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