Crew Gold Corporation

Published : April 23rd, 2008

Lefa Exploration Update

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Published: 08:09 23.04.2008 GMT+2 /HUGIN /Source: Crew Gold Corporation /OSE: CRU /ISIN: CA2265301036

Lefa Exploration Update

Press Release - 23rd April 2008
 
LONDON, United Kingdom: Crew Gold Corporation ("Crew" or "the Company") (TSX: CRU) (OSE: CRU) (Frankfurt: KNC) (OTC-BB-Other; CRUGF.PK) today announced:-
 
Lefa Exploration Update
 
Crew Gold Corporation (Crew) is pleased to report that exploration drilling at LEFA from January to March 2008, has continued to extend the Firifirini resource to both the east and west.  Furthermore, drilling at Camp de Base is continuing to support the model linking the mineralization to the Pharmacie mineralization to the east and infill drilling is also showing continuation of the Camp de Base structure.
 
Drilling has been focussed at Firifirini, Lero-Karta-Camp de Base and Fayalala and was a combination of RC and Diamond drilling.  To the end of March 2008, a total of 14,444m of RC drilling and 1,077m of HQ3 Diamond drilling have been completed comprising 120 RC Holes and 15 DDH tails.
 
Camp de Base
Drilling down dip and along strike from known mineralisation at Camp de Base has yielded expected results with broad zones of typical Camp de Base style of mineralisation consisting of disseminated and fracture filled pyrite in highly fractured, siliceous Birimian sandstone.  Drilling at depth approaching the sinistral Karta fault has delineated wide dilation zones of gold mineralisation linking up with the Pharmacie structure to the north.  Exploration in this area is ongoing and it is expected the Camp de Base pit will now link up to the Karta pit, significantly improving the economics of this area and may result in these two pits optimising into a single pit.
Firifirini
The geological understanding of the Firifirini deposit skarn mineralization has improved and understanding has highlighted a new focus for exploration going forward across selected areas of the concession.  In October 2007, the Company announced an initial reserve for Firifirini of 0.23 million ounces at 2.25 g/t Au.  The BBC-prefixed holes listed in the following table are some of the intercepts that show the same mineralization style as Firifirini located 4kms west and is hosted in a typical retrograde skarn context developed by a dioritic intrusion forming contact metamorphism with calcareous sediments.  Massive accumulations of magnetite together with lesser pyrite are developed on the contacts with other skarn minerals such as epidote, grossular garnet and diopside.  These sites form localised high concentrations of gold with lower more disseminated grades hosted by the altered carbonate-sandstones, marbles or felsic intrusives.
Selected the intercepts are listed in the table below. The intercepts listed below do not form part of the currently reported resource and are a combination of infill and extensional drilling.
 
Intercept* True width has not yet been confirmed
 
Regional Exploration
Crew is also pleased to report further encouraging results from the ongoing regional program. This program has focused in the areas surrounding the LEFA corridor specifically to the north in the Siguirini area, to the southeast on the prospects of Sikasso, Goldring, and Dar Saalam and in the corridor between the known deposits of Lero Karta and Banora.  To the end of March 2008, a total of 36,143m of Aircore (AC) drilling has been completed comprising 452 AC holes. The prospects are shown on the attached map of the LEFA Concession and exploration titles.
In the Siguirini area near the Firifirini deposit, a new prospect, Toume Toume has been identified and which is hosted in a retrograde skarn context similar to that at Firifirini.
At Dar Salaam, four mineralized structures have been delineated by Air Core drilling. Further drilling is planned using both RC and Diamond methods to further test this mineralization.
Banora-Lero
In the corridor between Lero Karta and Banora, regional exploration has delineated further targets. The Tombakansa target corresponds to a succession of small altered quartz veined structures in a shear zone along strike to the west from the LEFA corridor.
Also in this corridor is the prospect of Hansaghere, an 800 m length mineralized structure, orientated N110??E and dipping south with parallel quartz veining. The structure is still open along strike and down dip.
The Fello Antigou prospect contains old workings and is hosted by Birimian sandstones.
Diguili North continues to give promising results. Drilling has extended the target at depth to the east and to the south east. Furthermore at Diguili Bougoufe, a small mineralized structure has been identified consisting of a north-east orientation with a southerly dip and is now ready to be tested by RC drilling.
The Banora West prospect is hosted in a narrow shear zone, with a southeast orientation located 2 km to the northwest of the Banora deposit.
Selected Results are listed below
 
 
Intercept* True width has not yet been confirmed
 
Quality Assurance and Control and Qualified Person
All drilling is conducted using industry accepted equipment and procedures for drilling and sampling.  All drill intercepts reported in this press release relate to either RC percussion (dry samples, 1m intervals, >75% sample recovery) or NQ/HQ Diamond drill core (half core samples, maximum 1m intervals, >95% sample recovery) for Resource definition drilling, all first pass regional exploration drilling is conducted using AC drilling, with follow up using RC. Historically sampling and assaying of wet RC samples has occurred, this data is flagged in the resource database. A program of confirmatory Diamond drilling is ongoing to verify the reliability of this data.
All assay results reported have been determined by 50 gram fire assay, aqua regia digest and atomic absorption spectrometer readings to a detection limit of 0.01 g/t gold by independent assay contractors SGS Siguiri. A check assay program with internationally recognized and certified umpire assay laboratories Genalysis (Perth, Australia) and ALS Chemex (Vancouver, Canada) is also conducted to confirm reliability of assay data.  The data is verified on an ongoing basis by Crew's Qualified Person.
Data, of a scientific or technical nature, regarding mineral reserves and mineral resources of Crew Gold Corporation included in this document has been verified by Mr.. Andrew Pardey, the General Manager Exploration.  Mr. Pardey is a "qualified person" within the meaning of Canadian National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Mr. Pardey is not "independent" of Crew Gold Corporation within the meaning of NI 43-101 as he holds securities of the company. All exploration work of the company is conducted under the supervision of Mr. Pardey.
Commenting on these latest results, Jan Vestrum President and CEO of Crew commented, These drilling results continue to demonstrate not only the potential to add resources and reserves on a consistent and fast growing manner, but to do so at higher grades than the current Measured and Indicated resource grade of 1.6g/t Au for the LEFA Gold Mine.  Improved grade has been a focus as this is important not only for the overall output from the mine, but a main contributor to lower cash costs The Company is confident that a major part of its future resource growth will come from the LEFA concession and this, together with the ramp-up of production from the CIP plant, will be important value drivers for shareholders."
 
Jan A Vestrum
President & CEO
 
Safe Harbour Statement
This news release contains forward-looking statements which reflect the expectations of management and the board of directors, 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 Gold Corporation is conducting business and/or investor relations. Forward looking statements typically contain words such as "believes", "anticipates", "continue", "could", "expects", "indicates", "plans", "will", "may", "projects", "would" or similar expressions suggesting future outcomes or events, although not all forward-looking statements contain these identifying words. Such forward-looking statements reflect the current beliefs of management and the board of directors based on information currently available to them. Forward-looking statements involve inherent risks and uncertainties, and Crew cautions readers not to place undue reliance on these statements as a number of important factors could cause Crew's actual results to differ materially from the beliefs and expectations expressed in such forward-looking statements. Factors that could cause actual results to differ materially from the results discussed in the forward-looking statements, include, but are not limited to, the factors discussed under the heading "Risks and Uncertainties" in Crew's Annual Information Form dated April 2, 2007, as filed on SEDAR at www.sedar.com. Although the forward-looking statements contained in this news release are based upon what management and the board of directors believes to be current and reasonable assumptions, Crew cannot assure readers that actual results will be consistent with these forward-looking statements.  The forward-looking statements contained herein are made as of the date of this news release and are expressly qualified in their entirety by this cautionary statement. Crew undertakes no obligation to publicly update or revise these forward-looking statements to reflect subsequent events or circumstances.
 
 


Lefa Exploration Update

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Crew Gold Corporation

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CODE : CRU.TO
ISIN : CA 4020361073
CUSIP : 402036107
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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.

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