DATE: November 10, 2008

 

TRADING SYMBOLS; TORONTO AND OSLO=CRU; FRANKFURT=KNC; OTC, BB, OTHER=CRUGF

The company offers the following clarification of today's announcement regarding a possible rights offering.

The company will issue no more than 340 million shares under the rights offering. The offering will be structured such that the Company will issue one subscription right for every one common share that is outstanding, which right will entitle the holder to purchase a fraction of one Crew share that will result in a total of a maximum of 340 million shares being issued. It is expected that if the subscription rights are not fully exercised, those shareholders who have exercised their subscription rights and have over-subscribed will have the right to be allocated the remaining new shares not subscribed for on a pro rata basis. The subscription rights will be fully transferrable, and are expected to be listed on the Oslo Stock Exchange during the subscription period. The commencement of the rights issue is subject to the Company filing a prospectus with the Oslo Stock Exchange and receipt of all necessary regulatory approvals. 

 

Management anticipates that subscription in the rights offering will be open only to European resident shareholders, and that non-European resident shareholders will be legally prohibited from subscribing for the Company's shares under the offering.  Provided that the subscription rights have an economic value exceeding the estimated sales costs, the Company's advisor will be authorized to sell the subscription rights on behalf of those non-European resident shareholders, and to distribute the proceeds of such sale to those shareholders.

 

The record date for shareholders eligible to participate in the offering will be determined and announced once the required prospectus has been filed and accepted by the Oslo Stock Exchange.

 

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 and (13) the timing and possible outcome of pending litigation. 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, conclusions of economic evaluations, (2) changes in project parameters as plans continue to be refined, (3) possible variations in grade and ore densities or recovery rates, (4) failure of plant, equipment or processes to operate as anticipated, (5) accidents, labour disputes and other risks of the mining industry, (6) delays in obtaining government approvals or financing or in completion of development or construction activities. Although Crew has attempted to identify important factors that could cause actual actions, events or cause actions events or results not to be anticipated, estimated or intended, there can be no assurance that 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, Nalunaq 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.