Crew Gold Corporation

Published : February 27th, 2009

Unaudited results for the Quarter and Year ended ...

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

Published: 06:52 27.02.2009 GMT+1 /HUGIN /Source: Crew Gold Corporation /OSE: CRU /ISIN: CA2265301036

Unaudited results for the Quarter and Year ended December 31, 2008

DATE: February 27, 2009
N E W S   R E L E A S E
Unaudited results for the Quarter and Year ended December 31, 2008
Corporate governance updates
LONDON, United Kingdom, February 27, 2008 - Crew Gold Corporation ("Crew" or "the Company") (TSE & OSE: CRU) today announces;
Unaudited results
This release of information represents a change in reporting for the Company to comply with new rules of Oslo Bors. Crew is a Yukon, Canada incorporated corporation resident in the United Kingdom and is listed on the Oslo and Toronto stock exchanges. The Company's primary listing is Toronto, and Norway is its Home State for EU reporting purposes.
The new rules require that unaudited interim financial statements for the quarter and year to date be published no later than two months following each quarter end and that the audited financial statements and annual report be published no later than four months after the year-end. Applicable Canadian rules require the Company to publish unaudited financial statements and the Management's Discussion and Analysis ("MD&A") report explaining those statements no later than 45 days after each quarter end, except for the fourth quarter ("Q4") when the financial statements must be audited and the MD&A must discuss the complete year. This year-end report must be filed no later than 90 days after the year end.
On or before March 31st, 2009, the company will publish its audited year-end financial statements and MD&A and will conduct its conference call to discuss the results for the year. This press release discusses financial results only.
  •          Production Results
  • -          Gold produced in the quarter ended December 31, 2008 was 75,554 oz (quarter ended December 31, 2007 - 46,894 oz). Gold sold in the quarter ended December 31, 2008 was 64,011 oz at an average gold price of $798/oz (quarter ended December 31, 2007 - 41,829 oz sold at an average gold price of $811/oz);
    -          Gold produced in the year ended December 31, 2008 was 273,842 oz (year ended December 31, 2007 - 164,017 oz). Gold sold in the year ended December 31, 2008 was 262,177 oz at an average gold price of $873/oz (year ended December 31, 2007 - 150,913 oz sold at an average gold price of $712/oz);
    -          Comprehensive and expanded production information and cost information will be made available in the MD&A
  •          Financial Results
  • -          The Company has early-adopted Canadian Institute of Chartered Accountants statement 3064 "Goodwill and Intangible Assets" in order to provide better comparability between the reporting periods. As a result of the application of this standard, prior period pre-operating revenues and costs have been recognised in the profit and loss statement and comparative balance sheet amounts have been restated where applicable;
    -          Net loss of $84.9 million for the quarter ended December 31, 2008 due mainly to non-cash impairment charges of $98.5 million for Maco and the further write down of goodwill of $22.2 million on the LEFA reporting unit, corporate related costs of $3.7 million and interest and finance charges of $7.4 million partly offset by non cash foreign exchange gains of $49.0 million on translation of the NOK denominated debt. A net loss of $9.4 million was recorded for the quarter ended December 31, 2007;
    -          Net loss of $253.4 million for the year ended December 31, 2008 due mainly to non-cash impairment charges of $254.3 million (net of a future income tax recovery of $10.5 million), including net impairment charges of $98.5 million for Maco, the write down and move to care and maintenance of the Nalunaq Gold Mine A/S ("Nalunaq") and the Nugget Pond processing facility ("Nugget Pond") which resulted in a net write down of $51.3 million and the full write down of goodwill of $104.6 million on the LEFA reporting unit, corporate related costs of $23.1 million and interest and finance charges of $33.2 million  partly offset by non cash foreign exchange gains of $69.9 million on translation of NOK denominated debt. A net loss of $85.0 million was recorded for the year ended December 31, 2007.
    For full details, 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  

    Unaudited Q4 2008

    This content was distributed through

    Hugin Group

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

    Crew Gold Corporation

    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
    VALUE :
    Projects & res.
    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
    12/19/2008Notification 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
    11/18/2008Crew Announces Record Date for Proposed Rights Offering
    11/17/2008Financial Statements & MDA for Quarter & Nine Months ...
    11/10/2008The company offers the following clarification ...
    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
    1/14/2008 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
    CA$ 4.64
    01/18 15:36 0.060
    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
    Interactive chart Add to compare
    Print Compare Export
    Last updated on : 3/1/2010
    You must be logged in to use the porfolio and watchlists (free)
    Top Newsreleases
    Annual variation
    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 :
    announces expected non-cash impairment
    AU$ 7.75-1.02%Trend Power :
    Oceana Gold(Au)OGC.AX
    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
    US$ 3.28-6.82%Trend Power :
    Rentech Announces Results for Second Quarter 2017
    US$ 0.20-12.28%Trend Power :
    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 :
    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 :
    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 :
    2nd Quarter Report
    AU$ 0.04+0.00%Trend Power :