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)
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Crew Gold Corporation
Abbey House, Wellington Way, Weybridge Surrey United Kingdom
Listed: Open Market (Freiverkehr) in Frankfurter Wertpapierbörse;
