Management’s Discussion and Analysis

MD&A of Financial Condition & Results of Operations

Introduction

This management’s discussion and analysis (“MD&A”) provides detailed analysis of the financial condition and results of operations of Crew Gold Corporation (the “Company”) and compares its results for the year ended 30 June 2005 with the previous year. The MD&A should be read in conjunction with the Company’s Consolidated Financial Statements for the year ended June 30, 2005 and the related notes thereto which have been prepared in accordance with Canadian generally accepted accounting standards (“GAAP”). All figures are in US dollars unless otherwise stated.