Overview

Crew Gold Corporation (“Crew” or the “Company”) is an international mining company focused on identifying, acquiring and developing resource projects worldwide, with a primary focus on gold.

Crew’s stated strategy for 2006 / 2007 is to become a mid tier producer. Following the acquisition during fiscal year 2006 of the Lefa Corridor Gold Project (“Lefa”) in Guinea and 72.87% of the Masara Mine (“Masara”) in the Philippines, together with its associated Philippine partner, management believes it has secured the assets to achieve its strategic target during 2007.

Lefa and Masara will join Crew’s producing gold asset, Nalunaq Gold Mine (“Nalunaq”) in Greenland to create a portfolio of gold assets with targeted annual production rate of approximately 500,000 to 550,000 ounces. These operations have the following annual production rate targets for 2007:

• Lefa 320,000 to 350,000 ounces
• Masara 120,000 to 140,000 ounces
• Nalunaq 80,000 to 100,000 ounces

Fiscal 2006 was a year of acquisitions, expansion and development for the Company. Following the acquisition of Lefa and Masara, management’s focus has been to develop these projects so that their full potential will begin to be realized during 2007.

Crew’s non-gold projects are held by its wholly owned subsidiary, Crew Minerals AS. The Company’s primary non-gold assets are the Mindoro Nickel Project and related Pamplona Sulphur Project in the Philippines. Crew Minerals also has molybdenum exploration activities in Norway, royalty income from its interest in the Seqi Olivine Project in Greenland and currently has an option to acquire the Daguma coal project in the Philippines. The Company is in the process of listing Crew Minerals AS separately on the Oslo Stock Exchange and aims to conclude this process by the end of calendar year 2006.