Financial Results for the Quarter and Six Months Ended June 30, 2009
(Thomson Reuters ONE) - Corporate news announcement processed and transmitted by Hugin AS.The issuer is solely responsible for the content of this announcement. ------------------------------------------------------------------------------------ DATE: August 17, 2009TRADING SYMBOLS;TORONTO AND OSLO - CRU N E W S R E L E A S EFinancial Results for the Quarter and Six Months Ended June 30, 2009LONDON, United Kingdom, August 17, 2009 - Crew Gold Corporation("Crew" or "the Company") (TSE & OSE: CRU)The Company will hold a conference call on August 18, 2009 at 11am(UK) / 12 midday (Oslo) to discuss these results. The details of thisconference call have been released already.HIGHLIGHTS* Overview§ Total gold sold in the quarter was 60,525 oz at an averagerealised price of $926/oz (Q2 2008 - 65,737 oz sold at an averagerealised price of $913/oz)§ Total gold sold for the six months ended June 30, 2009 was136,933 oz (six months ended June 30, 2008 - 126,397 oz)* Financial Results§ EBITDA for the quarter of $14.0 million (quarter ended June 30,2008 - negative $11.5 million)§ Net profit of $4.1 million for the quarter ended June 30, 2009(quarter ended June 30, 2008 - net loss of $30.6 million) with EBITDAof $14.0 million being offset mainly by amortisation charges of $6.0million and interest and finance charges of $5.8 million* LEFA- Quarterly gold production of 40,743 oz, due to reduced SAGmill capacity (Q2 2008 - 53,531 oz)- SAG Mill 2 ("SAG2") reinstalled in June 2009- SAG Mill 1 ("SAG1") taken offline for trunnion repair inJuly 2009, expected to be operational in early September 2009- Lero crusher stopped operations in June 2009 due tolightning, expected to be operational in early September 2009- Annual 2009 production target revised downwards to a rangeof 220,000 to 240,000 oz from previous estimate of 290,000 oz- Environmental bond agreed with the Government of Guineawith an unbudgeted $5 million being paid in June and July, to befollowed by further analysis to reconfirm the estimated amounts ofreclamation costs and the annual review process* Maco- Quarterly gold production of 5,447 oz, (Q2 2008 - 5,380oz)- Continuing to explore strategic alternatives* Nalunaq Gold Mine ("Nalunaq") and Nugget Pond Processing Facility ("Nugget Pond")- Q2 gold production of 15,131 poured oz (Q2 2008 - 11,001oz). The final gold recovery of the ore processed from Nalunaq is notyet complete. The treatment of the residual material from the processplant has not yet been completed- Toll milling at Nugget Pond commenced on June 29, 2009- Sale of all Nalunaq gold mine's assets, infrastructure,inventories and goodwill to Angus & Ross Plc completed in early Julyfor $1.5 million cash of which $1 million has been paid and theremainder is due on authorisation of the transfer of the mininglicense by the Greenlandic Bureau of Minerals and Petroleum* Outlook- SAG1 will be operational in early September 2009. Areplacement for the Lero crusher transformer will be installed inAugust 2009 bringing the crusher back on line- Improve process plant reliability, improve efficienciesand reduce costs at LEFA- Continue to explore strategic alternatives for Maco- Continued reduction of corporate costs- Continue to work with the Government of Guinea onvarious issues. For example, industrial relations difficulties beingresolved proactively to attempt to minimize disruptions as theworkers and unions confirm various issues with the new Government,review of import duties to be completed and finalising the analysison the environmental bondOVERVIEWCrew is an international mining company currently focused onrestructuring its project portfolio and maximising the performance ofits gold projects.ResultsThe Company adopted Canadian Institute of Chartered Accountantsstatement 3064 "Goodwill and Intangible Assets" during the year endedDecember 31, 2008. As a result prior period pre-operating revenuesand costs for LEFA and Maco were recognised in the profit and lossstatement and comparative unaudited profit and loss statement andbalance sheet amounts have been restated where applicable.For the quarter ended June 30, 2009, Crew reported EBITDA of $14.0million (quarter ended June 30, 2008 - negative $11.5 million) withmineral sales of $56.7 million, realized gains of $1.9 million on therepurchase of a portion of the Company's outstanding long-term bondsin the quarter,direct mining and mine site administration costs of$40.2 million and general corporate expenditures of $3.5 million.Net profit for the quarter ended June 30, 2009 was $4.1 million(quarter ended June 30, 2008 - net loss of 30.6 million) with EBITDAof $14.0 million being offset by amortisation charges of $6.0 millionand interest and finance costs on the bonds and other long term debtof $5.8 million.Total gold produced in the quarter ended June 30, 2009 was 61,321 oz(quarter ended June 30, 2008 - 69,912 oz).Total gold sold during thequarter ended June 30, 2009 was 60,525 oz (quarter ended June 30,2008 - 65,737 oz).For the six months ended June 30, 2009, Crew reported EBITDA of $27.4million (six months ended June 30, 2008 - negative $14.5 million)with mineral sales of $124.5 million, realized gains of $1.9 millionon the repurchase of a portion of the Company's outstanding long-termbonds in the period, direct mining and mine site administrationcosts of $92.1 million and general corporate expenditures of $5.7million.Net loss for the six months ended June 30, 2009 was $7.8 million (sixmonths ended June 30, 2008 - net loss of $68.4 million). This netloss arises from the EBITDA of $27.4 million offset by higheramortisation charges of $22.4 million (due mainly to the accelerationof the amortisation of some major components of the open pit miningequipment at LEFA) and interest and finance costs on the bonds andother long term debt of $12.8 million.Total gold produced in the six months ended June 30, 2009 was 124,168oz (six months ended June 30, 2008 - 131,292 oz). Total gold soldduring the six months ended June 30, 2009 was 136,933 oz (six monthsended June 30, 2008 - 126,397 oz).For full results, please see attached pdf file.William LeClairInterim CEOSafe Harbour StatementCertain statements contained herein that are not statements ofhistorical fact, may constitute forward-looking statements and aremade pursuant to applicable and relevant national legislation(including the Safe-Harbour provisions of the United States PrivateSecurities Litigation Reform Act of 1995) in countries where Crew isconducting business and/or investor relations. Forward-lookingstatements, include, but are not limited to those with respect to (1)the price of gold, (2) the estimation of mineral reserves andresources, (3) the realization of mineral reserves estimates, (4) thetiming and amount of estimated future success of explorationactivities, (5) the timing and amount of production estimates, (6)targeted production cash costs and forecasted cash reserves, (7)Crews hedging practices, (8) currency fluctuations, (9) requirementsfor additional capital, (10) government regulation of miningoperations, (11) environmental risk, (12) title disputes or claimslimitations on insurance coverage, (13) the timing and possibleoutcome of pending litigation, (14) the timing and terms of Crewsproposed rights offering (15) expected cost reductions, and (16) theexpected future capacity and success of the LEFA mine and itsexpansion potential. Often, but not always, forward-lookingstatements can be identified by the use of words such as plans,expects, does not expect, is expected, targets, budget, estimates,forecasts, intends, anticipates or does not anticipate, or believes,or equivalents or variation, including negative variation, of suchwords and phrases, or state that certain actions, events or results,may, could, would, might or will be taken, occur or be achieved.Forward-looking statements involve known and unknown risks,uncertainties and other factors that could cause the actual resultsof the Company to be materially different from the historical resultsor from any future results expressed or implied by suchforward-looking statements. Such risks and uncertainties include,among others, (1) the actual results of current explorationactivities, (2) conclusions of economic evaluations, (3) changes inproject parameters as plans continue to be refined, (4) possiblevariations in grade and ore densities or recovery rates, (5) failureof plant, equipment or processes to operate as anticipated, (6)accidents, labour disputes and other risks of the mining industry,(7) delays in obtaining government approvals or financing or incompletion of development or construction activities, and (8) risksand uncertainties existing in world capital markets generally.Although Crew has attempted to identify important factors that couldcause actual events or results to differ from those described inforward-looking statements contained herein, there can be noassurance that the forward-looking statements will prove to beaccurate as actual results and future events could differ materiallyfrom those anticipated in such statements.The material factors and assumptions used to develop forward-lookingstatements which may be incorrect, include, but are not limited to,(1) there being no significant disruptions affecting operations,whether due to labour disruptions, supply disruptions, damage toequipment or otherwise, (2) continued development, operation andproduction at LEFA and Maco consistent with our current expectations,(3) foreign exchange rates among the currencies the Crew doesbusiness in being approximately consistent with current levels, (4)certain price assumptions for gold, (5) prices for electricity, fueloil and other key supplies remaining consistent with current levels,(6) production forecasts meeting expectations, (7) the accuracy ofour current mineral reserve and mineral resource estimates, and (8)materials and labour costs increasing on a basis consistent withCrews expectations.Except as may be required by applicable law or stock exchangeregulation, the Company undertakes no obligation to update publiclyor release any revisions to these forward-looking statements toreflect events or circumstances after the date of this document or toreflect the occurrence of unanticipated events. Accordingly, readersshould not place undue reliance on forward-looking statements.Cautionary Note to US investors The United States Securities andExchange Commission permits US mining companies, in their filingswith the SEC, to disclose only those mineral deposits that a companycan economically and legally extract or produce. We use certain termsin this document, such as measured, indicated, and inferredresources, which the SEC guidelines strictly prohibit US registeredcompanies from including in their filings with the SEC. US Investorsare urged to consider closely the disclosure from the SECs website athttp://www.sec.gov/edgar.shtml.http://hugin.info/90/R/1335091/317183.pdf --- End of Message ---Crew Gold CorporationAbbey House, Wellington Way, Weybridge Surrey United KingdomWKN: 226534105 ; ISIN: CA2265344028; ;
Datum: 17.08.2009 - 08:23 Uhr
Sprache: Deutsch
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