Crew Gold Corporation

Published : December 03rd, 2009

Update on Interest Payments

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Published: 07:05 03.12.2009 GMT+1 /HUGIN /Source: Crew Gold Corporation /OSE: CRU /ISIN: CA2265344028

Crew Gold Provides an Update on Interest Payments

Press Release - December 3, 2009
 
Crew Gold Provides an Update on Interest Payments
 
 
LONDON, United Kingdom: ("Crew" or "the Company") (TSX, OSE: CRU) The Company announces that it has not made the approximately $10.7 million interest payment due on the Convertible Bonds..
 
The Company today confirmed that, in light of its previously announced proposed debt restructuring and the Company's contemplated working capital and capital expenditure requirements, it did not make the US$10.7 million interest payment due on its convertible bonds due on December 1, 2009.
 
William LeClair
Chief Executive Officer
 
 
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. The words "expect", "anticipate", "will", "believe" and "may", and other similar expressions, are often used to identify forward-looking statements.  Forward-looking statements included herein relate, but are not limited to, statements regarding (1) the completion of the proposed Restructuring, (2) the expected impact of the Restructuring, (3) the results of the resource and reserve reviewing currently underway at the LEFA gold mine, and (4) expected shareholdings following completion of the Restructuring. 
 
Forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to be materially different from the events or results expressed or implied by such forward-looking statements. In evaluating these statements, prospective purchasers should specifically consider various factors that may cause actual events or results to be materially different from the events or results expressed or implied by such forward-looking statements. Risk factors that could impact the Company include, without limitation, risks relating to (1) receipt of all necessary approvals of the Restructuring, (2) the actions of bondholders in enforcing the existing terms of the bonds, (3) production levels at the LEFA gold mine. 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 events or results could differ materially from those anticipated in such statements.
The material factors and assumptions used to develop forward-looking statements include, without limitation, (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 consistent with our current expectations, (3) foreign exchange rates among the currencies that 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, and (7) materials and labour costs increasing on a basis consistent with our 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.


Update on Interest Payment




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Crew Gold Corporation

PRODUCER
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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