Crew Gold Corp. - 500 Beiträge pro Seite

[ulfur]

Der Jahresbericht 2003 von Crew ist erschienen.

Crew Development will sich in Crew Gold umbenennen. M.E. eine gute Idee, jedoch auch die Bezeichnung Crew hätte man auch gegen etwas prägnanteres austauschen können. Dies nehme ich zum Anlaß einen neuen Thread (alter crew-Thread: Crew - Lizenz genehmigt) aufzumachen, um den vollen Firmennamen im Threadtitel anzugeben ( zum leichteren Suchen bei w:o, vieleicht finden sich ja doch noch ein paar versprengte Crew-Interessenten).

Aus dem Bericht:

Nalunaq-Mine geht Jahresanfang 2004 in Betrieb.

Beim Seqi Olivine-Projekt soll die Durchführbarkeitsstudie plangemäß in der 1. Jahreshälfte 2004 erstellt werden. Kosten trägt der Partner Minelco, ein Tochterunternehmen des schwedischen Eisenerzproduzenten LKAB.

Auf dem Explorationsgebiet Nanurtalik wurde 2003 ein Bohrprogramm am Lake 410 durchgeführt, die Ergebnisse der Laboruntersuchungen werden bis Jahresende fertig sein.

Barbertone Mines, Südafrika. Der Hauptanteilseigner Metorex hat die Wirtschaftlichkeit der Minen gesteigert.Für 70 % der Produktion und auf 3 Jahre ist der ZAR/USD gehedged, womit sichergestellt werden soll, daß die Investition innerhalb dreier Jahre zurückgezahlt ist.

Bei der ghanesischen Goldexploration Hwini Butre wurde anscheinend auf den Partner St.Jude Druck ausgeübt, um das Projekt aggressiver voranzutreiben. Daher sollen noch im Winter weitere Bohrungen erfolgen.

Mindoro Nickel-Projekt: Man hofft, das vom philippinischen Staat zurückgezogene Mineral Production Agreement zurückzuerhalten. Eine Entscheidung wird in Kürze erwartet (nearest future).

Pamplona Sulfur Deposit, Philippinen: In der Entwicklungsphase wird mit der Philippine Phosphate Fertilizer Company zusammengearbeitet, die die wesentlichen Kosten trägt.


Wichtig für den Aktienkurs wird sein, ob die Bohrergebnisse am Lake 410 gute Ergebnisse zeigen, so daß sich die Lebensdauer des grönländischen Goldabbaus erhöht. Nicht gut klingt für mich, wenn der Bericht ausführt: "No visible gold was observed in the drill cores; however, the results are encouraging as the drill holes test a potential area of 900 x 300 m. The width of the mineralization varies between 4 m and 1.2 m, which is substantially more than seen in any drilling at Nalunaq." Bis zum Jahresende wissen wir mehr.

Eine positive Entscheidung zum Nickelprojekt könnte dem Aktienkurs weiteren Auftrieb geben. Das Projekt wird allerdings aus Umweltgründen stark angefeindet. Nachdem Mindoro jahrelang auf Eis lag, wäre eine baldige Entscheidung wünschenswert.

[ThaiGuru]

Wäre vielleicht gar nicht das schlechteste sich einige dieser Crow Development zuzulegen.

Falls der Goldpreis weiter steigt, davon gehe ich aus, hat Crow auch grössere Chancen in den Phillipinen erfolreich zu werden. Falls Ihr Mindoro Projekt doch noch das O.K. der Regierung erhält, wäre das sogar spitze. Die Nikel Preise befindet sich ja ebenfalls in einem Aufwärtstrend.

Gruss

ThaiGuru

[ulfur]

Link für den Jahresbericht 2003 ( ca 1 MB ):
http://www.newsweb.no/cdco/atmnt/Crew_AnnualReport2003.pdf?i…


Zum Mindoro-Nickelprojekt

Dazu hat Lawrence Roulston (Resource Opportunities)im Juni 2000 folgendes ausgeführt:

A World-Class Nickel-Cobalt Project

A full feasibility study is now underway on Crew`s 100% owned Mindoro nickel-cobalt laterite project in the Philippines.

A prefeasibility study conducted by Kvaerner Metals, one of the largest engineering companies in the world, and a leading authority on this type of deposit, concluded that the deposit could produce 88 million pounds of nickel per annum and become of the lowest cost nickel producers in the world.

The Mindoro project has several very favorable characteristics that enhance the project economics. These include:

* A large, uniform deposit.
* Ideal mining conditions, with minimal stripping.
* Good metal recoveries.
* Favorable location and infrastructure.
* A local market for fertilizer produced as a byproduct.
* A cheap, local supply of sulphur, which is normally the biggest operating cost component for this type of operation.

Kvaerner`s study concluded that the project would generate a net present value of US$467 million, based on a nickel price of US$2.50 per pound. (The current price is US$3.73/pound.) The capital cost is projected at US$665 million. Several developments since the Kvaerner study have the potential to further enhance the value of the project.

Raising the capital for this project will be a challenge, but is a realistic objective for the Crew management group. The company intends to bring in a major mining company partner, based on the results of the feasibility study which is now in progress. The very favorable economic outlook for the project, and the fact that Kvaerner is prepared to provide a process guarantee, make it reasonable to expect the company to retain a substantial interest in the project as it goes forward. (The Crew management team are well advanced on financing a similar project in a separate company, which is discussed in more detail in Section 2 of the report.)

The Mindoro project, forecast to be one of the lowest cost nickel producers in the world, has excellent potential to become a major nickel producer, and thereby add very substantial value to Crew.


Ebenfalls vor Jahren schrieb George Werniuk im Northern Miner:

"Vom eisigen Norden nun in die satten Tropengebiete von Mindoro Island auf den Philippinen: hier wird das zu 100% im Besitz des Unternehmens stehende Nickel-Kobalt-Laterit-Projekt Mindoro von der Bergbauberatungsgesellschaft Kvaerner Philippiness zur Zeit einer bankfähigen Wirtschaftlichkeitsstudie unterzogen. Auf Mindoro sollen mit Hilfe eines modernen Säurehochdruck-Schwimmaufbereitungsverfahren (HPAL) Nickel und Kobalt gewonnen werden.

Eine im August 1998 abgeschlossene, positive Wirtschaftlichkeitsvorstudie kam zu dem Schluß, dass das Projekt bei einer 20-jährigen Nutzungsdauer des Bergwerks jährlich 40.000 Tonnen Nickel und 3.050 Tonnen Kobalt produzieren könnte, wobei sich die Finanzierungskosten für ein Pfund Nickel bei einem Nickelpreis von USD 2,50 auf USD 1,06 und für Kobalt auf USD 10 pro Pfund belaufen würden. Das Projekt würde USD 665 Mio an Kapitalkosten verschlingen.

Im Rahmen der Wirtschaftlichkeitsstudie werden u.a. metallurgische Untersuchungen, Bergwerksplanungsarbeiten, mechanische Arbeiten, Fließschemaentwürfe und Vorversuche durchgeführt. Daneben werden auch die Kapital- und Betriebskosten bestimmt. Angesichts der Kapitalkosten wird sich Crew nach einem Hauptteilhaber umsehen."

Aber der philippinische Staat hat Crew die bereits erteilte Genehmigung 2001 wieder entzogen. Ob diese Entscheidung wieder revidiert wird, ist völlig unklar.

[anuik]

30 Tage Notice für erste Verschiffung:// http://www.imarkedet.no/index.php?file=passthru&http://newim…

[ulfur]

Beginn der Minenproduktion am Nalunaq in Grönland : Januar 2004


Nalunaq (Grönländisch: Ort, der schwer zu finden ist )
[Gullare i overflaten= Goldader an der Oberfläche
Forkastning= Verwerfung]

Letzte Woche eine Kaufempfehlung von DnB Markets (den norske bank), deren Analyst Martin Mølsæter in Nalunaq war:
DnB Markets anbefaler gullaksjer, og Crew spesielt
http://www.imarkedet.no/show_object.php?object_id=71097&temp…
DnB Markets empfehlen Goldaktien, speziell Crew
>Crew sehe preiswert aus. Kursziel 5,90 Kronen bei sehr konservativer Bewertung von Nalunaq und einem Goldpreis von 390 USD.<

Aktie ist in den letzten Tagen schon auf 5,40 Kronen (0,65 Euro) gelaufen. Aber die Aktie wäre noch vergleichsweise günstig bewertet. Manche behaupten ja, dass viele Goldaktien schon so hoch bewertet würden, als ob der Goldpreis bei 450 USD stünde.

Crew er billig
http://www.dn.no/forsiden/naringsliv/article124074.ece
>Crew ist preiswert. CEO Vestrum meint, der Aktienkurs beinhalte einen beträchtlichen Rabatt. Crew werde auf dem Niveau der offiziellen Ressourcen von 429000 Unzen gehandelt, während Vestrum die Ressourcen auf 1 Mill. Unzen schätzt. Auch an die Errichtung einer Verarbeitungsanlage wird gedacht (vorerst wird das Erz von Rio Narcea, Spanien verarbeitet).<
Die Auswertung der Bohrergebnisse vom Sommer, die im Dezember veröffentlicht werden sollen, wird hoffentlich klare Aussagen über weitere Goldvorkommen bringen.

[valueinvestor]

Meines Wissens wird das Abraummaterial von Nalunaq per Schiff zum "entgolden" transportiert.
Der "Baltic Dry Index" bildet die Transportkosten für lose Güter wie Kohle, Eisen oder Soya ab. Mitte 2001 lag dieser Index bei etwa 900, zuletzt aber zwischen 4000 und 4500.
In wie weit wird diesen explodierten Frachtkosten in den Kalkulationen von Crew Rechnung getragen?

[ulfur]

@ Valueinvestor - Frachtraten
Wie es in dem Artikel The Shipping News von David Gross vom 24. 10.03 heißt (http://slate.msn.com/id/2090303/#ContinueArticle), ist der starke Anstieg des Indexes erst im September und Oktober geschehen, er hat sich verdoppelt. Am 5.10.03 hat Crew in einer Mitteilung, die die Fertigstellung aller Verträge verkündete, angegeben, daß mit Fednav, Kanada ein dreijähriger Vertrag zu wettbewerbsfähigen Preisen über die Verschiffung des Erzes abgeschlossen wäre. Ich unterstelle, daß man einen dreijährigen Vertrag nicht auf der Grundlage einer 1-2 monatlichen Preisspitze abgeschlossen haben wird.

In der gleichen Mitteilung von Crew werden die Cashkosten aufgrund der nun bekannten Kosten angegeben. Die vereinbarten Frachtkosten sind also in der Kalkulation enthalten. Da sich die kalkulierten Cashkosten in den letzten Jahre kaum geändert haben, haben Veränderungen der Frachtraten wohl keine Rolle gespielt.

Aus der News Release vom 05.10.03:
Shipping arrangements:
Crew/NGM has agreed and signed Main Terms with shipping company FEDNAV of Canada for shipping of the existing stockpile and future ore under a three-year contract at competitive costs. FEDNAV has extensive experience with shipping in arctic waters and operates a large, modern fleet including several ice class vessels. The shipment of ore from Nalunaq is therefore expected to be more or less independent of seasonal changes in climate and weather conditions, and will take place on a quarterly basis.
...
The cash cost estimate for Nalunaq is USD 169/oz, and includes the services provided by the above-mentioned sub-contractors.
...
As all major cost elements are now known to the company, Crew is pleased to report that the Nalunaq ten year mine plan base case indicates a free cash flow from Nalunaq to Crew of approximately USD 15 million per year, or CAD 0.15 (NOK 0.77) per share (FCFPS) after tax and minority interests, based on a gold price of USD 345/oz and an average cash cost of USD 169/oz.

[ulfur]

Hier noch ein Bilder vom Nalunaq, die Joergen von einem norwegischem Board zur Verfügung gestellt hat. Joergen verfolgt die Entwicklung von Crew schon seit Jahren und hat profunde Kenntnisse über die Firma. Er hat das Nalunaqprojekt in Augenschein genommen und hat auch die meistens der Fotos selbst gemacht ( Joergen am 3.11.03: I`ve just come back after a week at Nalunaq, Greenland and think its a winner. ). Texte sind leider norwegisch.

http://home.chello.no/joergen/CRU/Nalunaq/Tur/4_under_jorde…

[ulfur]

Noch ein paar Ansichten:
Unter folgendem Link Luftaufnahme von dem Nalunaqgebiet in groß und dem Explorationgebiet Nanortalik (Nanisiaq , Lake 410) (oben gelb umrandet) im Sommer:
http://home.chello.no/joergen/CRU/Seqi/Nalunaq_zoom.jpg

Das blau gekennzeichnete Seqidepot in groß (Sommer)
http://home.chello.no/joergen/CRU/Seqi/Seqi_zoom.jpg

Weitere Fotos vom Seqigebiet mit englischen Informationen
http://home.chello.no/joergen/CRU/Seqi/Seqi_info.jpg
Die norwegischen Bildunterschriften bedeuten dabei:
Oben linke: Das [Hell]Braune im Hintergrund ist Olivin
Unten: Geschätzte Ressourcen mindesten 100 Mill Tonnen
und Die Bohrproben zeigen ein homogenes Deposit
Unten rechts: Gezeitenströmungen halten den Fiskefjord eisfrei. Etwas Eis kann sich bei Seqi bilden

[ulfur]

Nun sind die diesjährigen Explorationsergebnisse vom Nanortalik-Konzessionsgebiet veröffentlicht worden:

LAKE-410

>Die Bohrungen ergaben signifikante anormale Abschnitte mit 2,2 g/t über 2 m in den Bohrlöchern 1 und 2, und 0,2 g/t und 0,3 g/t in den Bohrlöchern 3 und 4.<

Klingt enttäuschend wenig. Da jedoch Crew dort weitermachen will, um die neuen Ergebnisse besser zu definieren, ist Lake-410 wohl noch nicht abgeschrieben. Crew weist darauf hin, dass auch beim Nalunaq die ersten Bohrungen ähnliche Ergebnisse brachten. Das Management führt das auf den Klumpen-Effekt (Nugget) zurück und das die ersten Bohrungen nicht dem durchschnittlichen AU-Gehalt entsprechen müssten.

NIAQORNARSUK

3 Felder definiert. 21 Bohrungen ergaben zwischen 1 und 7 g/t und die besten Proben enthielten zwischen 33g/t und 56 g/t. Auch hier wird weiter untersucht. Aus den geologischen Umständen scheint man zu schließen, dass sich dass Goldfeld weiter erstreckt (dann allerdings ins Eisgebiet kommt )

SEQI OLIVINE

22 Bohrlöcher, die alle massives Olivin enthielten. Das Gebiet ist beträchtlich größer und von besserer Qualität als ursprünglich angenommen. „It is estimated that the deposit will supply about one million tonnes per year from an open pit mining operation, and the partners are scheduling the shipping of a substantial industrial bulk sample in the coming season subject to the authorities` approval.”

NALUNAQ
Wegen der Minenvorbereitung keine Exploration im Jahr 2003. Für 2004 ist aggressive Exploration geplant (“including work on the extension on levels 350, 400 and 450, the valley sector and in particular the high grade zone from level 600 to 800”).
http://www.crewdev.com/default.asp?V_DOC_ID=864

Die Nachrichten für das Seqi-Projekt sind recht positiv, bei den Goldexplorationen steht man ziemlich am Anfang, der Erkenntnisstand ist noch gering. Osloer Börse erst bis 5,50 Kronen hochgegangen, jetzt nur noch leicht über gestrigen Stand.

[ulfur]

Eine Kaufempfehlung von Pareto für Crew, wonach der Kurs um 30% bis knapp 50% steigen könnte.

Übersetzungsversuch mit Wörterbuch:
>Pareto gibt Crew eine Kaufempfehlung und setzt das Kursziel auf 8,50 Kronen. Heute liegt die Aktie bei 5,40 Kronen. Die Analyse gewichtet den höheren Goldpreis, gute Suchergebnisse von Grönland und erwartete künftige gute Nachrichten.

Daher steigt das Kursziel auf 7-8,5 Kronen. Das basiert auf einem Goldpreis von 400$, aktualisiert von einem Goldpreis von 360$.

Pareto schätzt ein P/E von 11,3 für das 2004 Ergebnis, verglichen mit 28 für ausgewählte kleinere Goldgesellschaften.
Die Namensänderung von Crew Exploration auf Crew Gold Corp. zeigt, dass die Gesellschaft sich auf Gold fokussiert. Ermutigend ist ,dass Funde von Lake-410 und Nanisiaq geologische Formationen anzeigen, die genauso oder besser als Nalunaq sind, die unter den reichhaltigsten der Welt sind[? – vielleicht falsch übersetzt, zumindest sind die Reserven relativ begrenzt]. Ferner sind die Olivinergebnisse von Seqi besser als erwartet. <
Ser kraftig oppgang for gullaksje
http://www.imarkedet.no/show_object.php?object_id=72549&temp…


In den letzten Tagen gab es auch eine negative Analyse von Orion, deren Inhalt mir nicht bekannt ist (es ist anscheinend von Internetbewertung die Rede)

Die staatliche grönländische NunaMinerals, die auch Minderheitsteilhaber an der Nalunaqmine ist, hat einen weiteren Goldfund gemacht. Ich hatte gehofft, dass Crew auch hier ein Bein in die Tür kriegt, leider scheint dem nicht so zu sein. Dabei tönt Crew, es habe eine „dominante Position in Grönland“. Das war bislang auch nicht allzu schwer, da Nalunaq die erste und einzige Goldmine auf Grönland ist und die letzte produzierende Mine (Zinn oder Zink) vor etwa 15 Jahren geschlossen wurde.

COPENHAGEN, Dec 17 (Reuters) - Greenland`s NunaMinerals A/S said on Wendesday it had signed a letter of intent with Greenland Resources A/S to jointly develop a promising gold find at Storoe near Greenland`s capital Nuuk.

Greenland Resources, owned by Greenland`s home-rule, will in the coming three years invest four million crowns ($663,200) per year to finance further investigations at the site.
Geological data of the area surrounding Nuuk have shown many similarities to the established gold districts in Canada and Australia. In some places the gold concentration is 90 grams/tonne

Greenland Resources hat die Regierung anscheinend beim Abschluß der Nalunaqverträge mit Crew beraten (The consulting services aided the government authority in ensuring that it entered into appropriate and well-considered agreements with the mine developer). Jetzt sieht es so aus, als ob sie das neue Goldvorkommen selbst explorieren können.

[anuik]

Es geht los! Photos von der ersten Verladung : http://www.crewdev.com/default.asp?V_DOC_ID=869

[ulfur]

Empfehlung vom 21.01.04

SEYMOUR PIERCE
The Daily Blast - 21 January 2004

- Crew Development has made its first ore shipment from its Greenland gold mine.
- While it has a short reserve life Crew’s operation has expansion potential given its high grade.
- With good prospects we rate Crew a Buy

Crew Development – starting production

Share price (NOK) 5.98
No of shares: (m) 138.6 Market: Oslo
Mkt. Cap: (NOKm) 828.8 (US$121.1) Ticker: CRU
12 Month’s high/low (NOK) 6.08 – 1.58 Cash: (NOK m) 77.97 (US$11.2)

- Crew, which is UK-based but listed in the US, Canada, Norway and Germany, has announced that the first shipment of stockpiled ore from its Greenland gold project, Nalunaq, has been offloaded at the port of Aviles in the north of Spain and will now be trucked the 70km to the processing plant of Rio Narcea’s El Valle mine. It is expected that the ore should be processed during February.
- Nalunaq (82% Crew), is the company’s principal asset, and is a high grade gold deposit located on the southern tip of Greenland. The mine, which will be the country’s first in 25 years, will initially operate at a rate of 420tpd-450tpd and a grade of 38g/t to produce 130,000oz pa.
- Gold is found in a planar structure within a shear zone. Mineralization occurs in a narrow quartz vein of up to 1.8m in width which is often associated with a zone of calc -silicate alteration. The current resource at the project is only 396,000oz, however effective sampling is problematic as the mineralized structure is relatively narrow and outcrops on the side of a mountain at a high angle. On the basis of preliminary sampling we believe that further resources are likely to be identified as mining progresses.
- The delivery of the ore is a major step forward for Crew which has completely reshaped itself following a boardroom coup in 2001 when a group with the backing of the majority of Norwegian and institutional shareholders seized control from the Canadian management.
- Over the past two years Crew divested its majority shareholding in junior South African diversified Metorex and has focused on bringing Nalunaq into production. The company’s portfolio includes interests in an olivine deposit in Greenland, the Barberton gold mine in South Africa, a gold exploration project in Ghana and a nickel laterite deposit in the Philippines, Mindoro, which is currently the subject of litigation between the company and the Philippine government.
- From a low base, Crew’s share price has nearly tripled to NOK5.98/share since July 2003 driven by the improving gold price and the progress which has been made at Nalunaq and elsewhere. Although a further rise of similar proportions is unlikely we expect an upgrade once mining commences in February and recommend the company as a BUY.

Analysts: Charles Kernot / Jonathan Guy (jobbet tidl. for David Williamson og dekket bl.a. Crew)
www.seymourpierce.com
Seymour Pierce are a leading provider of corporate broking and corporate finance to smaller quoted companies, with one hundred retained corporate clients and as many institutional clients.
Seymour Pierce has strong research and corporate finance expertise in the Media, Leisure, Technology, Retail, Life Sciences and Oil sectors. We have led over one hundred primary and secondary issues in all sectors since 1st January 1999, raising in excess of £450,000,000 for our corporate clients.
The company`s head office is in the heart of the City of London

[ulfur]

Die ersten Goldbarren aus Grönland sind gegossen:


FLYTENDE GULL: Det aller første norske gullet fra Grønland fosser ned i gullbarreformene på Rio Narcea-verket i Nord-Spania. Det ble 23 kilo - og jubel. Foto: JON MAGNUS

[Flüssiges Gold: Das allererste nordische Gold aus Grönland fließt in Goldbarrenformen im Rio-Narcea Werk in Nordspanien. Da bleiben 23 Kilo – und Jubel. Foto: Jon Magnus]

Aus:
http://www.vg.no/pub/vgart.hbs?artid=214371

[ulfur]

Crew Gold liefert das Gold für die Hochzeitsringe des dänisc…

„Norwegisches“ Gold in Frederik´s und Mary´s Ringen

«Norsk» gull i Frederik og Marys ringer

OVIEDO (VG) 70 gram av det første gullet i det nye norske industrieventyret på Grønland havner som gifteringer på fingrene til Danmarks kronprins Frederik og hans Mary Donaldson, når de gifter seg i København den 14. mai.
Von Jon Magnus



FÅR «NORSKE» RINGER: Danmarks kronprins Frederik og hans Mary Donaldson får ringer av grønlandsgull når de gifter seg i København den 14. mai. Foto: AP

[Bekommen „norwegische“ Ringe: Dänemarks Kronprinz Frederik und seine Mary Donaldson erhalten Ringe aus Grönlandgold, wenn sie sich am 14. Mai in Kopenhagen verheiraten]

Den lille gylne skatten ble «håndfraktet» fra gullsmelteverket i Nord-Spania, og overrakt Danmarks hoffjuveler på Amalienborg slott i København tirsdag kveld. Grønland har lidd mye som dansk «koloni» opp gjennom årene, men nå får grønlenderne reist kjerringa: Når Danmarks kronprins gifter seg med sin Mary den 14. mai, skal han sette en ring av skinnende gull fra Nalunaq-gruven på sin utkåredes finger - og få en av henne.

- Dette er en fantastisk mulighet for oss grønlendere til å profilere oss, sier justis- og råstoffminister Jørgen Wæver Johansen i den grønlandske selvstyreregjeringen til VG.

Da det første norske gullet flommet ned i formene mandag kveld, ble det hentet opp 70 gram gull med små spesialpipetter. Glasset ble knust, og det stangformede gullet ble omhyggelig plassert i en fôret eske som minister Johansen egenhendig skulle frakte til Amalienborg.

- Vi spurte hoffet for lenge siden om kronprinsparet ville være interessert i gifteringer fra Grønland. Og svaret var et rungende ja! sier Johansen stolt
(VG 12.02.04 kl. 08:08)

[Das erste norwegische Gold ist am Montag Abend in Formen geflossen, davon wurden 70 Gramm mit einer Spezialpipette entnommen. Das Glas wird zerbrochen und das stangenförmige Gold vom grönländischen Justiz-und Rohstoffminister Johansen eigenhändig nach Amalienburg gebracht.]

[ThaiGuru]

@ulfur

Gibt`s da vielleicht noch eine Moeglichkeit dem Frederik seine Mary auszuspannen?

Vielleicht mag sie einen etwas groesseren Ring von mir?

Gruss

ThaiGuru

[ulfur]

Ein Bericht von Minesite (Nicht viel Neues, aber Positives zum Olivinprojekt):


Date : March 18, 2004

Crew Gold Moves Into Contention As Gold Producer Following Processing Deal With Rio Narcea Gold Mines.

Crew Gold, which is listed in Toronto and Oslo, is an interesting company which has moved into contention as a gold producer now it is having ore from its Nalunaq mine in Greenland shipped down to Rio Narcea’s El Valle mine in Spain for processing. Nalunaq is a high grade gold deposit located on the southern tip of Greenland, near a port, and the first shipment of 30,969 tonnes of ore was sent to Spain at the back end of last year. In February the first gold was poured and significant cash flow should now be generated. The company revised its mining plan following a positive feasibility study to allow for an earlier start up, a higher rate of ore production and thus improved economics of the mine. The new mine plan allows for full scale mining at a rate of 420-450 tonnes per day to be reached during the first quarter of 2004, versus 350 tpd as outlined by the feasibility study. The average head grade for the first 18 months is estimated to be approximately 28 g/t . Based on the revised production plan the initial annual gold production from Nalunaq is expected to exceed 130,000 oz in the first twelve months of operation.

The original idea was to ship the ore from the deep water port of Nanortalik which is only 40 kms away to the Nugget Pond mill in Newfoundland which is owned by Richmont Mines. Then Rio Narcea came into the reckoning as it had effectively mined itself into a corner at El Valle and would be taking some time to move to an underground operation. This was an ideal moment for Jan Vestrum , CEO of Crew, to negotiate a deal which would keep its processing plant operating at full capacity. In September a Memorandum of Understanding was signed between the two companies whereby the Nalunaq ore will be processed in four annual batches of approximately 35,000-40.000 tonnes each. This fitted in with the reduced production at El Valle and Nalunaq’s revised production plan.

The cost of processing with Rio Narcea is comparable with the projected cost at other alternative facilities such as Nugget Pond, but Rio Narcea was selected for its greater capacity and flexibility. Rio Narcea has one of Europe’s most modern ore processing and gold recovery plants, with a capacity of 2,000 tpd using a combination of gravity and carbon-in-pulp processing. No details of the financial side of this deal have been announced, but a few clues are available. Before it hit the wall Rio Narcea produced an above budget 174,175 ounces in 2003 from its El Valle mine at a cash operating cost of approximately US$135 per ounce. The mill processed 761,631 tonnes at an average head grade of 7.56 g/t with recoveries of 94.1 per cent . This excellent performance was attributable to higher grade production from the Charnela zone of the El Valle pit and continued high recovery rates.

This year it will only produce 80,000 ounces of its own, presumably at a similar cost thanks to the fact that the plant is still working at full capacity. At a gold price of US$390/oz this would gross US$12.4 million which is just under half the 2003 figure assuming the same gold price. The price paid by Crew to Rio Narcea, which works out at around US$40/tonne including harbour handling and processing, should bring in around US$6 million which goes some way to close the gap. Crew seems to have got the better part of the deal, however, as it does not have to build a plant in Greenland for another two years. In the meantime Rio Narcea has a hole in its cash flow just at a time when it is about to start construction of its Aguablanca copper-nickel-PGM project which is in south west Spain.

There is other good news for Crew from its Seqi olivine project in Greenland. Last year a joint venture was agreed with Minelco which is a subsidiary of the Swedish company LKAB, a leading iron ore producer. Minelco can earn a 51 per cent interest in the project by taking it right through to production. The feasibility study will be completed shortly and there is little doubt that it will prove to be very robust as the price of olivine has doubled since last summer. It is used primarily as a flux by steel companies and has replaced dolomite in recent years due to its lower energy consumption and reduced environmental impact. Again the olivine , which is 94-98% pure magnesium iron silicate, can be shipped direct to customers as it sits right beside the Fiskefjord which is free of ice for most of the year. Seqi is a largely homogeneous deposit which can be mined by open pit methods and the resource is estimated at 46 million tones. However drilling towards the end of last year indicated that it could be a whole lot bigger. Crew hopes that production will start in the middle of 2005 and at 2 million tonnes/year it has a long life ahead of it..

Not everone appreciates that Jan Vestrum runs the company from offices in Weybridge, just outside London. An AIM listing might seem appropriate, but Vestrum is in no hurry as liquidity on the Oslo market is excellent. Another factor which might attract stockbrokers to the company like bees round a honeypot is that it hopes that it might get back the licence to the big Mindoro nickel project which was taken away back in July 2001 when the company was called Crew Development and run by management about which the less said the better.. Jan Vestrum reckons that if it only ended up with a 10 per cent interest in Mindoro it will still have a major impact on the company.

http://www.minesite.com/archives/features_archive/2004/mar-2…

[anuik]

Super news
Mindoro Lizenz zurückbekommen !
http://www.imarkedet.no/index.php?file=passthru&http://newim…
Anuik

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[ulfur]

Mindoro Nickel Project MPSA Reinstated



LONDON, United Kingdom, DATE March 24th, 2004, Crew Gold Corporation (“Crew”) (TSE & OSE: CRU; Frankfurt: KNC; OTC-BB- other: CRUGF): Crew Gold Corporation (“Crew”) is pleased to report that its Philippine affiliate Aglubang Mining Corp has received notification that a resolution, issued by the Office of the President has been released, revoking and setting aside the cancellation of its MPSA (Mineral Production-Sharing Agreement) docketed as No. 167-2000-IV. The resolution effectively reinstates fully the MPSA and title to the property and re-emphasizes that issues regarding the implementation of the MPSA must be resolved under the terms of this agreement. The response of the Office of the President is a clear and strong signal of the change in attitude of the Government of the Philippines towards mining, from that of tolerance to active promotion and acknowledges the MPSA as a tool for investment protection.



Aglubang Mining Corp controls 100% of a large nickel-laterite deposit, located in Mindoro Island, which has been explored by Crew Minerals Philippines (a wholly-owned subsidiary of Crew Minerals AS) since 1997. In year 2000, Crew Minerals Phil., Inc. assigned the property to Aglubang Mining Corporation. The company suspended its evaluation of the economic feasibility of this project, when the MPSA, covering a large portion of the total resource, unexpectedly was cancelled in July 2001.

Crew is committed to conducting business in an environmentally and socially responsible manner. The company gives special employment consideration to local workforce and maintain a policy of increasing the employment of local people in its operations. The company has recently commissioned its first new mine (gold) and is preparing for the development of a second mining operation (olivine) in Greenland, an environmentally highly sensitive area, under the highest World Bank and European environmental and social standards and in cooperation with local government-owned partners.



Jan A. Vestrum

President & CEO

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Crew kaufen
Analyst glaubt, die heutige Börsenrakete Crew kann weiter steigen

>Analyst Kristoffer Enger von Pareto Securities hält dies für einen guten Tag für die Gesellschaft.

Vorausgesetzt, dass eine 50%ige wahrscheinlichkeit besteht, dass das Mindoroprojekt durchgeführt wird, und Crew mit 25% am Projekt beteiligt bleibt, meint er, dass der Wert aus dem Mindoroprojekt 3,8 Kronen vor Steuern wäre. Enger zufolge, ist das eine konversative Schätzung.

Es ist ein bisschen schwierig einen Wert beizumessen, ??? (hier streikt mein Wörterbuch)
Crew muß einen industriellen Partner haben und muß eine gründlichere Studie machen, sagte Enger zu Reuters.

Enger empfiehlt Crew zum Kauf. Kursziel setzt er zwischen 12,5 und 13,5 Kronen.

Crewaktien stiegen 12,7% bis 8,27 Kronen bei Umsätzen von 100 Millionen Kronen. <

-Kjøp Crew
Analytiker tror dagens børsrakett Crew-aksjen kan stige ytterligere.
http://www.hegnar.no/hegnar/newsdet.asp?id=143636&cat=116

Prima, dann wären noch weitere 50% drin.

[ulfur]

Der Crewvorstand hat gestern weitere Aktien gekauft, und zwar mal nicht über verbilligte Aktienoptionen, sondern zum aktuellen Marktpreis. Positiv

On March 24, 2004, CEO Jan A. Vestrum bought 250,000 Crew
shares at NOK 8.00 per share. Mr. Vestrum`s investments in
Crew now totals 8,489,000 Crew shares, including common
shares, forward contracts, warrants and options.

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Der größte Anteilseigner, der norwegische Fond Odin Norge, der im Dezember noch ca 7,3 Millionen Aktien (5,13% des Aktienkapitals) hatte, hat 3,8 Mill. Aktien verkauft. Er hält nur noch 2,24% des Kapitals.

Fond dumpet Crew
Odin har solgt nesten fire millioner Crew-aksjer.
Fond forvaltet av ODIN Forvaltning AS har solgt 3.773.000 aksjer i Crew Gold Corporation. Etter dette kontrollerer fondene 3.260.286 aksjer, tilsvarende 2,24 prosent av aksjekapitalen.

Eine unschöne Meldung. Allerdings denke ich nicht, dass der größte Anteileigner bessere Insiderinformationen hat als der CEO ( und der kauft ).

Die massiven Verkäufe erklären für mich auch, warum gestern trotz der Hammermeldung der Kurs nur um 8% gestiegen ist. Der Umsatz an der Osloer Börse waren enorme 22 Millionen Aktien.

[ulfur]

Eine neue Analyse:

Oppside på 150 prosent!
Juvelen er gjenvunnet, fastslår analytiker, som ser Crew-aksjen opp 150 prosent!
Das Juwel ist wiedergewonnen, stellte der Analyst fest, der die Crewaktie 150% aufwärts sieht!

Artikkel av: Oystein Byberg (25.3.04 11:15)

Corporate Advice & Research (CAR) har i flere analyser trukket frem at muligheten for at Crew kunne vinne tilbake lisensen for nikkel-utvinning på Mindoro i Fillipinene. I går ble det en realitet. Mindoro-lisensen ble levert tilbake til Crew uten forbehold.
- Til tross for hyggelig kursoppgang i går mener vi at tilbakeleveransen kan sørge for ytterligere kursoppgang, sier CAR i dagens morgenraport
Analyselskapet har regnet seg frem til en nåverdi på prosjektet på svimlende 2,6 milliarder kroner, tilsvarende 100 kroner per aksje. Forutsetningen er blant annet at nikkelprisen holder seg på 13.000 dollar per tonn.
CAR forventer at Crew til slutt vil opprettholde en andel i prosjektet på 10 til 30 prosent, noe som tilsvarer en nåverdi på 20 kroner på dette prosjektet alene.
- Det aller viktigste spørsmålet er selvfølgelig om Crew lander prosjektet. Vi mener sannsynligheten for det er meget høy. Det er nå meget sterk etterspørsel etter nikkel, mye drevet av kinesisk aktivitet. Det er lite som tyder på at dette vil stoppe opp, skriver analyseselskapet.
CAR mener resten av Crew har verdier som burde prises i området 10-15 kroner per aksje. Aksjen har en oppside mot 20 kroner, noe som gir en oppside på 150 prosent.
Crew-aksjen stiger 2,3 prosent til 8,17 kroner.


(CAR meint, dass Crew in der Gegend von 10-15 Kronen bewertet werden müsste. Aktie hat Potential in Richtung 20 Kronen, das wären 150%)

[ulfur]

Gute Nachrichten vom Seqi-Olivine Projekt:

Basierend auf den vorläufigen Ergebnissen der Machbarkeitsstudie hat Minelco Crew aufgefordert, das Seqiprojekt voranzutreiben. Minelco ist ein Tochterunternehmen des staatlichen, schwedischen Eisenerzproduzenten LKAB:

"LONDON, United Kingdom, DATE April 30th, 2004, Crew Gold
Corporation (`Crew`) (TSE & OSE: CRU; Frankfurt: KNC; OTC-
BB- other: CRUGF): Minelco AB (`Minelco`) has, based on the
preliminary evaluations of the Seqi feasibility study,
requested Crew to advance the Seqi Olivine project under
the terms of the existing agreement between Crew Minerals
AS and Minelco AB. The agreement grants Minelco an option
to buy 51% of the Seqi project, through carrying all
capital expenditures related to the development of a mining
operation as defined by a feasibility study currently being
completed by Crew at Minelco`s cost. Minelco is a
subsidiary of leading iron ore producer LKAB of Sweden.

Most mining and engineering alternatives of the project
have been completed to enable cost estimates to be
undertaken. On-going work includes the environmental base-
line study and formal applications to the Greenland
authorities are being prepared for construction permits for
this year`s industrial testing programme, and for the full-
scale quarrying operation and shipping licence.

Crew acquired 100% of the mineral rights to the Seqi
olivine deposit in early 2003. Seqi is a large, homogenous
olivine deposit made up of 97% olivine, and is located 90
km North of Greenland`s capital city Nuuk. The high purity
and favourable chemical composition contribute to a clear
commercial potential for this deposit. The deposit is
located only 600 m from tidewater in a protected fjord,
which provides all-year access. The location and relatively
simple nature of the operation allows for a short lead-time
to production.

Due to the commercially sensitive nature of the market for
industrial minerals, Crew will apply a lower degree of
transparency to Seqi than to its other projects and mines,
with regards to the details of the feasibility study and to
the cost structure of a future mining operation. Details of
the partnership agreement between Crew and Minelco remains
to be negotiated, and Crew will provide more information to
the market at such time when all agreements are in place
and a jointly owned operating company has been established
in Greenland.

JAN A. VESTRUM
President & CEO"

Im Märzquartalsbericht vom 28.04.04 schreibt LKAB über das Projekt:
"Within the industrial minerals segment, the Bankable Feasibility Study for an olivine deposit in Greenland begun during 2004 is continuing."


Wenn die Durchführbarkeitsstudie positiv ausfällt, liegt es an Minelco/LKAB, ob der Minenbetrieb auf Grönland gestartet wird. Die Pressemitteilung zeigt, daß Minelco weiterhin positiv zu dem Projekt steht.

[anuik]

http://www.stockhouse.ca/bullboards/viewmessage.asp?stat_num… Wieder good news vom Seqi Olivine Projekt

http://www.newsweb.no/cdco/atmnt/CRU_NR210604_Seqi-Project-F…

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Bulk Carrier Federal Franklin en route to Nalunaq Gold Mine:



Endlich findet die zweite Schiffslieferung von Golderz nach Spanien statt:


Crew Gold Corporation (Crew, "the Company") is pleased to report that the arrival of the bulk carrier MV Federal Franklin at the Nalunaq port site has been confirmed for August 4th 2004. Loading of the remaining stockpile of ore from previous year`s exploration programs, and new ore produced during ramp-up since receipt of the final mining approvals totalling approximately 35.000 tons, will start immediately upon arrival of the vessel. MV Federal Franklin is a 1A ice class vessel.

Crew is also pleased to report that ore production at Nalunaq continues to progress well since receiving the final exploitation permit from the authorities in April. Development and stoping activities are active over 100 vertical metres within the underground mine and are being advanced to meet the company targets.

The official opening of Nalunaq Gold Mine (NGM) will take place at Nalunaq on August the 26th 2004. Representatives from governments, local communities, contractors, business partners and other direct and indirect stakeholders will be present. Crew will issue a brief project report early September.

Jan A. Vestrum

President & CEO

[anuik]

http://www.crewdev.com/default.asp?V_DOC_ID=900

[ulfur]

Interview von CEO Jan Vestrum mit "Wallstreetreporter"

zu hören unter
http://www.wallstreetreporter.com/linked/CrewGold.html


WSR: Could you start with an overview of the company?

CRU: Crew was formed back in 1980 in Canada. The company today is a result of a merger in 1999 between Crew Development Corp from Vancouver Canada and Mindex from Norway. The majority of the shareholders today are Norwegian based. The company made some strategic exchanges back in 2002 where the focus went from being a multi-commodity junior company to becoming a gold/precious-metal focused company. Today we have established ourselves as a junior gold producer with an annual production of around 120,000 ounces.

WSR: Tell us about your projects and properties, and where you are in terms of exploration, drilling, development, etc.?

CRU: The main asset of the company today is a high-grade gold mine on Greenland called Nalunaq Gold Mine. We got the final permits to start mining in late April this year. We have ramped up the production to the targeted level with four to five months. We have chosen an untraditional solution for a gold mine as we are shipping the ore to Spain to have it processed at the Rio Narcea Gold Mine in Spain. The reasons for this were mainly economically based, with the aim to cut down initial cost and generate early cash flow for the company. With a limited resource and a timing aspect related to permitting of a plant, early cash flow gave the company more time and flexibility. Nalunaq has been our main priority and will produce around 120,000 to 140,000-ounces-a-year. The uniqueness of the mine is the grade; we’re doing between 0.7 and one ounce a ton.

The other operating gold mine where we have ownership is Barberton mines in South Africa where we own 20%. Barberton produces 100,000 to 110,000-ounce-a-year. It’s an old mine, actually a set of mines. It has been producing for more than a hundred years and has 10-years-plus of mine life left.

The most exciting growth prospects of the company are probably exploration potential on Greenland where we believe we are sitting on a “gold province”. Crew is the only operating mining company on Greenland at present and we have a very strong position on Greenland. Several of the company’s concessions show highly anomalous gold values and we have great expectations that we will be able to expand our gold production in the region over time.

We also hold a number of olivine concessions on Greenland, which is an industrial mineral that today is mainly used in the steel industry as a slag conditioner. There are a number of other applications such as furnish stone, sand blasting, foundry sands, etc. The foundry sand market seems to be coming up as a very interesting market as the presently used silica sands are meeting more and more environmental challenges. We have in cooperation with Minelco, a subsidiary of the state-owned ion ore producer LKAB of Sweden, concluded a Bankable Feasibility Study earlier this year. We are in the engineering phase to establish a production facility on Greenland with a capacity of 1.5 to 2.0 million tons to be in production by last half of 2005.

Furthermore, we hold 51% interest of a gold project in Ghana and are considering some gold projects in the Philippines.

Finally, we hold interests a major nickel project in the Philippines with the name of Mindoro Nickel Project. This is a 200-million ton project containing around 2 million tons of Nickel metal. Due to its size and our gold focus, we are working on bringing in some partners. We think it is probably going to be a Southeast Asian partner, either Chinese or Japanese and we are in discussion with the authorities to see if they would be interested in taking an equity stake. So, even though we have a gold focus, we have other quality assets where the risk profile on the non-gold assets is very distinct. We take gold projects from exploration through development, engineering and into production, but will not do that with the non-gold assets such as nickel, sulphur, olivine, or any other industrial mineral or base metal project.

WSR: How important are strategic alliances and joint ventures for this company moving forward?

CRU: Very important on the non-gold assets. I’d say it’s a requirement for us to take it forward. Gold projects we are prepared to take from exploration all the way into production, possibly with the exception if it was a very large project. Being a junior company, we are trying to be a little bit humble and realistic to the size of projects that we can lift both from a project point of view and from a financial point of view, but theoretically gold will take all the way through. For the non-gold projects, it’s essential that we get a partner. A good example of this is the olivine project where our partner take all the capital costs against getting 51% of the project. We don’t invest anything either on the feasibility nor on the capital to put the project into production. This exemplifies the key difference in strategy between the gold and non-gold projects.

WSR: Will the company look to additional acquisitions as a catalyst towards continued growth?

CRU: Yes. One of the targets we have and which we have stated publicly, is that we’d like to become a mid-tier producer within zero to three years and when we say zero, that means we are open for acquisitions or mergers and we are looking for suitable partners. Within three years I also think that we have the potential within the existing assets we hold to reach that mid-tier level, but we are looking into growth in parallel, both organically and through acquisitions and mergers.

WSR: What is unique about Crew Gold? What differentiates this company from others in the industry?

CRU: Most junior companies are one-project companies. We are not. We have several legs to stand. This together with the high grade on Nalunaq and substantial blue sky through the exploration potential makes us unique in my view. The high grade at Nalunaq gives us a very comfortable and fortunate starting point coming from being a pure exploration company into production. Our position in Greenland is unique, and we have great hopes that South Greenland will prove itself to be a gold region over time. We have secured a lot of land -- if you have a look at our Web site and press releases you will see that these assets are quite promising. With an already existing, producing mine, the company is not a hostage of cash flow and can choose to grow by its own funds, or get funding in the market with the assurance that there is an existing cash flow to build on. I think it will become more and more clear to the public over time that Crew represents quality assets and a substantial growth potential. We also believe that we have demonstrated we can deliver project very fast.

WSR: What can you tell us about your management team in place at the company?

CRU: Our chief geologist, Jon Steen Petersen, is an ex-professor from the University of Aarhus. He has been involved in all the key assets that we hold today and has been key in finding and getting it into the company. Jon has been doing a fantastic job and has been with the company for more than eight years. Our senior VP of operations is Brian Spratley, who has been in the business for years and years. On our board we have a number of very senior mining executives from the mine financing side with Dr. Price from Barclays Capital to Mr. Simon Malone, the Chairman of Metorex in South Africa, which is one of our partners in the Barberton mine. It is a lot of expertise in the company. We have organized the company as a lean head office with only senior personnel. We are today 12 people in the head office expected to grow to 16-18 over the next 12 months. The mines have their own organization and are reporting and if necessary, supervised from head office by a senior mining professional. Each mine is a separate, limited company at the mines. So again, the target here is not to build a big overhead at the holding company, but to build a staff at the mines.

WSR: Certainly an accomplished and experienced team in place. In closing, let’s just recap a bit. Why should investors consider Crew Gold as a long-term investment opportunity?

CRU: A unique project portfolio. Unique position on Greenland. Unique grade on Nalunaq. Large growth potential. Sound and solid financial situation. And a demonstrated ability to deliver projects and deliver them quickly.

END

"Wir haben große Hoffnungen, daß Südgrönland im Zeitablauf eine Goldregion wird." Wäre schön, wenn die diesjährigen Explorationsergebnisse dies bestätigen könnten.

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Neuer Goldfund bei den Barberton Minen?

Crew Gold hält eine 20%ige Beteiligung an den südafrikanischen Barberton Mines, die aus den drei Gruben Sheba, Fairview und Consort bestehen. Die südafrikanische Bergbaugesellschaft Metorex ist mit 54% Anteil der Betreiber.

Metorex hofft nun, einen neuen Goldfund zu machen: . „Die Exploration sieht ermutigend aus. In den nächsten 3 bis 6 Monaten werden wir etwas hören. Es ist wundervoll. Wir sagten, wir würden neue Erzschichten finden und das ist das erste Anzeichen“ sagt Metorex CEO Malone.

Da Crew nur 20% hält, sind die möglichen Auswirkungen eines neuen Fundes allerdings begrenzt.

A whiff of fresh gold tantalises Metorex
By: Allan Seccombe
Posted: `05-NOV-04 14:00` GMT © Mineweb 1997-2004

JOHANNESBURG (Mineweb.com) – Metorex, a mid-tier diversified miner, has picked up a hint that there could be more gold to mine at its Barberton operations in South Africa’s Mpumalanga province, the company’s chief executive said.

In an interview with Mineweb this week, Simon Malone said there would soon be a firmer idea of the potential orebody at its Consort greenstone mine, 370 kilometres east of Johannesburg.

“There is a smell of a new orebody at Consort. Exploration is looking encouraging. In the next three to six months we’ shal hear something. It is wonderful. We said we would find new ore bodies and this is the first sniff of it,” he said.

The plants handling the ore from the group’s New Consort, Fairview and Sheba mines have a bit of spare capacity, which can be increased with minimal capital expenditure. The mines produced 3,321 kg of gold in the 2004 fiscal year to end-June at a mining cash cost of R75,302/kilogram. Total reserves at the mine are 17,138 kilograms and resources of 38,981 kilograms.

“We have expanded our underground exploration programme and we are trying to get ahead of ourselves. We are getting on top of the mining programme and the ore reserve,” Malone said.

Metorex holds 54 percent of Barberton Mines, which owns the three mines. Malone ruled out consolidation in the area where there are two small operations: Agnes and Barbrook run by Metallon and Calendonia respectively.

“There are arguments for synergies, but we are not sure if they are meaningful to us. Consolidation in that area is not on the cards,” he said.

Metorex is not going to close out its hedge position of 180 kilograms a month up to June 2006 at R103,462/kg. The company recorded profits of R54 million by closing out the last three years of its hedge book during the 2004 fiscal year. The money helped the company pay down debt.The mining complex was bought for R255 million in June 2003.

Metorex is tearing through its five-year debt burden for the mine, having paid down about 80 percent of it in eighteen months. “We are going to pay it down more in the next month or so. We are going to be down to 15 percent by the end of this calendar year,” Malone said.
The repayments would not be aided by reducing the hedge book, despite the spot price for gold being around R84,000 a kilogram, he added.

The Sheba mine has a problem all of its own, with illegal miners entering the hillside mine through a number of old tunnels and stealing between 10 and 20 kilograms of gold a month. “We have done a lot. It is not going to be going on much longer if we can help it. We have increased our security forces and got in some specialist security,” Malone said
http://www.mineweb.net/sections/gold_silver/388665.htm

[anuik]

Russian Partnershiphttp://www.crewgroup.com/default.asp?V_DOC_ID=922

[ulfur]

Die Meldung noch mal auf deutsch, da ich sie bei Goldseiten schon reingestellt habe.

Russische Partnerschaft

Crew freut sich bekanntzugeben, daß ein Memorandum of Understanding mit einer staatseigenen russischen Grubengesellschaft unterzeichnet wurde mit der Zielgabe, Edelmetallprojekte/-lagerstätten in Ostrußland mittels eines Joint Ventures zu erwerben und zu entwickeln. Die Gesellschaften untersuchen besonders Projekte in der Republik von Sacha (Jakutien). Jakutien ist der Ausdehnung nach die größte Republik in der russischen Föderation, produziert 99% der russischen Diamanten und ist der zweitgrößte Diamantenproduzent der Welt. Goldabbau ist der zweitwichtigste Industriesektor. Unter anderem weist es das zweitgrößte Goldfeld in Rußland, Nezhdaninskoya, auf mit mehr als 28 Millionen Unzen Gold und 100 Millionen Unzen Silber und macht Jakutien zu Rußlands größtem Goldlieferanten (24%) und Silberlieferanten (33%).

Die physische Abgelegenheit und das extreme Klima, zusammen mit logistischen Herausforderungen und regulatorischen Hindernissen haben lange die internationale Beteiligung an der Entwicklung von Jakutien´s reichen Mineralvorkommen verzögert. Jedoch, modernes Transportwesen und Kommunikation ändern schnell die Situation und es ist Crew´s Wunsch, an der Entwicklung des enormen Potentials teilzuhaben.

Die Provinz grenzt an reichen Golddistrikten, einschließlich Magadan (Natalskinskoye und Julietta Mines), den Chukotka (Kupol und Kubaka mines) und die Amur (Pokrovsky und Tokur mines) Distrikte und viele neue Goldvorkommen des vein-type und epithermalen Ursprung wurden wiederholt in diesem ausgedehnten und entfernten Teil Rußlands entdeckt. Die meisten der existierenden Operationen führen derzeit eine expansive Entwicklung durch und es ist der Wunsch des Joint Venture an der künftigen Entwicklung dieser metallurgisch reichen Provinz teilzuhaben.

(Übersetzung von mir, ohne Gewähr)

[ulfur]

Das philippinische Department für Umwelt und Naturressourcen (DENR) sucht Investoren für Minengroßprojekte. Dabei wird auch Crew´s Mindoroprojekt (über die Tochterfirma Aglubang ) erwähnt.

http://www.philstar.com/philstar/NEWS200411250705.htm

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Norwegian goldminer picks Russian phantom
By John Helmer
November 30, 2004 Posted: 08:47 Moscow time (04:47 GMT)

Crew Gold Corporation, a Norwegian owned and directed junior goldminer, announced Friday that it has formed a partnership to pursue goldmining projects in the fareastern Russian Republic of Sakha. Only the announcement by Crew could not get the name of the region correct; misspelled one of the region`s best-known goldmines; refused to name its Russian partner; and could not say for sure the partner has a legal licence to explore or mine for gold in the target area.

The Crew statement reported that it had signed "a[n] MOU with a Russian state-owned mining Company...with the objective of acquiring and developing precious metals projects/deposits in Eastern Russia through a Joint Venture company. The companies are particularly evaluating projects in the Republic of Yakutia (Sakha)." Crew`s operational head office is in Weybridge, United Kingdom, and its major mining project is the Nalunaq goldmine in Greenland, of which Crew holds 82.5%. Crew shares are registered in Canada, Norway and Germany. Its Russian project announcement was signed by CEO Jan Vestrum; but a UK executive of the company told The Russia Journal he did not know enough detail of the Russian venture to comment.

The Crew chairman, Hans-Christian Qvist, told The Russia Journal that he was backpacking in minus-20-degree weather with his family in the Norwegian snowlands, and was pressed for time to clarify what had been announced. He claimed the MOU had been signed with a "100-percent state owned" company, but he refused to identify it, claiming this would be "a bit premature", and should wait "until a clean project" is identified by both partners. Asked if the Russian partner holds a current licence for gold exploration, or a tract for mining, in the Sakha republic, Qvist replied that he is "not quite sure".

The text of the press release from Crew provided no further details about Crew`s partner or its objectives in Russia, beyond reporting other projects by other mining companies in the same region, adding: "it is the Join[t] Venture`s wish to participate in the future development of this rich metallurgical province." Crew`s financial statements indicate that in the financial year to June 30, 2004, the company had run a net loss of $3.8 million ($0.03 per share) compared with a loss of $18.9 million ($0.14 per share) for the year ended June 30, 2003. The company`s Nalunaq mine in Greenland started operations on May 1 of this year, according to website information. "By 4 August 2004 (after 3 months of operations) a production rate of 330 tonnes per day (equivalent to 118,800 tonnes per annum) had been achieved at a grade of 20g/t." No gold production or gold sales data were provided.

A senior management figure in the Alrosa group, which dominates both diamond and gold projects in the Sakha republic, told The Russia Journal he had never heard of Crew, and was unaware of its announcement, its partner, or its intention to pursue projects in the region. Qvist conceded it was "possible" that Alrosa had not heard of his proposed joint venture.
http://www.russiajournal.com/news/cnews-article.shtml?nd=465…

[ulfur]

!

Dieser Beitrag wurde vom System automatisch gesperrt. Bei Fragen wenden Sie sich bitte an [e-mail]

[ulfur]

!

Dieser Beitrag wurde vom System automatisch gesperrt. Bei Fragen wenden Sie sich bitte an [e-mail]

[ulfur]

Crew scheint inzwischen mehr Wert auf Promotion zu legen, wie schon das Interview mit dem Wallstreetreporter vermuten ließ.

Letzte Woche eine Roadshow in Oslo, der eine in London und auch in Kanada folgen soll. Zu diesem Zweck wurde endlich mal die Webseite aktualisiert und einige Präsentationen erarbeitet.

Über Mindoro laufen Verhandlungen.

Crew hat sein Ziel bestätigt, zu einem mittleren Goldprduzenten mit über 250.000 Unzen/Jahr aufsteigen zu wollen.

På gulljakt
Crew vil mer enn doble gullproduksjonen takket være oppkjøp.

Artikkel av: Oystein Byberg (13.1.05 15:06)

Crew Corporation har som mål å øke nåværende gullproduksjon til 250-300.000 unser gull per år. Ifølge presentasjonsmateriell fra selskapet skal det skje gjennom oppkjøp av kapasitet.
- Vi har 120.000 unser i dag, og vi snakker om å kjøpe 150- til 200.000 unser gjennom én til to transaksjoner, sier administrerende direktør Jan A. Vestrum til Reuters.

>Auf der Goldjagd
Crew will seine Goldproduktion durch Aufkauf mehr als verdoppeln

Crew Corporation hat das Ziel seine laufende Goldproduktion auf 250.000 bis 300.000 Unzen Gold pro Jahr zu steigern. Nach Präsentationsmaterial der Firma soll dies durch Aufkauf von Kapazitäten erfolgen.
- Wir haben heute 120.000 Unzen, und wir sprechen davon, 150-200.000 Unzen durch ein bis zwei Transaktionen zu kaufen, sagt der CEO Jan A. Vestrum zu Reuters<
(Übersetzung ohne Gewähr)

[Schrumpfgermane]

Hallo,
bin positiv ueberascht, dass bei Wallstreet-online ein so guter thread ueber CRU besteht. Lebe in NO und kenne die Aktie von www.stocktalk.no wo ein seht aktiver thread besteht. Macht auf mich einen sehr vielversprechenden Eindruck, bin seit dieser Woche auch dabei. Der Chart, vor allem nach dem heutigen Anstieg, sieht ja wirklich gut aus!
Bis bald

[ulfur]

Hallo Schrumpfgermane,

schön, einen weiteren Crewianer begrüßen zu können. Da Du in Norwegen lebst, kommst Du sicherlich schneller und leichter an die nötigen Infos. Stocktalk ist leider kostenpflichtig, so begnüge ich mich mit Hegnar. Das sind ohnehin schon zu viele norwegische Postings für mich.

Die Stimmung scheint in Norwegen ziemlich optimistisch, was Mindoro betrifft. So haben die enttäuschenden Zahlen von der zweiten Verschiffung und die Aussichten auf eine niedrige Produktion 2005 ( zumindest nach Rio Narcea ) nur einen Tag die Kurse verdorben. Vestrum hat in den Präsentationen mit seinem Wort von den "mature" Gesprächen hohe Erwartungen mit Mindoro geweckt. Auf der anderen Seite sind schon einige Nickelgroßprojekte auf dem Weg. Hoffen wir, daß es klappt und das die Bedingungen für Crew sehr gut ausfallen werden.

Interessant fand ich in einer Quelle die Info, daß Crew´s Mindoroprojekt das drittgrößte unter den philippinschen Minengroßprojekten ist.

Die drei größten philipp. Minenprojekte:
1) Pujada Nickel Project run by Asiaticus BHP Billiton with $22.69 billion in gross value of reserves totaling to 200 million metric tons of (1.3 percent) nickel

2) Tampakan Copper Project, Sagittarius Mines Inc., $14.4 billion, 901 million dry metric tons (DMT) of (0.75 percent) copper

3) Mindoro Nickel Project, Aglubang Mining Corp., $9.829 billion, 119 million MT (0.94 percent) nickel from Kisiuyan and 87.75 million nickel in Kapawa

Gespannt dürfen wir auch sein, ob es Crew gelingt, gute Goldgrubenprojekte in Jakutien und den Philippingen an Land zu ziehen.

[Schrumpfgermane]

Hallo again.
Nun testet CRU ja wohl die Unterstuetzung an der oberen Kante des ehem Seitwærtskanales. Mal sehen...
Im Augenblick wird hier oben wohl unter anderem mit dem Wert gezockt.

Ansonsten ist Vestrum ja gerade in den Phillipinen, bin auch seht gespannt was er da an Land zieht. Die Phillipinen haben so einige Permits von Gesellschaften die nicht aktiv waren zurueckgezogen um sie neu zu vergeben. Vielleicht fællt von dem Kuchen ja was fuer CRU ab.

Was Crew´s Mindoroprojekt angeht hoffe ich das da bald eine Beteiligung kommt, møglichst mit einer grossen Cashkomponente. Das Geld kann dann fuer den Ausbau der Goldmienen genutzt werden und wuerde das Risiko einer Verwæsserung dæmpfen. Das sehe ich als grøsstes Problem, das es zu einer Verwæsserung kommen kønnte!

Ein spæterer grosser Bonus kann auch noch Grønland werden, da hat CRU ja evt noch was ganz nettes schlummern was wartet entdeckt zu werden...

[Schrumpfgermane]

http://www.bworld.com.ph/current/TheEconomy/ecostory2.html

[Schrumpfgermane]

http://www.manilatimes.net/national/2005/feb/02/yehey/top_st…

Beides ganz gute Beitræge zum Gesammtbild. Eine Unsicherheit weniger...

[ulfur]

Das Oberste Gericht in den Philippinen hat also endgültig entschieden, daß es bei der Öffnung der Minenindustrie für Ausländer bleibt.

Im Artikel auch der Hinweis, daß die Philippinen die drittgrößten Goldreserven aufweisen könnten.

Da soll uns Vestrum mal was Schönes raussuchen!

[ulfur]

Einladung zum Lunch in Oslo

Crew Gold Corporation hereby invites analysts, brokers,
investors and the press to a development update on the
Mindoro and Apex projects in The Philippines. The update
will be delivered Monday 14th March from 13:00 to15:00 hrs
at `Shippingklubben`, Haakon VII gate 1 - Oslo. The
participants are welcome to meet the management from 12:00
hrs. A light lunch will be served.

Participants should register with: Annette den Ouden within
12:00 hrs Friday 11th March. ([e-mail] or phone
# [phone])

[ulfur]

Kurs nähert sich wieder dem Top vom letzten Jahr.

Erfolge durch Liberalisierung des Bergbaus auf den Philippinen

29.05.2005 cs - GOLDINVEST.de Daily

In letzter Zeit haben philippinische Institutionen (Gesetzgebung, Rechtsprechung) wesentliche Schritte zur Liberalisierung für die Bergbaubranche unternommen, insbesondere herrscht nun Rechtssicherheit über die Beteiligung ausländischer Firmen an philippinischen Bergbauprojekten.

Es zeigen sich bereits Erfolge dieser Entwicklung. Laut dem Ministerium für Umwelt und Rohstoffe haben ausländische Investitionszusagen 1,9 Mrd. USD erreicht, wobei 229 Mio. USD bereits in Minenprojekte investiert sind.

Zu den Vorteilen, die die Regierung gewährt, zählen unter anderem

- Steuerfreiheit für gewisse Zeit

- Zoll- und Abgabenfreiheit für importierte Teile und Exporte

- Verrechnung von Gewinnen mit Verlustvorträgen

- Beschleunigte Abschreibungen

- Anreize für Umweltschutzmaßnahmen

Weiterhin wurden die Genehmigungsverfahren wesentlich vereinfacht und beschleunigt. Laut dem Ministerium reduzierten sich die Zeiten der Genehmigungsverfahren um 27 % bis 57 % je nach Art der Verfahren.

Die nun erreichten Erfolge hätten bereits viel früher erreicht werden können. Jedoch verhinderten politische Instabilität, Nationalismus und Rechtsunsicherheit bisher den Boom in der Bergbaubranche.

Den Philippinen werden die fünftgrößten Gold- und Kupferreserven der Welt zugesprochen. Im Jahr 2002 schätzte das Ministerium die Goldreserven des Landes auf 967.180.197 Mio. Tonnen Gold und 5.301.507.657 Mio. Tonnen Kupfer. Jedoch waren 2002 nur ganze sieben Metallminen in Betrieb!

Für die 9 Mio. Hektar an verfügbaren Minenliegenschaften werden derzeit nur 126.000 Hektar mittels Lizenzen genutzt, wobei nur 23.106 Hektar aktuell durch Minen ausgebeutet werden.

Das Ergebnis der Liberalisierungen für den Bergbau ist, dass das Land nun bis zu 639 Mio. USD pro Jahr einnehmen kann. Sowohl diese Einnahmen als auch der Boom, der zu erwarten ist, tut dem Inselstaat nun besonders gut angesichts der schwächelnden Wirtschaft.

Jedoch gibt es auch Opposition gegen die Liberalisierung. Eine Gruppe katholischer Bischöfe hat dazu aufgefordert, gegen große Bergbaubetriebe in den Gemeinden aktiv zu werden. Am 16. Mai fand eine Demonstration gegen Bergbau mit rund 5.000 Teilnehmern statt. Die Opposition argumentiert, dass die Liberalisierung nur eine kurzfristige Lösung für volkswirtschaftliche Probleme sei und weißt auf große Minenunglücke in der Vergangenheit hin.

Nichtsdestotrotz halten Bergbaubetriebe an ihren Investitionsplänen in den Philippinen fest. Die philippinische Vereinigung von Bergbaubetrieben berichtet, dass mindestens 20 Unternehmen in verschiedenen Phasen der Planungen für Minenbetriebe seien und mindestens 100.000 Arbeitsplätze schaffen würden
http://www.goldinvest.de/public/story_detail.asp?l=1&a=200&t…

[valueinvestor]

nach vier jahren und 2 monaten habe ich endlich wieder den Break even erreicht, genaugenommen sogar annualisiert 0,7% verdient.
Juhuu!

[ulfur]

Na prima - eisern durchgehalten.



Für die nächsten Monate wird spannend, was Vestrum von seinen Plänen verwirklichen kann. Dann sollten mehr als 0,7% drin sein.

Kursziel der letzten Pareto Securities Studie 11 norwegische Kronen ( jetzt 8 NOK ) in 6 Monaten, das 12-Monats-Ziel ist 15 NOK.

[ulfur]

In Oslo wurde gestern das alte Top vom letzten Jahr geknackt und somit ist die Aktie seit dem Listing dort auf Allzeithoch (gilt nicht für Kanada).

Kapitalerhöhung: Heute wurden die Gerüchte um eine Emission bestätigt: Crew gibt 17,6 Mill Aktien für 8,2 Kronen an institutionelle Anleger heraus. Damit werden ca 22 Mill USD ( 18 Mill Euro ) aufgenommen, die für Expansion und finanzielle Flexibilität bestimmt sind. Vielleicht wird ja bald ein weiterer Aufkauf bekanntgegeben. Gut ist, daß die Emission etwa zum jetzigen Marktpreis erfolgt und es keine zusätzlichen Optionen als Draufgabe gibt, wie häufig bei kanadischen Firmen.

Insiderkäufe: Der Vizepräsident Spratley hat in der letzten Woche 76.000 Aktien gekauft, damit hat er insgesamt 576.000 Crew Aktien und Optionen.

Fondkäufe: Der Vermögensverwalter Pendragon Capital LLP hat weitere 1 Mill. Aktien gekauft und verfügt nun über insgesamt ca 9 Mill Aktien, d.sind 5,15% der ausstehenden Aktien.

[ulfur]

Manche sehen im Kursverlauf eine bullishe cup-and-handle Formation.



Zumindest ist inzwischen mit 8,73 Kronen die Oberlinie des Henkels schon mal überschritten. Mal gucken, wie nun weiter läuft. Der Charttechniker sieht Potential bis 15 Kronen.

[ulfur]

Sieht so aus, als ob der Ausbruch aus dem Henkel tatsächlich gelungen sei.

Heute zum erstenmal Kurse über 10 Kronen auf die Meldung einer schriftlichen Interessenbekundung eines kanadischen/chinesischen Konsortiums für Mindoro:

Crew Receives Indication of Interest on Mindoro

LONDON, United Kingdom, DATE June 28th 2005 Crew Gold
Corporation (`Crew`) (TSE & OSE: CRU; Frankfurt: KNC; OTC-
BB- other: CRUGF.PK.

As a result of several months` discussions, Crew is pleased
to announce that a written Indication of Interest (IoI) has
been received from a Chinese/Canadian consortium to
negotiate a Binding Contractual Agreement (BCA) at the
earliest possible date regarding the development of the
Mindoro Nickel Project.

A dialogue has been established with the individual
participants of the consortium with the goal of
establishing in the immediate near term a framework for the
negotiations for a Definitive Agreement (DA) via a
Memorandum of Understanding (MOU).

Crew is also pleased to announce that based on discussions
between the parties, selected test work will commence
immediately.

Jan A. Vestrum
President & CEO




Die Kapitalerhöhung von etwa 28 Mill. CAD war mehrfach überzeichnet, 6 neue internationale institutionelle Anleger sind eingestiegen.

[ulfur]

- Crew will den Anteil an Apex Mining kaufen. Endgültige Vereinbarung soll am 4.August geschlossen werden. Danach soll ein Angebot für die restlichen 28% von Apex gemacht werden.
Produktion soll im 1.Quartal 2006 beginnen. Innerhalb 1,5-2 Jahren soll die Produktion auf 170.000-200.000 Unzen erweitert werden.

- Der Fond Pendragon Capital LLP besitzt inzwischen 19,6 Mio Aktien und damit 10,1% der ausstehenden Aktien.

Nur dumm:
- das Management hat 4,65 Mio Aktien verkauft, Vestrum 3,1 Mio und Qvist 1,55 Mio.

[chronoswiss]

hallo ulfur

ich habe durch einen dummen zufall, auf den ich hier nicht näher eingehen möchte, vor ca. 6 jahren ziemlich viele APEX B (APX B) (Manila PHP) aktien gekauft. nach rel. kurzer zeit waren diese praktisch wertlos (produktionseinstellung). nun nach so langem dornröschenschlaf scheint ja wieder leben in die aktie zu kommen. kannst du mir in etwa rein spekulativ sagen, wie hoch deiner meinung nach die apex aktie in manila steigen wird, wenn man die produktion wieder aufnimmt.
freue mich auf deine antwort.

[chronoswiss]

übrigens hier noch der link zum apex chart

http://www.pse.org.ph/html/Charts/charts.jsp?securitySymbol=…

[ulfur]

@chronoswiss,

Crew will 72% der Apex Aktien für 6,6 Mio USD kaufen. Nach dem „Definitive Agreement“ soll ein Übernahmeangebot für die restlichen Apex Aktien gemacht werden.

Vermutlich liegt das Übernahmeangebot etwa im gleichen Rahmen wie der Kauf der 72%. Über die tatsächliche Anzahl der Aktien bin ich mir nicht im Klaren, da die von Dir angegebene Seite der Börse Manila eine bedeutend geringere Anzahl von A und B Aktien nennt, als der Jahresbericht von Apex. Dort werden 459 Mio A Aktien und 296 B Aktien angegeben. Der Kurs liegt bei etwas über 1,12 bzw. 1,14 Phil. Peso, die Marktkapitalisierung von Apex wäre 851 Mio Pesos oder 15,16 Mio USD. Somit sehe ich eigentlich kein Kurspotential mehr durch ein Übernahmeangebot.

Wir werden´s bald genauer wissen, da das „Definitive Agreement“ bis zum 4.August stehen soll und sofort danach soll das Übernahmeangebot folgen.

[chronoswiss]

recht herzlichen dank für deine ausführung.

mit freundlichen grüssen aus der schweiz

[ulfur]

Crew erwirbt Guinor Gold mit dem Ziel ca. 600.000 Unzen im Jahr 2007 zu produzieren.

Crew to acquire Guinor in all-cash transaction
http://www.mineweb.net/sections/junior_mining/504381.htm

[valueinvestor]

damit ihr zwei hier nicht so einsam seid:

DECEMBER 12, 2005 - 08:30 ET

Crew Gold Corporation Offer for Guinor Gold Corporation Successful

LONDON, UNITED KINGDOM--(CCNMatthews - Dec. 12, 2005) - Crew Gold Corporation (TSX:CRU)(OSE:CRU) and Guinor Gold Corporation (TSX:GNR)(OSE:GNR) announced that the conditions of Crew Acquisition Corp.`s offer to acquire all of the issued and outstanding common shares of Guinor have been complied with or waived. The offer to acquire Guinor`s common shares for cash consideration of C$1.50 per share was made by Crew Acquisition Corp., a wholly owned subsidiary of Crew, pursuant to a take-over bid circular dated November 1, 2005.

Crew has been advised that as of 5:00 p.m. (Toronto time) on December 9, 2005, 245,572,869 Guinor common shares, representing approximately 94% of the issued and outstanding Guinor common shares, were validly deposited (or guaranteed for delivery) to the offer. Crew Acquisition Corp. has taken up all of these shares and will pay C$1.50 (NOK 8.70 for shares deposited in Norway) for each of these shares on or before December 14, 2005.

As the offer was accepted by Guinor shareholders representing not less than 90% of the outstanding Guinor common shares, other than the 1,392,600 Guinor common shares held by Crew at the time of the bid, Crew Acquisition Corp. intends to acquire all the outstanding Guinor common shares not tendered to the offer pursuant to a compulsory acquisition under the Business Corporations Act (Yukon) as described in the take-over bid circular.

Jan Vestrum, Chief Executive Officer of Crew commented: "We are tremendously excited that the Guinor shareholders viewed our offer favourably and tendered to our bid. We hope they will also favourably consider investing in Crew to not only share in the upside Crew sees in Guinor`s LEFA Gold Project but also to share in the exciting opportunities presented by our Apex and Nalunaq gold mines. I also look forward to working with Trevor Schultz and the rest of the Guinor team to bring the increased Guinor production on stream in accordance with plan."

Mr. Vestrum added: "I would also like to thank our shareholders for their tremendous support of our offer."

Trevor Schultz, Chief Executive Officer of Guinor added: "We are pleased to see that our shareholders supported the Guinor Board`s recommendation and tendered to the Crew bid. We are now looking forward to working with Mr. Vestrum and the Crew team to deliver value to Crew`s shareholders."

In connection with the taking up of Guinor`s common shares deposited under the offer, Crew has satisfied the escrow release conditions for its previously issued subscription receipts. Accordingly, the net proceeds of the subscription receipts have been released to Crew and the subscription receipts have been exchanged for Crew common shares. Such shares are expected to be registered in the VPS (Norwegian Central Securities Registry) on December 19, 2005.

[ulfur]

Um den Thread nicht ganz verstauben zu lassen, hier die neueste Analyse von Orion Securities:

Empfehlung: Buy
Kursziel: 20 NOK
Preis 12,4 NOK

Acquisition candidate in a red hot sector

- Two days ago we met the CEO of Crew, Mr. Westrum, and based on
this meeting we chose to include the company on our model portfolio
and raise our price target to 20.

-We have not changed our estimates after the meeting. According to
these Crew is still among the most undervalued shares in town even
after yesterdays jump. From next year the gold production will gather
headway, and this will lead to an explosion in revenues and profits
unless the gold price collapses.

- Our 2007-P/E reads 7,0 falling to 3,8 in 2008. Crew is fully financed to
reach the production levels implied by our estimates so no new share
issues will be necessary to carry through existing plans.

- The most interesting aspect of Crew is in our opinion the structural
possibilities. High gold and metal prices have created strong optimism
in the mining and exploration industry, and this has resulted in several
mergers and acquisitions. After having acquired several companies
Crew could itself become the target of a take-over. This view is reinforced
by statements from Westrum to TDN Finans yesterday where
he said that Crew had been approached by both investment banks
and companies lately. Westrum said that he was worried that the present
low valuation of the company would trigger a take-over bid.

- In addition to the possibility of an acquisition we see several other
price triggers going forward. Below we have listed some of them:
- Being the 20th largest gold producer by 2008 Crew has entered
the radar screen of big foreign mutual and hedge funds focusing
on the resource sector. This can lead to increased buying from
foreign investors with deep pockets and a repricing of the share.
- Within two months Crew will release drilling data from Hurdal, a
potentially huge Molybden deposit.
- Crew will release a resource update on APEX and Lefa in a few
weeks time. We expect that the gold reserves will be increased.
- There can also be news regarding Mindoro. The company is considering
developing this huge nickel field alone unless they get a
decent offer from an industrial player.
- Crew will demerge their non gold assets into Crew Minerals this
year. Through such an operation the value of Mindoro, Hurdalen
etc. will be made more visible compared to what is the case now.

Conclusion
We increase our price target from 15 to 20 after yesterdays meeting with
the management of Crew. With red hot gold and metal prices, strong optimism
in the industry, low valuation compared to peers and an open share
holder structure the probability of a take-over of Crew has increased.
Unless financial investors drive the share price up, industrial players will
exploit the possibility to make a cheap acquisition.

[ulfur]

Crew Gold; two new mines in 2007
By: Rhona O’Connell
Posted: '22-AUG-06 06:13' GMT © Mineweb 1997-2006
http://www.mineweb.net/junior_mining/945569.htm

[valueinvestor]

Ich habe dieser Tage aufgestockt.

[Panem]

NEW YORK TIMES RESEARCH (!!!)

Crew Gold Announces First Gold Pour From Lefa Expansion Project

LONDON, Feb 5, 2007 (PrimeNewswire via COMTEX) -- Crew Gold Corporation (Other OTC:CRUGF) (CRU) (Oslo:CRU) (Frankfurt:KNC) is pleased to announce the achievement of a major milestone for the LEFA Corridor Gold Expansion Project with the first gold pour on Friday 2nd February.

The expansion project at Lefa, comprising the construction of the 7 million tonnes a year CIP plant and associated infrastructure and mine expansion, has been completed in less than 18 months. General Manager-LEFA Operations, Mr. Iain Anderson, said, "This event represents a significant milestone in the life of our project and I thank all our employees for the commitment they have demonstrated and their considerable efforts which have helped to create a world class operation in record time."

To date, approximately 172,000 tonnes of lower grade stockpiled ore at 1.15 g/t Au has been crushed and treated through the processing plant at an estimated recovery of 95%. Plant throughput is increasing with the second mill train (SAG Mill 2, Ball Mill 2) due to come on-line during the week commencing 5th February. Production rates are expected to ramp up through to the end of the first calendar quarter to a targeted annual production capacity of 350,000 ounces of gold.

Results from the 2006 exploration program have shown a clear potential for annual production at Lefa to exceed that originally contemplated during the Bankable Feasibility Study. The Company has identified two potential areas to provide an increase in near term production. Both areas carry higher grade than the present average reserve grade of 1.7 g/t and, subject to detailed mine scheduling, should enable an increased production rate to around 400,000 oz per year during 2008.

Additionally, and as previously reported, broad zones of high grade mineralisation have continued to be returned at depth from Lero-Karta in addition to Lero South. A scoping study has commenced with the purpose of assessing a potential underground operation to extract these resources. Conceptually, this would deliver a further 60,000 to 80,000 ounces to total annual site production.

Jan Vestrum, President and CEO of Crew stated, "This first gold pour for the Lefa Expansion Project represents a landmark development in the transformation of Crew into a mid-tier gold producer. The entire team at Lefa and our contractor partners are to be congratulated for their combined efforts to achieve this result. This development, combined with the very encouraging exploration drill results previously reported, gives great confidence that Lefa will play a significant role in achieving Crew's target of one million ounces annual gold production within the next two to three years."







Jan A Vestrum

President & CEO

[valueinvestor]

Damit hat Crew zwar nur einen Thread mit 62 Postings aber das wovon viele Explorer träumen: Noch eine Mine. Jetzt sind es schon zwei und im Juni kommt Mine Nummer 3. Ich habe das gute Gefühl, Crew noch eine ganze Weile im Depot zu beherbergen.

[Panem]

Antwort auf Beitrag Nr.: 27.445.562 von valueinvestor am 05.02.07 16:23:25

Ein absoluter Top Wert.

Kapitalisierung?

[Panem]

900 Mio. Euro?

Ein stolzer - aber angemessener Preis..

[valueinvestor]

Antwort auf Beitrag Nr.: 27.445.658 von Panem am 05.02.07 16:27:01

Is halt zu groß, für die Pusherbanden,

MK 5,288,000,000 Norsk Kroner = 651,729,153 Euro

[valueinvestor]

Antwort auf Beitrag Nr.: 27.445.867 von valueinvestor am 05.02.07 16:34:32

stimmt gar nicht:
Crew Gold mit Kurspotenzial (Hot Stocks Europe)

Endingen (aktiencheck.de AG) - Die Experten von "Hot Stocks Europe" empfehlen Anlegern die leichte Konsolidierung bei der Aktie von Crew Gold (ISIN CA2265341057/ WKN A0BL46) zu nutzen, um mit einer Position beim Goldproduzenten aufzuspringen.
Kleinere Schwächephasen hätten sich bei der Aktie stets als hervorragende Nachkaufgelegenheit erwiesen. Per Saldo habe der Kurs seit Anfang 2003 unentwegt nach oben gezeigt. Die Wertpapierexperten hätten indes keinen Zweifel daran, dass diese Richtung auch in Zukunft weiter beibehalten werde. In diesem Jahr werde das Unternehmen nämlich die Goldproduktion erst richtig ins Rollen bringen. Die Vorbereitungen für die Produktion in der Lefa-Mine seien weitestgehend beendet. Spätestens im nächsten Quartal werde man dort eine Kapazitätsauslastung von 350.000 Unzen jährlich erreichen.

Die Umsätze würden im laufenden Jahr gegenüber 2006 von 78 Mio. auf 308 Mio. USD zulegen. Dabei werde Crew Gold mit einem Überschuss von 28 Mio. USD erstmals in die schwarzen Zahlen springen. Schon im nächsten Jahr, wenn bei Umsätzen von 473 Mio. USD ein Nettogewinn von 98 Mio. USD verbucht werden dürfte, falle das KGV in den einstelligen Bereich zurück.

Die Experten von "Hot Stocks Europe" sind sicher, dass die Crew Gold-Aktie die starke Aufwärtsbewegung auch 2007 weiter fortsetzen kann und bietet auf Zwölf-Monatssicht ein Potenzial von mindestens 100 Prozent. (Ausgabe 1 vom 15.01.07) (16.01.2007/ac/a/a)
Analyse-Datum: 16.01.2007

Analyst: Hot Stocks Europe
Rating des Analysten:


Quelle:aktiencheck.de 16/01/2007 14:25

[ulfur]

Antwort auf Beitrag Nr.: 27.451.139 von valueinvestor am 05.02.07 20:52:19

Der Thread ist ja noch nicht in historische Tiefen versunken. Da will ich ein Stück von Sundal Collier reinkopieren.

The time has come to BUY more of Crew (update from Indaba)
CONCLUSIONS AND CHANGES (EST/REC)

We just got back from the Indaba mining conference in South-Africa and the visit has reaffirmed our strong belief in Crew as an attractive BUY. Importantly, the conference also confirmed our view of Crew as an attractive take-over candidate within the gold industry. We say BUY Crew for three main reasons:

1. Our belief in Crew as being an attractive take-over candidate is substantially increased on the back of our discussions at Indaba

- Most of the larger gold companies saw challenges in increasing both production levels and organic growth in reserves, and that they would need to make acquisitions to meet their targets.
- Several of the gold producers stated a lack of attractive assets to acquire. Our impression is that Crew Gold is one of the most attractive take-over candidates – in particular the Lefa asset in Guinea.
- It is hard to comment on timing, but we believe that a bid could come sooner rather than later. We believe that there is a high likelihood of a bid during H1’07; perhaps as early as Q1.
- We do not believe that Crew Gold will be sold in parts (Lefa is unlikely to be sold separately), and we believe that a bid on the company would be in the range of NOK 20 and 25 per share. That is above our price target of NOK 19 per share.

2. We believe that Crew will announce an upgrade of its reserves of between 20 and 25%
- Crew announced in Q3’06 that it would start an extensive drilling programme over the next two to three years with the main target of doubling its reserves.
- Based on the very promising drilling results that Crew has announced over the last six months we believe that it is likely to assume that the new reserve statement, which will most likely be published during March 2007, will increase reserves from 2.5 Moz to a little above 3.0 Moz. This represents an increase of between 20 to 25%.
- This is a very important trigger for Crew as the market has focused on the relatively low level of reserves compared with peers.
- We will adjust our price target accordingly if the reserve upgrades are as expected.

3. Crew will show strong production growth from about 145 koz in 2006 to 625 koz in 2008
- Crew will have the strongest organic growth of the gold companies in its universe over the next two years.
- We project that the quarterly growth in gold production will be 14% from Q1’07 to Q4’08, or an annual growth rate of 107% from 2006 to 2008.
- The first gold pour from Lefa was announced on February 5, indicating that the processing unit is operating according to plan.
- We forecast that phase two of Masara (the 2,400 tpd plant) will come on stream early in Q3’07.
- We estimate that production for 2007 will be 470 koz, which is in the lower range of management’s guidance of 470 to 530 koz.

OUTLOOK
We reiterate our positive view on Crew’s investment story:

Crew is currently grossly undervalued vs. its fair value…
- The Lefa mine alone is worth more than Crew’s current market cap
- Furthermore Crew is trading at a discount to relevant peers
- Only a modest probability of success implies a 35% upside potential in the share price

…which we believe is due to a lack of knowledge of the company and unwarranted risk assessment…
- The market is apparently unwilling to pay for the projected production growth, even though Lefa and
the first stage of Masara have started gold production
- Crew is still unknown

…but it will not last for long as several potential value triggers lie ahead
- Production will increase significantly over the coming years and be reported in each quarterly report
- More drilling results from Lefa and Masara and updated reserve statements
- High likelihood that Crew will take part in the ongoing consolidation in the mining industry

Daß Crew aufgekauft wird, vermag ich mir dennoch kaum vorstellen, dafür halte ich Vestrum eigentlich für zu ehrgeizig. Abwarten.

[klauss51]

Hilfe ?
Was bedeutet diese Nachricht, jedenfalls bei fast 14 % minus nichts Gutes.Danke.

On February 27, 2007, Jan A Vestrum, President and Chief Executive Officer of Crew has closed a forward position of 900,000 shares in Crew at NOK 13.38 and a forward contract of 1.1 millions shares at 13.48.

In total, Jan Vestrum has sold 2.2 million shares in Crew at NOK 14.93 due to capital needs in connection with private real estate investments.

Mr Vestrum's total exposure is 11,199,042 Crew shares, including common shares, convertible bonds, forward contracts and options.

Jan A Vestrum
http://biz.yahoo.com/ccn/070228/200702280375348001.html?.v=1

[ulfur]

Denke, der Kursrückgang in den drei letzten um 11,5% (Oslo) hängt eher mit der allgemeinen Kursentwicklung als mit Vestrums Aktienverkauf zusammen.

Da die Börse in Toronto illiquider ist, kommt es dort auch immer wieder zu größeren Ausschlägen, jetzt eben - 13,3%.

Letztes Jahr im Juni hat Vestrum auch ein größeres Aktienpaket verkauft, um sich eine 3-Mio-Villa in Oslo zu kaufen. Mal sehen, was für eine Immobilie er sich diesmal kauft.

[Alex1970]

Diesesmal gönnt er sich keine Villa, sondern Vestrum investiert sein Geld in Crew Minerals!!! Schaut doch einfach einmal bei crewminerals.com in die Rubrik Press Releases. Gerade heute gab es wieder massive Insider-Käufe. Sowohl Vestrum, als auch Qvist CEO von Crew Minerals haben heute wieder zugekauft und das war nicht das erste Mal! Da ist sicherlich etwas im Busch.
Bei Crew Minerals ist der gesamte non-Gold Bereich von Crew Gold gebündelt worden und seit 20.12.07 ist Crew Minerals an der Oslo Stock Exchange gelistet.

Gruß

Alex

[Alex1970]

http://www.oslobors.no/ob/aksje_kursutvikling?menu2show=1.1.…

Wird bei uns seit kurzem in Berlin gehandelt WKN A0LGXV und einen Turbo-Call zur Aktie gibt es auch schon!? WKN DZ30WY. Ist schon ungewöhlich, oder?

Gruß

Alex

[ulfur]

Antwort auf Beitrag Nr.: 28.145.505 von Alex1970 am 06.03.07 14:13:15

Das ist tatsächlich sehr ungewöhnlich. Drei Turbos zu Crew Minerals von der DZ Bank! Erstaunlich!



Das Listing der Aktie von Crew Minerals in Berlin war mir ebenfalls entgangen.

[Alex1970]

Antwort auf Beitrag Nr.: 28.154.432 von ulfur am 06.03.07 20:24:41

vor allem im Schein dz30wy gab es seit Freitag richtig Umsatz! Wenn die Aktie von einem Pusherblättchen entdeckt würde oder in kürze vom Unternehmen sensationelle News veröffentlicht würden, dann gingen die Scheine schell durch die Decke.

[ulfur]

Antwort auf Beitrag Nr.: 28.158.046 von Alex1970 am 07.03.07 07:15:20

Möchte mal wissen, was da vor sich geht. Crew Minerals zur Zeit sogar unter den Topumsätzen auf der Webseite der Berliner Börse genannt mit 170 Tsd Euro. Das Orderbuch ist auch voll.

In Oslo hat CMI den Kurs von Crew Gold weit hinter sich gelassen: 15,90 Kronen zu 13,70 NOK.

[Alex1970]

die Kombination aus Insiderkäufen und plötzlich hohen Umsätzen sowohl in Oslo, als auch in Berlin, lassen nur den Schluß zu, daß es in kürze hoch interessante News geben wird.

Alex

[Panem]

Crew Gold Corporation Announces Significant Reserve and Resource Increase at Lefa Mine

LONDON, Mar 14, 2007 (PrimeNewswire via COMTEX) -- Crew Gold Corporation ("Crew" or the "Company") (CRU) (OSE:CRU ) (Frankfurt:KNC) (Pink Sheets:CRUGF).

Crew is pleased to announce a significant increase in total reserves and resources at its 100% owned Lefa Mine in Guinea, West Africa. The reserves have increased by 870,000 oz (34%) from 2.51 million ounces announced in March 2006 to 3.38 million ounces. The new mineral reserves are based on drilling from January to December 2006 and utilized a gold price of US$575 per ounce. Details of the new (and previous) reserves calculated on the Lefa Concession are tabled below and are calculated as at March 2007. All resources and reserves have been depleted to the 31 December 2006 surfaces.





LEFA Mineral Reserves as at 31 December 2006



----------- -------------------------------------------------------

Deposit Proved Probable

----------- ------------------------- --------------------------

Tonnes Grade Million Tonnes Grade Million

(Mt) (g/t Au) ozs (Mt) (g/t Au) ozs

----------- ------ -------- ------- ------ -------- --------

Lero-Karta 20.6 2.0 1.34 10.4 1.7 0.56

----------- ------ -------- ------- ------ -------- --------

Fayalala 23.8 1.3 1.02 0.8 1.4 0.04

----------- ------ -------- ------- ------ -------- --------

Others 4.8 1.0 0.15 4.2 2.0 0.27

----------- ------ -------- ------- ------ -------- --------

Total 49.1 1.6 2.51 15.4 1.8 0.87

----------- ------ -------- ------- ------ -------- --------

Prior Total 24.9 1.7 1.43 22.7 1.5 1.08

----------- ------ -------- ------- ------ -------- --------





--------------------------------------------------------------

Deposit Total Reserves

----------- ---------------------------------------------

Tonnes Grade Million ozs

(Mt) (g/t Au)

------------ ------------- --------- ---------------

Lero-Karta 31.01 1.9 1.90

------------ ------------- --------- ---------------

Fayalala 24.58 1.3 1.06

------------ ------------- --------- ---------------

Others 8.97 1.5 0.43

------------ ------------- --------- ---------------

Total 64.55 1.6 3.38

------------ ------------- --------- ---------------

Prior Total 47.6 1.6 2.51

------------ ------------- --------- ---------------





Based on drilling carried out until the end of December 2006, the measured and indicated resource as at December 31, 2006 has risen by 25% to 4.819 million ounces (100.3 million tonnes @ 1.5 g/t Au) compared with 3.839 million ounces (71.3 million tonnes @ 1.6 g/t Au) reported previously in March 2006. The inferred resource has increased to 1.13 million ounces (21.7 million tonnes @ 1.6 g/t Au) compared with 0.79 million ounces (17.7 million tonnes @ 1.4 g/t Au).

Of further significance is an Inferred Resource from the Siguirini prospect (2.1 million tonnes @ 3.17 g/t Au for 0.214 million ounces) located approximately 10km north of the CIP plant at Fayalala. Siguirini represents a different style of mineralisation from that found with the other deposits within the LEFA corridor and further investigations will be conducted during the year to advance this exciting prospect.

The expanded exploration programme previously announced in October 2006 is expected to increase resources further. Two drilling rigs are in operation for near mine resource expansion and an additional two drill rigs are pursuing regional targets within the Lefa concession. Crew is confident ongoing analysis will lead to further increases in resource and reserves by end of 2007.

Jan Vestrum, President and CEO of Crew commented: "This increase in the resources and reserves from the 2006 drilling at LEFA is an excellent result and exceeds the aggressive targets set. This further supports the Company's view that the strategic acquisition of Guinor in Q4 2005 will create substantial value for Crew shareholders. Drilling to date in 2006 in both the Lefa Corridor area and regionally, has been very encouraging and the Company is confident that the expanded 2007 drilling programme will further increase the resource and reserve inventory to underpin a long life operation. The Company is excited by the successful programmes at Banora and Siguirini which are both indicating insitu grades greater than 3 g/t Au. These satellite pits will play an integral role in expanding production at Lefa past 400,000 ounces per year. With a further increase in the resource and reserve combined with the CIP plant now in operation, the Company is pushing forward with its objective of significant growth both in gold output and shareholder value. The Company believes the LEFA operation, together with the Masara mine in the Philippines, will be an important base in providing the organic growth for Crew to achieve its target of one million ounces annual gold production."

For further information on the resource data please refer to our website www.crewgold.com .

[jackcandy]

Erzverarbeitende Fabrik in Neufundland früher als erwartet in Betrieb gegangen.
Siehe News auf der Homepage.

[valueinvestor]

Nalunaq läuft ganz gut:


Crew Gold Corp. Announces Updated Mineral Resource and Reserve for Nalunaq Gold Mine as of December 31, 2006

http://www.crewgold.com/pdf/CRU_NR200407_NalunaqResources200…

[smyl]

[smyl]

Antwort auf Beitrag Nr.: 28.984.312 von smyl am 25.04.07 10:56:46

Oslo, Norway, April 25th 2007
Oslo Stock Exchange Ticker Symbol: CMI

Notification of Trade

On April 24, 2007, Jan A Vestrum, Chairman of Crew
Minerals ASA bought 100,000 shares in Crew
Minerals
at NOK 19.57 per share, sold 200.000 shares at NOK
19.60 and bought 200.000 shares at NOK 19.86
through a forward contract with maturity July 24th
2007.

Mr. Vestrum`s exposure after this transaction
totals 2,070,833 Crew Minerals shares, including
common shares, forward contracts and options.

Hans Christian Qvist
President and CEO
Crew Minerals ASA

[DCShoes]

Heute die Zahlen für Q1 auf www.crewdev.com

[DCShoes]

am 21.5. Meldung über kleinen Insiderkauf:
Press Release – 21st May 2007 / Notification of Trade

On May 18, 2007, Brian Hosking, Board of Director of Crew bought 15,000 shares in Crew at GBP £1.16 / CAD $2.49 per share.

Mr Hosking’s total exposure is 735,000 Crew shares, including common shares, convertible bonds, forward contracts and options.

[DCShoes]

Antwort auf Beitrag Nr.: 29.442.026 von DCShoes am 23.05.07 20:40:09

Und nocheinmal ein weiterer Insider-Kauf:

Press Release – 29th May 2007
Notification of Trade

On May 25, 2007, Brian Hosking, Board of Director of Crew bought 10,000 shares in Crew at CAD $2.22 per share.

Mr Hosking’s total exposure is 745,000 Crew shares, including common shares, convertible bonds, forward contracts and options.




Hauptversammlung ist übrigens am 22. Juni

[DCShoes]

Press Release – 26th June 2007
LONDON, United Kingdom: Crew Gold Corporation ("Crew" or "the Company") (TSX: CRU)(OSE: CRU) (Frankfurt: KNC) (OTC-BB-Other; CRUGF.PK) today announced:-
UPDATE ON PROPOSED SECONDARY PLACING OF SHARES IN CREW MINERALS INC.
NOT FOR DISTRIBUTION IN THE UNITED STATES OR UNITED STATES NEWSWIRE SERVICES.

Crew Gold Corporation (`Crew Gold`) yesterday announced the appointment of Kaupthing ASA (`Kaupthing`) for a placement of up to 8.1 million shares in Crew Minerals ASA ('Crew Minerals') in a bookbuildingprocess and a forward sale of 4.5 million shares. The decision for Crew Gold to reduce its holdings in Crew Minerals was based, in part, on changes in Norwegian securities legislation that will require mandatory bids for 100% of the outstanding shares, by any shareholder owning greater than 33% of a publicly traded company, should they wish to acquire a further interest. This change led to the decision to sell a portion of the Crew Minerals shares prior to entering into the forward contract. In addition the sale will create increased liquidity for the existing shareholders of Crew Minerals and will provide a portion of the funding required for the Lefa completion and expansion program, the Masara expansion program, the Company’s exploration programs and general corporate purposes. The book was open to professional Norwegian and international investors.

The placement was oversubscribed and completed at NOK 17.80. The forward sale closed at NOK 17.80 with an obligation to repurchase on or before December 28, 2007 at NOK 18.47 per share Prior to the placement, Crew Gold held 38 million shares in Crew Minerals representing 42% of the total issued share capital and after the placement holds approximately 32.9% of the outstanding shares including the shares under forward contract.

[ulfur]

Umoe Invest hat heute 20 Millionen Aktien zu 8,75 Nok gekauft;
damit hat die Umoe-Gruppe über 23% der ausstehenden Aktien!

Jens Ulltveit-Moe har kjøpt aksjer i Crew for 175 millioner kroner, og har nå over 23 prosent av selskapet.


Kursziel von First Securities: 13,80 NOK

First Securities har en kjøpsanbefaling på Crew med kursmål 13,80 kroner.

[ulfur]

Crew Gold Corporation (CRU)
Company Update Price when published(USD): 1.49
14 mai 2008

BUY High Risk
Bloomberg: CRU NO (rating unchanged)
Reuters: CRU.OL Target Price (USD): 3.0
Sector: Mining Market cap (USDm): 694
Style: Value Analyst: Erik Roland
Financial Details of 14 mai 2008
Print version (pdf)

Q1'08 Review: In-line, ramp-up moving along, cash tightening

Q1-report basically in-line. Lefa ramp-up moving along, but cash draw-down slightly higher so cash will be tight going forward. Still, plenty valuation support. We reiterate Buy and NOK 15/USD 3 target


Quarterly results are of lesser importance as only Nalunaq has commercial status (Lefa & Maco capitalized). Nevertheless, revenues were USD 11,2m - in line with our USD 11,4m estimate. Negative EBITDA of USD 2,95m, beat our expectations of negative USD 5m (positive USD 0,5m reported, but this excludes corporate costs). Net loss was USD 27,6m. Adjusted for non-cash foreign exchange losses of USD 18m, net loss was USD 9,3m – vs our expectations of negative USD 19m. Difference is entirely explained by higher estimated depreciation charge.

Lefa Q1 production was 43,811 oz, 10,7% higher than our estimate of 39,563 oz (driven by higher grade than expected, 2,1 g/t vs 1,9 g/t). Nalunaq production was 12,674 oz – in line with expectations of 12,705 oz. Maco production of 4,704 oz came in 32,3% lower than our estimate as grade and throughput were lower than we anticipated.

Except for aligning our depreciation assumptions with reported figures, we make few adjustments to our estimates.
Valuation remains attractive as Crew is trading at less than half the peer group’s weighted average PE and EV/Oz Produced multiples for 2009-10E. Upside to EV/EBITDA of 62% and 94% for ’09E and ‘10E, respectively. NPV gives additional valuation support.

We reiterate our Buy recommendation and NOK 15/USD 3 target on Crew Gold. We expect a successful ramp-up at Lefa during Q2 to remedy a tight cash position (USD 8,7m, down from USD 20,1m exit ‘07). Also, a positive resource & reserve update and attaining commercial production status on Lefa by end Q2, should release some value we see in the share.

The recommendation was not presented to the issuer before dissemination.