Crew Gold Corporation Announces Financial Results for the Quarter Ended March 31, 2007

VANCOUVER, British Columbia, CANADA


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

        

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