LONDON, United Kingdom, DATE: December 3rd 2004. Crew Gold Corporation (“Crew”) (TSE & OSE: CRU; Frankfurt: KNC; OTC-BB- other: CRUGF.PK.
On December 1st 2004, the Supreme Court of the Philippines reversed an earlier negative decision on the Technical Assistance Agreement (FTAA) where foreign companies can enter into an agreement with the government owning up to 100% of a mining project.
The President of the Philippines, Gloria Macapgal-Arroyo said the decision of the Supreme Court upholding the constitutionality of the Mining Act would attract investments, which would “boost jobs and productivity” in the rural areas, citing that the Philippines ranked number three in gold production, number four in copper, number five in nickel, and number six in chromite deposits.
For Crew’s two development projects in the Philippines; the Mindoro Nickel Deposit (MNP) and The Pamplona Sulphur Project (PSP) the decision has been welcomed as very good news. Crew and its Philippine associated companies have for several months held ongoing discussions with potential partners on both projects. We believe the Supreme Court decision will help these discussions to be concluded.
Further more Crew has for some time worked on identifying gold projects in the Philippines. Again with the present Supreme Court favourable decision we hope to be able to materialize on this work.
Jan A. Vestrum
President & CEO
This news release contains certain “Forward-Looking Statements”. All statements, other than statements of historical fact, included in this release, and/or statements made by company officers or directors at any given time, as well as Crew’s future plans are such forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are based on the estimates and opinions of management on the date the statements are made, and Crew does not undertake any obligation to update forward-looking statements should conditions or management’s estimates or opinions change. For more information please contact our UK Head Office (TEL +44 -1932 268755) or by email to enquiries@crewgold.com For more information about Crew, additional contact information or to subscribe to future news releases, please visit our new website www.crewgold.com