LONDON, Sept. 2, 2005 (PRIMEZONE) -- Crew Gold Corporation (TSX:CRU) (OSE:CRU) (Frankfurt:KNC) (Other OTC:CRUGF) ("Crew") is pleased to report that the Private Placement announced on August 16, 2005 of 19.45 million common shares at NOK 10.50 per share (approximately CDN$1.96) for aggregate gross proceeds of NOK 204.2 million (approximately CDN$38.1 million) has been concluded.
The private placement received significant interest and was directed towards a limited group of both institutional and private investors. The proceeds from the private placement will be used for the funding of Crew's expansion and to increase the Company's financial flexibility. Crew's advisors and placement agents for the private placement are Pareto Securities/Pareto Private Equity; Jan A Vestrum, President & CEO
This news release contains certain "forward-looking statements." All statements, other than statements of historical fact, included in this release, and/or statements made by company officers or directors at any given time, as well as Crew's future plan, are such forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are based on the estimates and opinions of management on the date the statements are made, and Crew does not undertake any obligation to update forward-looking statements should conditions or management's estimates or opinions change.
For more information, please contact our U.K. head office (TEL +44 -1932 268755) or by email to enquiries@crewgold.com. For more information about Crew, additional contact information, or to subscribe to future news releases, please visit our new website www.crewgold.com.