LONDON, Nov. 23, 2005 (PRIMEZONE) -- Crew Gold Corporation ("Crew") (TSE:CRU) (OSE:CRU) (Frankfurt:KNC) (Other OTC:CRUGF) today announced, as required under applicable Canadian securities legislation, its purchase on November 22, 2005 of 4,000,000 common shares of Guinor Gold Corporation through the facilities of the Toronto Stock Exchange ("TSX"). Crew's wholly owned subsidiary commenced an offer dated November 1, 2005 to purchase 100% of Guinor's common shares at a price of C$1.50 per common share in an all cash, fully financed transaction valued at approximately C$389 million.
The highest price that Crew paid for the Guinor common shares purchased on November 22, 2005 was C$1.45 per share. The total number of Guinor common shares acquired by Crew through the facilities of the TSX since November 1, 2005 is 8,682,600. The average price Crew has paid per Guinor share acquired through the facilities of the TSX since November 1, 2005 is approximately C$1.4355. As at the close of business of the TSX on November 22, 2005, Crew owned 10,075,200 common shares of Guinor.
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. Forward-looking statements, include, but are not limited to those with respect to the expected pricing, size and timing of the proposed private placement. Often, but not always, forward-looking statements can be identified by the use of words such as "plans," "expects," "does not expect," "is expected," "targets," "budget," "estimates," "forecasts," "intends," "anticipates" or "does not anticipate," or "believes," or equivalents or variation, including negative variation, of such words and phrases, or state that certain actions, events or results, "may," "could," "would," "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause the actual results of the company to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. Such risks and uncertainties include, among others, the price of gold, fluctuations in financial markets, investor interest in the proposed private placement. Although Crew has attempted to identify important factors that could cause actual actions, events or cause actions events or results not to be anticipated, estimated or intended, there can be no assurance that forward-looking statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Except as may be required by applicable law or stock exchange regulation, the company undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events. Accordingly, readers should not place undue reliance on forward-looking statements.
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.