Crew Gold Corporation

Published : January 25th, 2010

Update January 25, 2010

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

LEFA Gold Mine Mineral Resource Update January 25, 2010


LONDON, United Kingdom: Crew Gold Corporation ("Crew" or "the Company") (TSX, OSE: CRU) today announces:-


This release updates the previously reported mineral resources of the LEFA Mine in Guinea, West Africa.

The following table presents the estimated mineral resources of the LEFA Concession as at 31 August 2009.  


Deposit

Measured3

Indicated3

Measured + Indicated3

Inferred2

Cutoff1

 

kt

g/t

k oz

kt

g/t

k oz

kt

g/t

k oz

Kt

g/t

k oz

g/t

LEFA Corridor














Lero-Karta

26,819

1.4

1227

13,065

1.5

639

39,884

1.4

1,866

2,784

1.3

117

0.5

Fayalala

46,390

1.0

1465

5,042

1.0

155

51,432

1.0

1,620

3,877

1.1

132

0.5

Kankarta

2,844

1.4

129

1,171

1.3

48

4,015

1.4

177

99

1.3

4

0.5

Firifirini

3,779

1.6

188

1,951

1.4

85

5,730

1.5

273

1,084

1.6

54

0.5

Banko

975

1.9

58

446

1.3

18

1,421

1.7

76

223

0.9

6

0.4

Folokadi

545

1.5

27

1,746

1.7

93

2,291

1.7

120

689

2

45

0.4

Toume Toume

218

1.4

10

497

1.3

21

715

1.3

31

512

1.3

22

0.5

Sanou Kono




1,629

1.2

60

1,629

1.2

60




0.7

Stockpiles

6,801

0.9

197




6,801

0.9

197





Heap Leach




2,313

0.8

57

2,313

0.8

57





Sub-total

88,371

1.2

3,300

27,860

1.3

1,177

116,231

1.2

4,477

9,268

1.3

380


Regional














Banora

2,196

1.7

119

598

1.5

29

2,794

1.7

148

330

1.6

17

0.7

Diguili Bougoufe










273

2.1

18

0.8

Dar Salaam










522

1.1

18

0.8

Diguili North










1,782

1.4

78

0.8

Banora West










432

1.5

21

0.8

Hansaghere










511

1.1

18

0.8

Sikasso










584

1.4

26

0.8

Solabe










371

1.5

18

0.8

Sub-Total

2,196

1.7

119

598

1.5

29

2,794

1.7

148

4,805

1.4

214


TOTAL

90,567

1.2

3,419

28,458

1.3

1,206

119,025

1.2

4,625

14,073

1.3

594


31 March 2008

77,680

1.41

3,531

29,393

1.66

1,564

107,072

1.48

5,094

31,214

1.32

1,330



  1. Marginal gold cut-off grades are approximate, based on material type weighted average. 

  2. The quantity and gold grade of reported Inferred resources in this estimation are uncertain in nature, and there has been insufficient exploration to define these Inferred resources as an Indicated or Measured mineral resource.  Further exploration drilling is required to determine whether they can be upgraded to an Indicated or Measured mineral resource category. 

  3. The Measured and Indicated Mineral Resources are inclusive of those Mineral Resources modified to produce the Mineral Reserves. 


The Lefa Gold Mine estimated Measured and Indicated mineral resource as at 31 August 2009 is 119.0 Mt, at average gold grade of 1.2 g/t, for contained gold of 4.6 million ounces. Furthermore, the estimated Inferred mineral resource is 14.1 Mt, at average gold grade of 1.3 g/t, for contained gold of 0.6 million ounces. These combined mineral resources of 5.2 million ounces are not mineral reserves and do not have demonstrated economic viability.


The Measured and Indicated mineral resource total has decreased by 0.5 million ounces to 4.6 million ounces and the Inferred mineral resource has decreased by 0.7 million ounces to 0.6 million. Since March 2008, mining depletion was approximately 0.3 million ounces.  In total, mineral resources have decreased by 1.2 million ounces, from the 6.4 million ounces announced in March 2008 to 5.2 million ounces. After adjusting for actual depletion, the total reduction is 0..9 million ounces, or 14%.


Soci�t� Mini�re de Dinguiraye (SMD), Crew's subsidiary in Guinea, has recently revised its mineral resource estimation parameters, following a more thorough review of the Lero-Karta and Fayalala mineral deposits and review of reconciliation between mining depletion and depletion in the geological model. As some of the previously identified mineral resources were extending at depth, SMD further constrained the main LEFA Corridor mineral deposits with a USD 1000/oz gold price optimised pit shell. Consequently mineralisation previously included in the estimates has been excluded.


The drilling in the Firifirini and Camp de Base mineral deposits increased tonnage in the Measured and Indicated categories mainly due to reclassification of the Inferred mineral resource. The mineral resource definition drilling in 2008 down dip of known mineralisation on the Camp de Base structure of the Lero-Karta deposit, continued to return broad zones of reasonable grade mineralisation and also brought in additional tonnage.


Higher average gold price, (i.e. the USD 1000/oz gold price optimised pit shell) resulted in the mineral resources being reported at lower cut-off grades. Previously, only Fayalala was reported at a cut-off grade of 0.60 g/t for all material types with the rest of the Lefa Corridor deposits reported at 0.70 g/t. The mineral resources are generally now reported at a lower cutoff grade of 0.40 g/t for saprolite and 0.50 g/t for laterite and fresh material types.

The mining of the higher grade at Lero and Lero South pits, whereby 2.5 Mt at a grade of 2.3 g/t were mined during the reporting period, also contributed significantly to an overall reduction in mineral resource grade in this area, from 44.5 Mt at 1.9 g/t to 42.7 Mt at 1.5 g/t.

The Firifirini and Toume Toume deposits remain open along strike and down dip and, as previously announced, are part of a new style of mineralisation that had until that time not been recognised within the Concession. These areas were also the focus of mineral resource definition drilling during 2008, with a combined mineral resource total increase from 5.7 Mt at 2.4 g/t to 8.0 Mt at 1.5 g/t.

There was no regional drilling conducted during the reporting period. However, ongoing geochemical soil sampling, mapping and trenching continued to occur and a re-evaluation of the existing concession has taken place to enable more advanced exploration activities to recommence later in 2010. The Kobedara region mineral deposit was reassessed and removed from the mineral resource estimate, with further work planned in the future to assess the potential there..


The drilled out areas of the old leach pads are included in the mineral resource estimate, where 2.3 million tonnes have so far been defined from in-fill drilling, returning approximately 57,000 ounces. Close to 7 million tonnes still remain to be drilled, providing further potential.

Bill LeClair, President and CEO of Crew commented: "A critical independent review of our mineral resources based on the reconciliation results has resulted in a geological model that is extremely robust. Thus, while the result has been a slight decrease in the geological resource net of mining depletion, it presents a solid case for Crew to continue expanding the mineral resources. At just over 5.0 million ounces in total mineral resource, this places LEFA in the ranks of world-class gold deposits. The Company is confident that continuing exploration will provide further increases to the mineral resource and reserve inventory."


For further information on the resource data please refer to our website www.crewgold.com and to the technical report entitled "Disclosure of Mineral Resources and Reserves, Lefa Gold Mine, Northeast Guinea, Technical Report Update", dated November 2009, available at www.sedar.com.

William LeClair

President  & CEO

Quality Assurance and Control and Qualified Person

Mr Nicolas Johnson, Principal Geologist and Geostatistician for Hellman and Schofield, is the responsible person for the preparation of section 19.1 "Mineral Resource Estimates" in the technical report titled "Disclosure of Mineral Resources and Reserves, LEFA Gold Mine, Northeast Guinea - Technical Report Update" and dated November 2009. Mr Johnson has sufficient experience, relevant to the style of mineralisation and type of deposit under consideration to qualify as a "Qualified Person" within the meaning of Canadian National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Mr Johnson is "independent" of Crew Gold Corporation within the meaning of NI 43-101.


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 expected exploration activities in 2010, (2) the potential of areas to be drilled, (3) the expected results of continued exploration and (4) any inference that resource estimates will be accurate when reconciled to actual results. Often, but not always, forward-looking statements can be identified by the use of words such as plans, expects, targets, budget, estimates, forecasts, intends, anticipates, 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 any future results expressed or implied by such forward-looking statements. Such risks and uncertainties include, among others, (1) the risk that the Company will be unable to proceed with expected exploration activities, and (2) exploration activities may not yield the results expected. The material factors and assumptions used to develop forward-looking statements which may be incorrect, include, but are not limited to, (1) the Company's continued execution of its current business plan, (2) the financial resources available to the Company, (3) the continued nature and scope of operations at LEFA, and (4) the price of gold. 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 the forward-looking statements contained herein 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 press release, 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 SEC's website at http://www.sec.gov/edgar.shtml..




LEFA Gold Mine Mineral Resource Update




HUG#1376573

.
Data and Statistics for these countries : Guinea | United Kingdom | All
Gold and Silver Prices for these countries : 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$ 7.50+6.01%Trend Power :
Oceana Gold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
AU$ 2.29+0.44%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$ 2.90-6.45%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+3.65%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.15+11.11%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
CA$ 2.62-1.13%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$ 6.87-3.10%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.25+2.04%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
AU$ 0.36-1.37%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$ 1.85-3.14%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 68.51+0.87%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 :