In the same category

Crew Gold Corporation

Published : May 17th, 2009

Financial Results for the Quarter Ended March 31, 2009

( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment
    

Published: 19:55 17.05.2009 GMT+2 /HUGIN /Source: Crew Gold Corporation /OSE: CRU /ISIN: CA2265344028

Financial Results for the Quarter Ended March 31, 2009

DATE: May 15, 2009
 
TRADING SYMBOLS; TORONTO AND OSLO - CRU
 
N E W S   R E L E A S E
 
Financial Results for the Quarter Ended March 31, 2009
 
LONDON, United Kingdom, May 15, 2009 - Crew Gold Corporation ("Crew" or "the Company") (TSE & OSE: CRU)
 
The Company will hold a conference call on May 20, 2009 to discuss these results. The details of this conference call will be released shortly.
HIGHLIGHTS
  •          Overview
  • �   Quarterly group gold production of 62,847 ounces ("oz")  compared to 61,579 oz in Q1 2008
    �   Quarterly  group gold sold of 76,408 oz at an average realised price of $895/oz (Q1 2008 - 60,660 oz sold at an average realised price of $913/oz)
  •          Financial Results
  • �   EBITDA of $13.4 million (quarter ended March 31, 2008 - negative $3.0 million)
    �   Net loss of $11.9 million for the quarter ended March 31, 2009 (quarter ended March 31, 2008 - net loss of $37..9 million) with EBITDA of $13.4 million being offset by amortisation charges of $16.4 million, interest and finance charges of $6.9 million and non cash foreign exchange losses of $2.5 million
  •          LEFA
  • -          Quarterly gold production of 44,606 oz, due to reduced SAG mill capacity (Q1 2008 - 45,043 oz)
    -          Environmental bond agreed with the Government of Guinea with an unbudgeted $5 million to be paid in May and June, to be followed by further analysis to reconfirm the estimated amounts of reclamation costs and the annual review process;
    -          Government of Guinea is undertaking a review of refining and bullion shipment processes concurrent with the restarting of bullion shipments
  •          Maco
  • -          Quarterly gold production decreased 25% to 3,758 oz from 5,030 oz in Q1 2008 due to a flash flood in the region which impacted the mine in January 2009
    -          Continuing to explore strategic alternatives with potential partners
    -          Resources updated and restated resulting in sustainable production being  assessed at 700tpd
  •            Nalunaq Gold Mine ("Nalunaq") and Nugget Pond Processing Facility ("Nugget Pond")
  • -            Q1 gold production of 14,483 oz, an increase of 26% from 11,506 oz in Q1 2008 due to higher grade of material processed. Mine was placed on care and maintenance effective February 28, 2009
    -            Exploring opportunities to dispose of or otherwise utilise both properties; agreement to sell Nalunaq being structured
  •            Exploration
  • -            No further exploration work planned at Glover Island, Canada
    -            Wa project sold for shares maintaining an indirect participation
  •            Corporate
  • -            Reverse stock split implemented in February 2009, shares consolidated on an 8 for 1 basis (all share amounts in the MD&A adjusted for the effect of this change)
  •            Outlook
  • -            SAG Mill 2 trunnion will be reinstalled by the end of May 2009, allowing production to increase from June 2009
    -            Improve process plant reliability, improve efficiencies and reduce costs at LEFA
    -            Finalise sale or continue care and maintenance program at Nalunaq. Complete milling of Nalunaq ore and enter into toll milling agreement and/or sale for Nugget Pond
    -            Continue to explore strategic opportunities for Maco
    -            Continued reduction of corporate costs
    -            Continue to work with the Government of Guinea on various issues. For example, industrial relations difficulties being resolved proactively to attempt to minimize disruptions as the workers and unions confirm various issues with the new Government, review of import duties to be completed.
     
    For full results, please see attached pdf file.
     
    William LeClair
    Interim CEO
     
    Safe Harbour Statement
    Certain statements contained herein 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 (1) the price of gold, (2) the estimation of mineral reserves and resources, (3) the realization of mineral reserves estimates, (4) the timing and amount of estimated future success of exploration activities, (5) the timing and amount of production estimates, (6) targeted production cash costs and forecasted cash reserves, (7) Crews hedging practices, (8) currency fluctuations, (9) requirements for additional capital, (10) government regulation of mining operations, (11) environmental risk, (12) title disputes or claims limitations on insurance coverage, (13) the timing and possible outcome of pending litigation, (14) the timing and terms of Crews proposed rights offering (15) expected cost reductions, and (16) the expected future capacity and success of the LEFA mine and its expansion potential. 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, (1) the actual results of current exploration activities, (2) conclusions of economic evaluations, (3) changes in project parameters as plans continue to be refined, (4) possible variations in grade and ore densities or recovery rates, (5) failure of plant, equipment or processes to operate as anticipated, (6) accidents, labour disputes and other risks of the mining industry, (7) delays in obtaining government approvals or financing or in completion of development or construction activities, and (8) risks and uncertainties existing in world capital markets generally. Although Crew has attempted to identify important factors that could cause actual events or results to differ from those described in forward-looking statements contained herein, there can be no assurance that the forward-looking statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements.

    The material factors and assumptions used to develop forward-looking statements which may be incorrect, include, but are not limited to, (1) there being no significant disruptions affecting operations, whether due to labour disruptions, supply disruptions, damage to equipment or otherwise, (2) continued development, operation and production at LEFA and Maco consistent with our current expectations, (3) foreign exchange rates among the currencies the Crew does business in being approximately consistent with current levels, (4) certain price assumptions for gold, (5) prices for electricity, fuel oil and other key supplies remaining consistent with current levels, (6) production forecasts meeting expectations, (7) the accuracy of our current mineral reserve and mineral resource estimates, and (8) materials and labour costs increasing on a basis consistent with Crews expectations.

    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.

    Cautionary Note to US investors The United States Securities and Exchange Commission permits US mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms in this document, such as measured, indicated, and inferred resources, which the SEC guidelines strictly prohibit US registered companies from including in their filings with the SEC. US Investors are urged to consider closely the disclosure from the SECs website at http://www.sec.gov/edgar.shtml.


    Q12009ResultsPressRelease




    This content was distributed through

    Hugin Group

    - connecting communication professionals with their target audience. Visit us here.
    <
    Data and Statistics for these countries : Canada | Guinea | United Kingdom | All
    Gold and Silver Prices for these countries : Canada | Guinea | United Kingdom | All

    Crew Gold Corporation

    PRODUCER
    CODE : CRU.TO
    ISIN : CA 4020361073
    CUSIP : 402036107
    Follow and Invest
    Add to watch list Add to your portfolio Add or edit a note
    Add Alert Add to Watchlists Add to Portfolio Add Note
    ProfileMarket
    Indicators
    VALUE :
    Projects & res.
    Press
    releases
    Annual
    report
    RISK :
    Asset profile
    Contact Cpy

    Crew Gold is a gold producing company based in United kingdom.

    Crew Gold holds various exploration projects in Philippines.

    Its main assets in production are LEFA MINE in Guinea and NALUNAQ in Greenland and its main asset in development is MACO GOLD MINE in Philippines.

    Crew Gold is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 496.1 millions as of today (US$ 502.1 millions, € 373.4 millions).

    Its stock quote reached its lowest recent point on November 28, 2008 at CA$ 0.05, and its highest recent level on August 06, 2010 at CA$ 6.00.

    Crew Gold has 106 922 000 shares outstanding.

    Your feedback is appreciated, please leave a comment or rate this article.
    Rate : Average note :0 (0 vote) View Top rated
     
    Corporate Presentations of Crew Gold Corporation
    4/17/2007Induced Polarization Crew Mobilizes To Pardo Property
    In the News and Medias of Crew Gold Corporation
    7/6/2009disposes Nalunaq assets for USD1.5m
    Financings of Crew Gold Corporation
    6/17/2008All Conditions for Private Placement Satisfied
    6/13/2008Private Placement Fully Subscribed
    6/12/2008Contemplated Private Placement
    Nominations of Crew Gold Corporation
    10/14/2009(NO) - Crew Gold Appointment of New Chairman
    11/13/2008Crew Appoints Financial Advisors and Sets Price for ...
    7/28/2008Staff Appointments
    Financials of Crew Gold Corporation
    11/16/2009(NO) - Financial Results for the Quarter and Nine Months End...
    8/17/2009Financial Results for the Quarter and Six Months Ended ...
    5/17/2009Financial Results for the Quarter Ended March 31, 2009
    11/17/2008Financial Results for Quarter and Nine Months Ended ...
    8/13/2008Financial Results for the Quarter and Six Months Ended ...
    5/13/2008 Financial Results for Quarter Ended March 31, 2008
    Project news of Crew Gold Corporation
    1/25/2010(Lefa Mine)Update January 25, 2010
    6/23/2009(Lefa Mine)Revised Production Guidance for LEFA for 2009
    4/23/2008(Lefa Mine)Lefa Exploration Update
    2/18/2008(Lefa Mine)Lefa Project Update
    Corporate news of Crew Gold Corporation
    7/23/2010(NO) - Consolidation of common shares on a 20 to 1 basis
    6/2/2010(NO) - Severstal and Endeavour Financial Reach Agreement for...
    1/25/2010Update on Q4 2009 production and other matters
    1/28/2010Endeavour Financial Secondary Market Purchase
    12/29/2009Listing Prospectus In Connection With The Issuance Of New Sh...
    12/22/2009Delivery of Shares under its Debt Restructuring
    12/3/2009Update on Interest Payments
    12/8/2009(NO) - Purchase of Crew Gold Shares
    12/4/2009(NO) - Crew Gold Corporation Announces Closing of Debt Restr...
    11/30/2009 Crew Gold Provides an Update on the Debt-for-Equity ...
    11/24/2009(NO) - Results from Bondholders' Meetings
    11/16/2009(NO) - Financial Statements and MDA for Quarter and Nine Mon...
    10/28/2009(NO) - Crew Gold Corporation Completes Sale of the Nugget ....
    10/28/2009(NO) - Crew Gold Announces an Agreement in Principle with ....
    10/13/2009(NO) - Crew Gold Announces Resignations
    10/12/2009(NO) - Crew Gold Provides Corporate and LEFA Operational Upd...
    9/17/2009(NO) - Crew Gold Corporation announces an agreement to sell ...
    9/10/2009Gives Production and Cash Update
    9/9/2009completes negotiations for the ...
    9/1/2009Results from Bondholders' Meetings
    8/27/2009provides clarification of the process ...
    8/20/2009Summons to Bondholders Meetings
    8/17/2009Initiatives to Strengthen Balance Sheet through ...
    8/17/2009Financial Statements and MDA for the Quarter and Six ...
    7/3/2009Sale of Nalunaq Assets
    5/18/2009Financial Statements and MDA for Quarter Ended 31 March 2009
    2/27/2009Unaudited results for the Quarter and Year ended ...
    2/23/2009Q4 Unaudited Financial Statement Release
    2/19/2009Consolidation of Common Shares on an 8 to 1 Basis
    2/9/2009launches offer to exchange NOK ...
    1/30/2009Results from Special Shareholder Meeting
    1/12/2009Notification of Trade for Simon Russell
    1/8/2009Notice of Special Shareholder Meeting
    1/5/2009Notification of Trade for Brian Hosking
    12/29/2008Update on Lefa Operations
    12/22/2008ANNOUNCES ISSUANCE OF NEW SHARES
    12/19/2008Notification of Trade for Simon Russell
    12/15/2008Notification of Trade for Cameron Belsher
    12/15/2008Announces Final Allocations for Rights Offering
    12/9/2008Announces Fully Subscribed Rights Offering
    11/21/2008CREW ANNOUNCES LISTING OF SUBSCRIPTION RIGHTS
    11/18/2008Crew Announces Record Date for Proposed Rights Offering
    11/17/2008Financial Statements & MDA for Quarter & Nine Months ...
    11/10/2008The company offers the following clarification ...
    11/10/2008PROVIDES OPERATIONAL AND FINANCIAL UPDATE
    9/26/2008Take Over of Mining Works at LEFA
    9/10/2008Listing Prospectus in Connection with Issuance of New Shares
    8/20/2008CEO Jan Vestrum Steps Down
    8/13/2008Financial Statements and Management's Discussion and ...
    7/17/2008Issuance of Shares
    7/10/2008Notification of Trade
    7/7/2008Employee and Director Updates
    6/27/2008AGM Minutes on 27 June 2008
    6/26/2008Notice of Annual and Special General Meeting of Shareholders
    6/16/2008Notification of Trade-BH
    6/13/2008Notification of Trade BH
    6/6/2008Lefa Measured and Indicated Resources Passes 5 Million Ounce...
    5/29/2008Notification of Trade
    5/14/2008Financial Statements and Management's Discussion and ...
    5/14/2008Notification of Trade
    4/28/2008Notification of Trade
    4/10/2008 Notification of Trade for Jan Vestrum
    4/2/2008Response to Intex Resources Press Release on March ...
    4/1/2008Correction to MD&A and Financial Statements for Period ...
    3/31/2008Management Discussions and Analysis and Financial ...
    3/31/2008Company Presentation 31 March 2008
    3/31/2008 Results for Quarter Ended 31 December 2008
    3/12/2008Release Dates for Quarterly and Year End Results
    2/14/2008Final Placing of Shares in Intex Resources ASA
    1/23/2008Flagging
    1/14/2008 Board of Directors
    5/17/2007Induced Polarization Results Define Strong Anomalies On Pard...
    Comments closed
     
    Latest comment posted for this article
    Be the first to comment
    Add your comment
    TORONTO (CRU.TO)FRANKFURT (KNC.F)
    4.64+1.31%0.070+59.09%
    TORONTO
    CA$ 4.64
    01/18 15:36 0.060
    1.31%
    Prev close Open
    4.58 4.59
    Low High
    4.59 4.64
    Year l/h YTD var.
     -  -
    52 week l/h 52 week var.
    - -  4.64 -%
    Volume 1 month var.
    10,400 -%
    24hGold TrendPower© : 16
    Produces Gold
    Develops Gold
    Explores for
     
     
     
    Analyse
    Interactive chart Add to compare
    Interactive
    chart
    Print Compare Export
    Last updated on : 3/1/2010
    You must be logged in to use the porfolio and watchlists (free)
    Top Newsreleases
    MOST READ
    Annual variation
    DateVariationHighLow
     
    5 years chart
     
    3 months chart
     
    3 months volume chart
     
     
    Mining Company News
    Plymouth Minerals LTDPLH.AX
    Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
    AU$ 0.12-8.00%Trend Power :
    Santos(Ngas-Oil)STO.AX
    announces expected non-cash impairment
    AU$ 7.75-1.02%Trend Power :
    Oceana Gold(Au)OGC.AX
    RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
    AU$ 2.20+0.00%Trend Power :
    Western Areas NL(Au-Ni-Pl)WSA.AX
    Advance Notice - Full Year Results Conference Call
    AU$ 3.86+0.00%Trend Power :
    Canadian Zinc(Ag-Au-Cu)CZN.TO
    Reports Financial Results for Q2 and Provides Project Updates
    CA$ 0.12+4.55%Trend Power :
    Stornoway Diamond(Gems-Au-Ur)SWY.TO
    Second Quarter Results
    CA$ 0.02+100.00%Trend Power :
    McEwen Mining(Cu-Le-Zn)MUX
    TO ACQUIRE BLACK FOX FROM PRIMERO=C2=A0
    US$ 3.28-6.82%Trend Power :
    Rentech(Coal-Ngas)RTK
    Rentech Announces Results for Second Quarter 2017
    US$ 0.20-12.28%Trend Power :
    KEFIKEFI.L
    Reduced Funding Requirement
    GBX 0.60+0.67%Trend Power :
    Lupaka Gold Corp.LPK.V
    Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
    CA$ 0.11+0.00%Trend Power :
    Imperial(Ag-Au-Cu)III.TO
    Closes Bridge Loan Financing
    CA$ 2.13-11.98%Trend Power :
    Guyana Goldfields(Cu-Zn-Pa)GUY.TO
    Reports Second Quarter 2017 Results and Maintains Production Guidance
    CA$ 1.84+0.00%Trend Power :
    Lundin Mining(Ag-Au-Cu)LUN.TO
    d Share Capital and Voting Rights for Lundin Mining
    CA$ 6.44-8.39%Trend Power :
    Canarc Res.(Au)CCM.TO
    Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
    CA$ 0.26-7.14%Trend Power :
    Havilah(Cu-Le-Zn)HAV.AX
    Q A April 2017 Quarterly Report
    AU$ 0.32-5.88%Trend Power :
    Uranium Res.(Ur)URRE
    Commences Lithium Exploration Drilling at the Columbus Basin Project
    US$ 6.80-2.86%Trend Power :
    Platinum Group Metals(Au-Cu-Gems)PTM.TO
    Platinum Group Metals Ltd. Operational and Strategic Process ...
    CA$ 1.95-10.14%Trend Power :
    Devon Energy(Ngas-Oil)DVN
    Announces $340 Million of Non-Core Asset Sales
    US$ 57.69-8.60%Trend Power :
    Precision Drilling(Oil)PD-UN.TO
    Announces 2017Second Quarter Financial Results
    CA$ 8.66-0.35%Trend Power :
    Terramin(Ag-Au-Cu)TZN.AX
    2nd Quarter Report
    AU$ 0.04+0.00%Trend Power :