LONDON, Sept. 25, 2006 (PRIMEZONE) -- Crew Gold Corporation ("Crew" or the "Company") (Other OTC:CRUGF) (TSX:CRU) (Oslo:CRU) (Frankfurt:KNC) is pleased to advise a one (1) month extension of the period to complete its due diligence on the Daguma coal project option agreement in South Cotabato province on Mindanao Island, the Philippines. The option period will now expire on 22 October, 2006.
Crew sought and was granted the extension as a consequence of the exceptionally wet July/August period which delayed commencement of the confirmatory resource drilling program. The Company has mobilized additional drill rigs to ensure completion of this part of the program.
The Company has engaged the services of MineConsult Pty Ltd., Australia and Knox Partners to assist its due diligence programme, specifically resource evaluation, coal quality assessment and preliminary mine planning and project infrastructure estimates.
The Company is pleased with results to date from the drilling program which tend to confirm the general coal seam thicknesses. Coal quality verification is in progress and the Company is using the services of QCC Australia to assist in this aspect of the program.
Jan A. Vestrum President and 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 Crew Acquisition Corp.'s intention to proceed with the compulsory acquisition. 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.