LONDON, United Kingdom: ("Crew" or "the Company") (TSX, OSE: CRU) Reference is
made to the announcement made by Endeavour Financial Luxembourg SARL, a wholly
owned subsidiary of Endeavour Financial Corporation ("Endeavour") that it has
purchased 37.9% of the Company's issued and outstanding common shares in a
market transaction. Endeavour is a TSX listed integrated natural resource
merchant banking company.
Cameron Belsher, Chairman of Crew commented: "Endeavour's investment
demonstrates the value potential for our LEFA asset in Guinea, West Africa. We
are tremendously excited to have the opportunity to work with Endeavour and be a
key part of their stated strategy to create value through the building of a
strong intermediate sized gold company. Access to Endeavour's strong financial
and operational team will add considerable depth and experience to Crew and
enhance Crew's ability to derive value from our principal asset at LEFA".
In connection with the transaction, the Company has agreed to appoint three
nominees of Endeavour to the Board of Directors, including Frank Giustra and
Neil Woodyer, to join three of the existing Board members. Cameron Belsher will
remain as Chairman.
William LeClair
Chief Executive Officer
Safe Harbour Statement
Certain statements contained herein that are not statements of historical fact
may constitute forward-looking statements and are made pursuant to applicable
and relevant national legislation (including the Safe-Harbour provisions of the
United States Private Securities Litigation Reform Act of 1995) in countries
where Crew is conducting business and/or investor relations. The words "expect",
"anticipate", "will", "believe" and "may", and other similar expressions, are
often, but not always used to identify forward-looking statements.
Forward-looking statements included herein relate, but are not limited to,
statements regarding (1) the value potential for the LEFA asset, (2) Endeavour's
strategy to create value, (3) the expected impact of Endeavour's involvement
with Crew, and (4) the expected composition of Crew's board of directors.
Forward-looking statements involve known and unknown risks, uncertainties and
other factors that could cause actual events or results to be materially
different from the events or results expressed or implied by such
forward-looking statements. In evaluating these statements, prospective
purchasers should specifically consider various factors that may cause actual
events or results to be materially different from the events or results
expressed or implied by such forward-looking statements. Risk factors that could
impact the Company include, without limitation, risks relating to operations and
production levels at the LEFA gold mine. Although Crew has attempted to identify
important factors that could cause actual events or results to differ from those
described in forward-looking statements contained herein, there can be no
assurance that the forward-looking statements will prove to be accurate as
actual events or results could differ materially from those anticipated in such
statements.
The material factors and assumptions used to develop forward-looking statements
include, without limitation, (1) the assumption that Endeavour will continue to
hold the shares that it purchased of Crew for the foreseeable future, and (2)
the assumption that Crew will remain a key part of Endeavour's gold sector
strategy and that Endeavour will provide the expected access to its financial
and operational team to Crew.
Except as may be required by applicable law or stock exchange regulation, the
Company undertakes no obligation to update publicly or release any revisions to
these forward-looking statements to reflect events or circumstances after the
date of this document or to reflect the occurrence of unanticipated events.
Accordingly, readers should not place undue reliance on forward-looking
statements.
[HUG#1378409]
Crew Gold Corporation Announces Endeavour Financial Secondary Market Purchase: http://hugin.info/90/R/1378409/338952.pdf