LONDON, Nov. 14, 2005 (PRIMEZONE) -- Crew Gold Corporation Crew Gold Corporation ("Crew")(TSE:CRU) (OSE:CRU) (Frankfurt:KNC) (Other OTC:CRUGF):
QUARTER HIGHLIGHTS
-- Positive EBITDA (see below) of $2.9 million
-- Net profit of $1.4 million
-- Announcement of Offer to purchase 100% of Guinor
Gold Corporation (October 2005)
-- Resource Expansion at Nalunaq Gold Mine
-- Acquisition of Apex Gold Mining Company
-- Disposal of interest in Hwine-Butre Gold Concession
-- Private placements concluded raising net proceeds of
$30.2 million
NON-GAAP MEASURES
"EBITDA" is a non-GAAP measure of performance that describes our earnings before interest, non-cash forex movements, taxes, depletion, and amortization. "Gross gold sales" is a non-GAAP measure derived from ounces produced from processing multiplied by the then current gold price. "Cash Cost per ounce" is a non-GAAP measure derived from the total cost of ounces produced, less depreciation and amortization and other non cash items; as a measure of total ounces produced. Cash costs are presented as they represent an industry standard of comparison.
A conference call will be held to discuss the results on Tuesday, 15 November 2005, 11.00 am, U.K. time. Participants should dial +44 (0) 208 987 2200 and enter participant code 5278821#.
For full details, please see attached file. If the link fails to open here, cut and paste in URL address:
http://www.crewdev.com/default.asp?V_DOC_ID=1036
Jan A Vestrum President & CEO
Safe Harbour Statement Certain statements contained herein, as well as oral statements that may be made by the company or by officers, directors or employees of the company acting on the company's behalf, that are not statements of historical fact, may constitute "forward-looking statements" and are made pursuant to applicable and relevant national legislation (including the Safe-Harbour provisions of the United States Private Securities Litigation Reform Act of 1995) in countries where Crew is conducting business and/or investor relations.