LONDON, May 16, 2007 (PRIME NEWSWIRE) -- Crew Gold Corporation ("Crew" or "the Company") (Other OTC:CRUGF) (TSE:CRU) (OSE:CRU) (Frankfurt:KNC):
QUARTER HIGHLIGHTS
-- Commissioning three operations - Lefa, Masara and Nugget Pond
- EBITDA of negative $5.0 million, reflecting the
capitalisation of sales and reduced production during the
commissioning of Lefa, Masara Phase 1 plant and Nugget Pond
production facility
-- Lefa
- Management has made the decision to increase processing
capacity
- First gold poured in February 2007
- Commissioning was impacted by two general strikes in Guinea
- Significant reserve and resource increase at Lefa
- Proven and probable reserves increased by 870,000
ounces to 3.38 million ounces (34% increase)
- Measured and indicated resources increased by 980,000
ounces to 4.819 million ounces (25% increase)
- Inferred resources increased to 1.13 million ounces
from 0.79 million ounces (43% increase)
- Higher grade (+3 g/t Au) satellite deposits identified
at Siguirini and Banora.
-- Masara
- Phase 1 pilot project at Masara successfully commissioned
- Construction of Phase 2 underway expected to be completed in
Q3 with commissioning during Q4
- Significant resource increase at Masara
- Indicated resources as at February 28, 2007 increased
by 15% to 0.304 million ounces
- Inferred resources increased by over 60% to 1.847
million ounces
- Indications of increased grade in plunging ore shoots
For full Q1 Results, please see attached file.
http://www.crewdev.com/pdf/Q1%20MARCH%2031ST%202007%20Crew%20Mar%2031%202007%20PRFinal.pdf
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Jan A. Vestrum President and CEO