Management’s Discussion and Analysis of Financial Condition and Results of Operations

For the year ended December 31, 2007 (Expressed in United States dollars)

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", "the Corporation", "the Company", "we" or "our") for the quarter and year ended December 31, 2007. This report compares the results for the quarter and year ended December 31, 2007 with the quarter and six months ended December 31, 2006. The MD&A should be read in conjunction with the Company's Consolidated Financial Statements for the periods ended December 31, 2007 and December 31, 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 amounts are in US dollars unless otherwise stated.

Additional information relating to the Company, including the Company’s Annual Information Form dated March 31, 2008, is available on SEDAR at www.sedar.com. The effective date of this MD&A is March 31, 2008.