Crew Gold Corporation Update on Q4 2009 production and other matters
(Thomson Reuters ONE) - London, United Kingdom:Crew Gold Corporation ("Crew" or "the Company") (TSX,OSE:CRU) today announces the LEFA mine production results for Q4 2009, thefiling of the updated Reserve and Resource Technical report, a capitalexpenditure program, timing of the filing of its 2009 financial results and itsyear-end cash position.For Q4 2009, production at LEFA was as follows: October November December Total Tonnes milled 460,213 460,651 506,509 1,430,373 Gold produced (oz) 19,621 17,535 19,067 56,223 Recovered grade (g/t) 1.34 1.20 1.18 1.24Production has been steady since all 4 mills became operational in October. Thevariation in grade and ounces relates to mill and mining equipment availabilityand the utilization of lower grade stockpiles during periods when plant andequipment overhauls were occurring. The average head grade during the period was1.39 g/t. All plant and equipment overhauls in the period were scheduled as partof the rectification program.There are3 further major plant shutdowns scheduled in 2010 following which theplant is anticipated to be fully refurbished and the mobile equipment overhaulsand mid life rebuilds will continue through 2010. For the month to January22, 2010, 395,600 tonnes of ore have been milled yielding 15,200 ounces of gold.The average recovered grade has been 1.2 g/t and the average head grade 1.34g/t.The Reserve and Resource technical report is now complete. This is the firstmajor 43-101 compliant report that has been issued since 2007 for resources and2008 for reserves. The technical report entitled "Disclosure of MineralResources and Reserves, Lefa Gold Mine, Northeast Guinea, Technical ReportUpdate" will be available at www.sedar.com and separatesummary press releases have also been issued. This information will also beplaced on www.crewgold.com .In conjunction with the Company's 2010 budgetprocess, the Board of Directors hasapproved a capital plan for expenditures of $75 million over the next 3 yearsthat will complete the debottlenecking program, mining fleet refurbishment,acquisition of insurance spares and restart the exploration program. The capitalprogram is anticipated to be funded by cash flow from operations.At December 31, 2009 the company had cash and cash equivalents available ofapproximately $25 million.The Company will be filing its summarized year-end financial information asrequired by the Oslo Bors on or before February 28, 2010 and will file itsaudited financial statements and Management's Discussion and Analysis relatingto the 2009 financial year on or before March 31, 2010.The Company also confirms that, as previously announced, the Board of Directorscontinues to work with RBC Capital Markets who are retained as the Company'sfinancial advisor, and have been instructed to review and assist the Company inimplementing strategic alternative(s) to maximize shareholder value.CEO Bill LeClair comments "the results of Q4 2009 and the first 3 weeks ofJanuary 2010 are very encouraging and meet our expectations as we proceed withthe final phase of a very long program of construction and refurbishment. We areconfident in our plan and our ability to execute and look forward to steadyimprovement in the plant and mobile equipment reliability" William LeClair President and CEOSafe Harbour StatementCertain statements contained herein that are not statements of historical fact,may constitute forward-looking statements and are made pursuant to applicableand relevant national legislation (including the Safe-Harbour provisions of theUnited States Private Securities Litigation Reform Act of 1995) in countrieswhere Crew is conducting business and/or investor relations. Forward-lookingstatements, include, but are not limited to those with respect to (1) theexpected shutdowns of the LEFA mills in 2010 and results of such shutdowns, (2)the continuation of the refurbishment program, (3) the filing of the Reserve andResource technical report, (4) the implementation and funding of the 3 yearcapital plan, (5) the expected timing of filing of the Company's year-endfinancial information, financial statements and MD&A, and (6) the expectedimprovement in plant and equipment reliability. 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 orvariation, including negative variation, of such words and phrases, or statethat certain actions, events or results, may, could, would, might or will betaken, occur or be achieved.Forward-looking statements involve known and unknown risks, uncertainties andother factors that could cause the actual results of the Company to bematerially different from the historical results or from any future resultsexpressed or implied by such forward-looking statements. Such risks anduncertainties include, among others, (1) the actual timing or results of themill shutdowns, capital expenditure plan and construction and refurbishmentprogram being different than anticipated, (2) changes in project parameters asplans continue to be refined, (3) challenges in obtaining the necessary fundingfor the capital expenditure plan, (4) possible variations in grade and oredensities or recovery rates, (5) failure of plant, equipment or processes tooperate as anticipated, (6) accidents, labour disputes and other risks of themining industry, (7) delays in completion of development or constructionactivities, and (8) risks and uncertainties existing in world capital marketsgenerally. Although Crew has attempted to identify important factors that couldcause actual events or results to differ from those described in forward-lookingstatements contained herein, there can be no assurance that the forward-lookingstatements will prove to be accurate as actual results and future events coulddiffer materially from those anticipated in such statements.The material factors and assumptions used to develop forward-looking statementswhich may be incorrect, include, but are not limited to, (1) there being nosignificant 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 the Crew does business in beingapproximately consistent with current levels, (4) certain price assumptions forgold, (5) prices for electricity, fuel oil and other key supplies remainingconsistent 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 Crewsexpectations.Except as may be required by applicable law or stock exchange regulation, theCompany undertakes no obligation to update publicly or release any revisions tothese forward-looking statements to reflect events or circumstances after thedate of this document or to reflect the occurrence of unanticipated events.Accordingly, readers should not place undue reliance on forward-lookingstatements.Cautionary Note to US investors The United States Securities and ExchangeCommission permits US mining companies, in their filings with the SEC, todisclose only those mineral deposits that a company can economically and legallyextract or produce. We may use certain terms in this document, such as measured,indicated, and inferred resources, which the SEC guidelines strictly prohibit USregistered companies from including in their filings with the SEC. US Investorsare urged to consider closely the disclosure from the SECs websiteathttp://www.sec.gov/edgar.shtml.[HUG#1376578] Update on Q4 2009 production and other matters: http://hugin.info/90/R/1376578/337952.pdf
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Datum: 25.01.2010 - 02:49 Uhr
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