Highlights

For the Six-Month Fiscal Year Ended December 31, 2006

• Positive financial results
  • Achieved EBITDA of $25.7 million, reflecting gains on dilution of investment in Crew Minerals ASA and the sale of Barberton /Metorex investment
  • Reported after-tax net earnings of $7.3 million
• Lefa commissioning
  • Construction of the Lefa Expansion Project in Guinea completed on schedule
  • Commissioning of the Carbon-in-pulp (“CIP”) plant commenced in December 2006
  • First gold poured in February 2007
• Phase 1 at Masara successfully commissioned
  • Phase 1 plant at Masara completed in December 2006
  • First gold poured in November 2006
  • Construction and final design of Phase 2 underway
  • Phase 2 commissioning expected during Q3 2007
• Disposal of Barberton Shares
  • Sold 20% share in the Barberton Gold Mine in South Africa, realizing a gain of $6.3 million
• Completion of $100 million equity offering
  • Successfully completed a private placement of 50 million shares at 13.30 NOK per share in November 2006. The offering was approximately two and a half times oversubscribed
  • Proceeds to be used primarily to complete the Phase 2 construction at Masara, expand the exploration program at Lefa, complete the refurbishment at Nugget Pond and upgrade equipment at its Nalunaq operation
• Crew Minerals ASA listed on the Oslo Stock Exchange (“OSE”)
  • Successfully listed Crew Minerals ASA on the OSE, retaining a 54.5% interest
  • Crew Minerals subsequently raised $80.1 million in new capital through two share offerings. Proceeds from the offerings will be used to finance the continued exploration of mineral properties and the preparation of a feasibility study for the Mindoro nickel project
• Acquisition of Nugget Pond processing facility
  • Acquired the Nugget Pond processing facility in Newfoundland, Canada in October 2006 in exchange for 3 million Crew shares
  • First gold poured in March 2007
  • New facility will provide lower cost ore processing solution for Nalunaq Gold Mine, with annual cost savings of $1.7 to $2.6 million anticipated
  • Investment of $8 to $9 million in 2007 planned to refurbish and expand the facility and build new offloading and transportation facilities
• Joint venture agreement signed for Glover Island
  • In conjunction with the Nugget Pond acquisition, Crew signed a joint venture agreement with New Island Resources Inc. whereby Crew will spend up to CAD$5 million on exploration and development of the Glover Island gold project in Newfoundland over the next five years to earn a 60% interest in the property
• Increased reserve and resource estimates for Lefa
  • Increase of 34% in total reserves by 870,000 ounces of gold to 3.38 million ounces
  • Increase of 25% in measured and indicated resources to 4.82 million ounces

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