LONDON, Feb. 2, 2004 (PRIMEZONE) -- Crew Gold Corporation ("Crew," "the Company") (TSE:CRU) (OSE:CRU) (Frankfurt:KNC) (Other OTC:CRUGF) is pleased to report that its 82.5%-owned subsidiary Nalunaq Gold Mine AS in South Greenland, according to the terms of the processing agreement with Rio Narcea Gold Mines SA (RNG), has received its first payment of 50% of the estimated gold content from the initial shipment of gold ore.
Subsequent payment will take place following treatment of the complete shipment. In line with the agreement, the initial payment is made according to measurements and estimates of tons and grade which have been approved by the independent consultant. The estimated tons and grade of the shipment are in line with previously reported company estimates.
Processing has started and the first gold dore will be poured early in week 7. Pictures from the process can be viewed on our web site.
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 website: www.crewgroup.com