Bluecone Limited

February 12, 2010 08:39 ET

Severstal Acquires a Stake in Crew Gold Corporation

MOSCOW, RUSSIA--(Marketwire - Feb. 12, 2010) - Bluecone Limited ("Bluecone"), a subsidiary of OAO Severstal (LSE:SVST)(RT CHMF), with offices at 6 Karaiskakis Street, City House, P.C. 3032, Limassol, Cyprus announced today that it acquired 335,961,241 common shares ("Common Shares") of Crew Gold Corporation ("Crew Gold") at a price of NOK 0.90 (CDN$0.16) per share on February 11, 2010. The securities acquired represent ownership and control of approximately 15.71% of the issued and outstanding Common Shares as at the date hereof. Following this transaction, Bluecone will have ownership and control over 423,201,241 Common Shares, representing approximately 19.79% of the issued and outstanding Common Shares as at the date hereof.

Bluecone acquired the Common Shares for investment purposes. Bluecone and its joint actors may, in the future increase or decrease its ownership of securities of Crew Gold from time to time depending on such factors as the business and prospects of Crew Gold and future market conditions.

OAO Severstal ("Severstal") is an international steel and mining company with a listing on the Russian Trading System, Moscow Interbank Currency Exchange and the London Stock Exchange. Incorporated in 1993, the company focuses on high value added and unique niche products and has a track record operating high-quality assets in North America and Europe. Severstal owns mining assets in Russia and in the US, thus securing its supplies of raw materials. Its enterprises are located in Russia, Ukraine, Kazakhstan, France, Italy, United States and Africa. In 2009, Severstal produced 16.7 million tonnes of steel.

In 2007 the Gold segment was established in Severstal. This now includes a number of gold mining assets in Russia, Kazakhstan and Burkina Faso as well as several gold exploration fields in these regions. In 2009 Severstal gold mines produced 533 967 oz tr.

This press release is issued pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, which requires a report to be filed on SEDAR ( containing additional information with respect to the foregoing matters. A copy of this report may be obtained by contacting Sergey Loktionov, Public Relations, OAO Severstal at +7 495 9810910 ext. 6446.

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