LONDON, Nov. 25, 2004 (PRIMEZONE) -- Crew Gold Corporation ("Crew") (TSE & OSE: CRU; Frankfurt: KNC; OTCBB:CRUGF.
Crew is pleased to announce that a MOU with a Russian state-owned mining Company has been signed with the objective of acquiring and developing precious metals projects/deposits in Eastern Russia through a Joint Venture company. The companies are particularly evaluating projects in the Republic of Yakutia (Sakha). Yakutia is the largest republic by size in the Russian Federation, producing 99% of Russia's diamonds and is the second largest diamond producer in the world. Gold mining is the second most important industrial sector. It hosts among others the second largest goldfield in Russia, Nezhdaninskoya, with more than 28 mill oz gold and 100 mill oz silver, and makes Yakutia among Russia's biggest suppliers of gold (24%) and silver (33%). The physical remoteness, and extreme climate, coupled with logistic challenges and regulatory hurdles have long delayed international participation in the development of Yakutia's rich mineral deposits. Modern transportation and communication, however, is rapidly changing this situation, and it is Crew's wish to participate in the development of this enormous potential.
The province is bordered by prolific gold districts, including the Magadan (Natalskinskoye and Julietta Mines), the Chukotka (Kupol and Kubaka mines) and the Amur (Pokrovsky and Tokur mines) districts and many new gold deposits of vein-type and epithermal origin are being discovered repeatedly in this vast and remote part of Russia. Most of the existing operations are currently undergoing expansive development and it is the Join Venture's wish to participate in the future development of this rich metallurgical province.
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.
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