Management's discussion and analysis

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 nine months ended September 30, 2007. This report compares the results for the quarter and nine months ended September 30, 2007 with the quarter and nine months ended September 30, 2006.  The MD&A should be read in conjunction with the Company’s Consolidated Financial Statements for the periods ended September 30, 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.

Highlights

• Quarterly production increased 6.5% to 51,438 ounces (“oz”) (Q2 – 48,365 oz, Q1 – 12,912 oz)
• Completed an equity placement of 41,922,487 common shares raising $ 65.0 million
• Post quarter end, announced the acquisition of the remaining 17.5 % of Nalunaq Gold Mine
• Post quarter end, announced the sale of 15 million Crew Minerals ASA (“CMASA”) shares raising $32.9 million, net of transaction costs