Crew Gold Corporation announces an agreement to sell its Philippines
interest
(Thomson Reuters ONE) - Corporate news announcement processed and transmitted by Hugin AS.The issuer is solely responsible for the content of this announcement. ------------------------------------------------------------------------------------ Press Release - September 17, 2009Crew Gold Corporation announces an agreement to sell its Philippines interestLONDON, United Kingdom: Crew Gold Corporation ("Crew" or "theCompany") (TSX, OSE: CRU) announces that it has signed an agreementto sell its interest in Apex Mining Company Inc and all other relatedassets in the Philippines to a private company with headquarters inMalaysia. The agreement is subject to certain regulatory approvalsand is expected to be completed within approximately 90 days. Theagreement calls for a total cash payments of $1 million upon signingof the agreement, $5 million upon completion, and a final $1 millionwhen Philippine regulatory approvals are obtained.Interim CEO Bill LeClair commented "combined with the previouslyannounced sale of Nalunaq and the pending completion of the sale ofNugget Pond, this allows Crew's scaled down management team toconcentrate all efforts on the LEFA project which is expected tocomplete its ramp up by approximately the end of Q4."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 SEC's websiteat http://www.sec.gov/edgar.shtml.http://hugin.info/90/R/1342050/321113.pdf --- End of Message ---Crew Gold CorporationAbbey House, Wellington Way, Weybridge Surrey United KingdomWKN: 226534105 ; ISIN: CA2265344028; ;
Datum: 17.09.2009 - 16:10 Uhr
Sprache: Deutsch
News-ID 5933
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