Introduction

This management’s discussion and analysis (“MD&A”) provides detailed analysis of the financial condition and results of operations of Crew Gold Corporation (“Crew” or “the Company”) and compares its results for the year and quarter ended June 30, 2006 with the year and quarter ended June 30, 2005. The MD&A should be read in conjunction with the Company’s Consolidated Financial Statements for the year ended June 30, 2006 and the related notes thereto which have been prepared in accordance with Canadian generally accepted accounting principles (“GAAP”). Unless the context otherwise requires, all references to yearly periods are to calendar years and all figures are in US dollars unless otherwise stated.

The effective date of this MD&A is September 30, 2006.