Crew Gold Corporation: Financial Results for the Quarter and Six Months Ended June 30, 2010

Crew Gold Corporation / Financial Results for the Quarter and Six Months Ended June 30, 2010 processed and transmitted by Hugin AS. The issuer is solely responsible for the content of this announcement.

DATE: August 16, 2010

TRADING SYMBOLS;
TORONTO AND OSLO - CRU

N E W S   R E L E A S E 

Financial Results for the Quarter and Six Months Ended June 30, 2010

LONDON, United Kingdom, August 16, 2010 - Crew Gold Corporation ("Crew" or "the Company") (TSE & OSE: CRU)

INTRODUCTION

As a result of the debt-to-equity restructuring 
completed on December 11, 2009, and the Canadian 
accounting implications surrounding it, the quarter 
and six months ended June 30, 2010 reflects the 
unaudited results of operations and cash flows of the 
post-reorganization Company and the quarter and six 
months ended June 30, 2009 reflects the results of 
operations and cash flows of the pre-reorganization 
Company. Prior period financial information has not 
been restated to reflect the impact of the financial 
reorganization and accordingly certain amounts in the 
pre-reorganization Company are not directly 
comparable. Unless the context otherwise requires, 
all references to yearly and quarterly periods are to 
calendar years and quarters and all amounts are in US 
dollars unless otherwise stated. Additional 
information relating to the Company is available in 
the Company's Annual Information Form dated March 31, 
2010 which is filed on SEDAR at www.sedar.com. 

HIGHLIGHTS
LEFA
Gold production in Q2 2010 of 47,340 oz, up 16% from 
40,743 oz produced in Q1 2009
Major repairs were completed on ball mill 2 
alleviating risk of failure of the equipment.
Process plant throughput rates averaged 14,500 tonnes 
per day ("tpd")  in the quarter (Q2 2009 - average of 
10,800 tpd)
YTD gold production of 105,270 oz, up 23% from 85,349 
oz achieved for YTD 2009
YTD process plant throughput rates averaged 16,000 
tonnes per day ("tpd"), up 45% on YTD 2009 average of 
11,000 tpd

Financial Results
EBITDA (excluding discontinued operations) for the 
quarter ended June 30, 2010 of $17.6 million (quarter 
ended June 30, 2009 - $7.0 million)
EBITDA (excluding discontinued operations) for the 
six months ended June 30, 2010 of $34.7 million (six 
months ended June 30, 2009 - $16.9 million)
Net profit (including discontinued operations) of 
$11.8 million for the quarter ended June 30, 2010 
(quarter ended June 30, 2009 - $4.1 million)
Net profit (including discontinued operations) of 
$21.6 million for the six months ended June 30, 2010 
(six months ended June 30, 2009 - net loss of $7.8 
million)

Outlook
All mills at LEFA are expected to be operational 
during 2010. An average process plant throughput rate 
of 15,000 tpd has been budgeted to take into account 
the last of the planned major shutdowns
Work will continue on improving plant availability, 
reliability and efficiency through the $75 million 
capital program which includes the purchase of 
insurance spares, progressive refurbishment and 
debottlenecking projects with the goal of improved 
throughput and reduced operating costs per oz. The 
$75 million capital program also includes 
expenditures to refurbish the mining fleet, the 
purchase of additional mobile equipment and an 
exploration program and is planned to be completed 
prior to the end of 2012.

For full report, please see attached pdf file.

William LeClair
Chief Executive Officer


Safe Harbour Statement
Certain statements contained herein that are not 
statements of historical fact, may constitute forward-
looking statements and are made pursuant to 
applicable and relevant national legislation 
(including the Safe-Harbour provisions of the United 
States Private Securities Litigation Reform Act of 
1995) in countries where Crew is conducting business 
and/or investor relations. Forward-looking 
statements, include, but are not limited to those 
with respect to the timing of the common share 
consolidation. 

Forward-looking statements involve known and unknown 
risks, uncertainties and other factors that could 
cause the actual results of the Company to be 
materially different from the historical results or 
from any future results expressed or implied by such 
forward-looking statements. Such risks and 
uncertainties include, among others, whether the 
trading of post-consolidation shares and exchange for 
post-consolidation share certificates will occur in a 
timely manner. Although Crew has attempted to 
identify important factors that could cause actual 
events or results to differ from those described in 
forward-looking statements contained herein, there 
can be no assurance that the forward-looking 
statements will prove to be accurate as actual 
results and future events could differ materially 
from those anticipated in such statements.  The 
material factors and assumptions used to develop 
forward-looking statements which may be incorrect, 
include, but are not limited to, current estimates of 
the timing to effect the trading of post-
consolidation shares and exchange for post-
consolidation share certificates.
 
Except as may be required by applicable law or stock 
exchange regulation, the Company undertakes no 
obligation to update publicly or release any 
revisions to these forward-looking statements to 
reflect events or circumstances after the date of 
this document or to reflect the occurrence of 
unanticipated events. Accordingly, readers should not 
place undue reliance on forward-looking statements. 

HUG#1438042

Q2 2010 Financial Results (http://hugin.info/90/R/1438042/382677.pdf)

--- End of Message ---

Crew Gold Corporation
Abbey House, Wellington Way, Weybridge Surrey United Kingdom


Listed: Open Market (Freiverkehr) in Frankfurter Wertpapierbörse;