LONDON, Dec. 19, 2003 (PRIMEZONE) -- Crew Development Corporation ("Crew") (TSE:CRU) (OSE:CRU) (Frankfurt:KNC) (Other OTC:CRWVF): Crew Development Corporation (Crew, "the Company") is pleased to report that the arrival of the bulk carrier MV Lake Erie at the Nalunaq port site has been confirmed for December the 26th 2003. Loading of the stockpiled high-grade ore will start immediately upon arrival of the vessel. MV Lake Erie has a cargo capacity of around 35.500 metric tonnes, and approximately 21,500 ounces will be shipped from Greenland to Spain for processing and gold recovery.
The remaining 2.500 tonnes of stockpile, which comprises the lowest grade material, will be included in the next quarterly shipment, along with ore that will be mined in January, February and March 2004. The next shipment is estimated to take place in April 2004, and on a quarterly basis thereafter. Total annual volume to be shipped is estimated at 150,000-160,000 tonnes, which will result in a gold production of approximately 130,000 ounces per year from the Nalunaq gold mine.
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 plans 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 Investor Relations Manager Truls Birkeland at Crew's Oslo Office (TEL +47 2212 1650), or our UK Head Office (TEL +44 1932 268 755), or by email to IR@crew.no . For more information about Crew, additional contact information or to subscribe to future news releases, please visit our new website www.crewdev.com