," "should," "believe," "considers," or similar expressions are intended to identify "forward-looking statements." Actual results could differ materially from those projected in the forward-looking statements as a result of a number of risks and uncertainties. These include the company's historic lack of profitability, end user customer acceptance and actual demand, which may differ significantly from expectations, the need for the company to manage its growth, the need to raise funds for operations and other risks within the regulation of the industry. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. The Company's past performance is not necessarily indicative of its future performance. The Company does not undertake, and the Company specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences, developments, events or circumstances after the date of such statement.

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