LONDON, March 24, 2004 (PRIMEZONE) -- Crew Gold Corporation ("Crew") ("Crew") (TSE:CRU) (OSE:CRU) (Frankfurt:KNC) (Other OTC:CRUGF): Crew Gold Corporation ("Crew") is pleased to report that its Philippine affiliate Aglubang Mining Corp has received notification that a resolution, issued by the Office of the President has been released, revoking and setting aside the cancellation of its MPSA (Mineral Production-Sharing Agreement) docketed as No. 167-2000-IV. The resolution effectively reinstates fully the MPSA and title to the property and re-emphasizes that issues regarding the implementation of the MPSA must be resolved under the terms of this agreement. The response of the Office of the President is a clear and strong signal of the change in attitude of the Government of the Philippines towards mining, from that of tolerance to active promotion and acknowledges the MPSA as a tool for investment protection.
Aglubang Mining Corp controls 100% of a large nickel-laterite deposit, located in Mindoro Island, which has been explored by Crew Minerals Philippines (a wholly-owned subsidiary of Crew Minerals AS) since 1997. In year 2000, Crew Minerals Phil., Inc. assigned the property to Aglubang Mining Corporation. The company suspended its evaluation of the economic feasibility of this project, when the MPSA, covering a large portion of the total resource, unexpectedly was cancelled in July 2001. Crew is committed to conducting business in an environmentally and socially responsible manner. The company gives special employment consideration to local workforce and maintain a policy of increasing the employment of local people in its operations. The company has recently commissioned its first new mine (gold) and is preparing for the development of a second mining operation (olivine) in Greenland, an environmentally highly sensitive area, under the highest World Bank and European environmental and social standards and in cooperation with local government-owned partners.
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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