LONDON, Nov. 21, 2003 (PRIMEZONE) -- Crew Development Corporation ("Crew") (TSE:CRU) (OSE:CRU) (Frankfurt:KNC) (Other OTC:CRWVF): Crew Development Corporation (Crew, "the Company") is pleased to announce that it has given notice to shipping company Fednav International Ltd. that the ore stockpile is ready to be shipped by mid-December. In the absence of severe adverse weather conditions, the stockpile will be shipped from Greenland in the latter half of December.
The stockpile contains approximately 23,000 ounces of gold, and will be processed by Rio Narcea of Spain. Rio Narcea has one of Europe's most modern ore processing and gold recovery plants, with a capacity of 2000 tpd using a combination of gravity and carbon-in-pulp (CIP) processing. Regular production at Nalunaq will commence in early 2004. Ore from Nalunaq will be processed in four annual batches of approximately 35,000-40,000 tonnes each, and gold production from Nalunaq will be approximately 130,000 oz per year.
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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