CRU - Crew Gold Corporation

[Bartender]

Press Release - 7th July 2008

 

LONDON, United Kingdom: Crew Gold Corporation

(Crew or the Company) (TSX: CRU) (OSE: CRU)

(Frankfurt: KNC) (OTC-BB-Other; CRUGF.PK) today

announced:-

 

Employee and Director Updates

 

Crew Gold Corporation advises the departure of its

Executive Vice President and Chief Operating

Officer, Mr Simon Booth. Simon has left Crew to

pursue personal business interests. Simon joined

Crew in January 2006, shortly after the Company`s

acquisition of both LEFA in Guinea and Maco in the

Philippines and has had group operational

responsibility during this period of intensive

development and expansion of the Company.

 

Crew is pleased to announce that Mr. Neil Hepworth,

Vice President Operations since May 2007, has

assumed group operational responsibility for LEFA.

Neil has nearly 30 years of experience in mining,

initially mainly involved in geotechnical

consulting for all aspects of mining, including

tailings dam design, mine backfill systems,

underground mining optimisation and open pit

stability. He returned to a production role as

Manager Mining at Somincor, Portugal and then as

Vice President of Operations for European

Goldfields prior to joining Crew.

 

Since joining Crew, Mr. Hepworth has had

responsibility for the review and rectification of

the Maco project in the Philippines and has re-

established the onsite team that has turned that

operation profitable. The Maco operation is now

self-funding and the planning for the expansion of

that operation has recommenced under Mr. Hepworth`s

direction.

 

In addition, Mr. Hepworth has had an advisory role

for the LEFA, Nalunaq and Nugget Pond operations

focusing primarily on staffing issues, mining

methods and scheduling. Mr. Hepworth assumed group

responsibility for LEFA on May 15, 2008.

 

Crew is also pleased to announce the election of

Mr. Emil Morfett to the Board of Directors. Emil

has 28 years of relevant experience, with 8 years

in the mining industry and twenty years in mining

finance. He has a degree in geology from the

University of London and an M.Sc. in mineral

exploration from Queens University, Canada. He has

worked for Rio Tinto and Goldfields of South Africa

before moving back to the City of London in 1987.

He was Global Head of Mining Research at Bank

Paribas and Head of Mining Research for J P Morgan

in London. During this period, he was involved in

many major mining transactions with a variety of

responsibilities involving due diligence and

analysis. In 2001, he founded his own consulting

business (Millstone Grit Ltd.), providing both

equity and debt focused mining research and

strategic advice. He is also a Director of Greystar

Resources and Alexander Mining Ltd.

 

In accordance with Corporation policy, Mr. Morfett

was granted 250,000 options priced at the closing

price of the TSX on July 2, 2008.

 

Jan A Vestrum

President & CEO

[Bartender]

Godkveld!

 

Naa er det utrolig lenge siden jeg har skrevet noe som helst paa dette forumet, tror det er ca 1 aar siden sist. Hei igjen

 

Aksjemarkedet gaar mot svaert usikre tider og jeg er ganske overbevist om at bunnen vil dette ut av markedet grunnet bunnl0s dollar/crash i husmarkedet/resesjon i USA paa den ene siden, og inflasjon som kommer ut av kontroll i Asia paa den andre siden.

 

Men kunne godt tenke meg aa plukke opp CRU en av dagene. Har faatt seg en kraftig smell ser jeg, og det med rette iom at selskapet leverer fint lite enn gr0nne skoger, og lite gull.

 

Tror derimot Guinea-prosjektet kan bli en gullgruve (no pun intended) for CRU med tiden, men naar trappes produksjonen opp for full her?

 

Fortsatt god l0rdagskveld :)

 

Takk for sist thomas

 

Selskapet har foretatt en "Rampup" av Lefa siste halve året og produksjonen begynner sånn smått å ta seg skikkelig opp. Nå har vi ikke fått Q2 tallene enda, men ingenting tilsier at månedsproduksjonen skal bli noe mindre enn i Q1. I Mars produserte denne gruva allene nesten 21K Oz.

 

Ellers er psyken blandt investorene helt på bånn for tiden. Det skrives milevis med dritt om selskapet og ledelsen hver eneste dag på forskjellige fora. Tipper det begynner å bli tynt med smånisser som sitter med poster i dette selskapet.

[Bartender]

Shareholder Structure

Updated: 07 July 2008

 

Ranking Holding Percentage Name Country of residence Citizenship/Country of reg. Type of account

1 79,689,589 17.88925 UMOE INDUSTRI AS NOR NOR Ordinary

2 35,213,491 7.90496 GOLDMAN SACHS INT. - GBR GBR Nominee

3 15,278,020 3.42971 GOLDMAN SACHS & CO - USA USA Nominee

4 14,938,390 3.35347 CITIBANK, N.A. GBR GBR Nominee

5 11,080,000 2.48731 HANDELSBANKEN MARKET NOR NOR Ordinary

6 8,490,074 1.90591 AGRA AS NOR NOR Ordinary

7 7,731,220 1.73556 UBS AG, LONDON BRANC GBR GBR Nominee

8 6,657,350 1.49449 KBC SECURITIES BEL BEL Nominee

9 6,500,000 1.45916 VERDIPAPIRFONDET KLP NOR NOR Ordinary

10 6,405,680 1.43799 J.P. MORGAN BANK LUX GBR LUX Nominee

11 5,741,008 1.28878 VITAL FORSIKRING ASA NOR NOR Ordinary

12 5,733,400 1.28707 VERDIPAPIRFOND ODIN NOR NOR Ordinary

13 5,350,172 1.20104 VERDIPAPIRFOND ODIN NOR NOR Ordinary

14 5,078,000 1.13994 DNB NOR SMB VPF NOR NOR Ordinary

15 5,010,000 1.12468 SEB PRIVATE BANK S.A LUX LUX Nominee

16 4,718,200 1.05917 GOLDMAN SACHS INT. - GBR GBR Ordinary

17 4,262,000 0.95676 NORDEA BANK NORGE AS DNK NOR Ordinary

18 4,001,000 0.89817 SKAGEN VEKST NOR NOR Ordinary

19 4,000,000 0.89795 DATUM AS NOR NOR Ordinary

20 4,000,000 0.89795 MYKLEBUST OLAV NOR NOR Ordinary

21 3,475,202 0.78014 DNB NOR NORGE (IV) V NOR NOR Ordinary

22 3,312,000 0.7435 MAYLAM INVEST AS NOR NOR Ordinary

23 3,206,395 0.71979 STOREBRAND LIVSFORSI NOR NOR Ordinary

24 3,047,366 0.68409 MUSLIK AS NOR NOR Ordinary

25 2,800,000 0.62856 MORGAN STANLEY & CO GBR GBR Nominee

26 2,436,720 0.54701 IRELAND OMNIBUS LEND GBR IRL Nominee

27 2,396,400 0.53796 NORDEA BANK PLC FINL FIN FIN Ordinary

28 2,229,166 0.50042 CACEIS BANK LUXEMBOU LUX LUX Ordinary

29 2,225,000 0.49948 DANSKE BANK A/S DNK LUX Nominee

30 2,189,000 0.4914 BANK OF NEW YORK, BR BEL GBR Nominee

31 2,100,000 0.47142 ABG SUNDAL COLLIER N NOR NOR Ordinary

32 2,050,000 0.4602 HAUGEN JAKOB NOR NOR Ordinary

33 2,035,795 0.45701 BNP PARIBAS SECS SER FRA DEU Nominee

34 1,926,942 0.43257 VERDIPAPIRFONDET NOR NOR NOR Ordinary

35 1,884,000 0.42293 AKSJEVOLD AS NOR NOR Ordinary

36 1,838,072 0.41262 PETERSEN JON STEEN DNK DNK Ordinary

37 1,826,123 0.40994 PENSJONSKASSEN STATO NOR NOR Ordinary

38 1,760,000 0.3951 KLP LK AKSJER NOR NOR Ordinary

39 1,601,900 0.35961 ALFRED BERG GAMBAK V NOR NOR Ordinary

40 1,550,000 0.34795 BJÅMER DITLEF HVALST NOR NOR Ordinary

41 1,472,172 0.33048 MONS HOLDING AS NOR NOR Ordinary

42 1,460,000 0.32775 BANK2 ASA NOR NOR Ordinary

43 1,430,000 0.32102 BARCLAYS CAPITAL SEC GBR CYM Nominee

44 1,400,000 0.31428 TANJA A/S NOR NOR Ordinary

45 1,357,250 0.30468 FIKSDAL ROAR NOR NOR Ordinary

46 1,326,000 0.29767 ALFRED BERG NORGE + NOR NOR Ordinary

47 1,319,000 0.2961 WSQ AS NOR NOR Ordinary

48 1,301,500 0.29217 MP PENSJON NOR NOR Ordinary

49 1,237,981 0.27791 VERDIPAPIRFONDET NOR NOR NOR Ordinary

50 1,128,246 0.25328 NORDEA BANK DENMARK DNK DNK Nominee

[Zoonic]

FIRST med en ny oppdatering av CRU:

 

CRU___Company_Update___02.07.2008.pdf

 

 

_________

[Bartender]

FIRST med en ny oppdatering av CRU:

 

CRU___Company_Update___02.07.2008.pdf

 

 

_________

 

Snadder Zoonic

 

Keep on the good work !!

[Zoonic]

Bare hyggelig, Bart!

 

Snadder Zoonic

 

Keep on the good work !!

[Bartender]

Press Release - 10th July 2008

 

LONDON, United Kingdom: Crew Gold Corporation ("Crew" or "the Company") (TSX: CRU) (OSE: CRU) (Frankfurt: KNC) (OTC-BB-Other; CRUGF.PK) today announced:-

 

Notification of Trade

 

On July 9th, 2008, Jan A Vestrum, President and Chief Executive Officer of Crew bought 3.5 million shares in Crew Gold at NOK 12.54 as a fulfilment of a previously entered forward contract, sold 3.5 million shares at NOK 5.15 and bought 3.5 million shares at NOK 5.27 through a new forward contract with maturity October 9th 2008.

 

Mr Vestrum`s total exposure is 9.307,364 Crew shares, including common shares, convertible bonds, forward contracts and options.

 

Jan A Vestrum

President & CEO

[thomas]

Lurer paa hvor mye penger Vestrum har svidd av paa disse kontraktene, maa vaere noen millioner kroner etterhvert

 

Denne havner snart under 5 kroner, hva blir det neste...

[Bartender]

Denne havner snart under 5 kroner, hva blir det neste...

 

......20 ?

 

Tapte 26 Millioner

[Bartender]

Press Release - 11th July 2008

 

LONDON, United Kingdom: Crew Gold Corporation

(`Crew` or `the Company`) (TSX: CRU) (OSE: CRU)

(Frankfurt: KNC) (OTC-BB-Other; CRUGF.PK) today

announced:-

 

 

On July 10, 2008, Cameron Belsher, the Chairman of

the Board of Crew bought 50,000 shares in Crew at

CAD $1.00 per share.

 

Mr Belsher`s total exposure is 797,290 Crew shares,

including common shares and options.

 

 

Jan A Vestrum

President & CEO

[Hoff@]

Dette var da en positiv trigger og det er akkurat dette CREW trenger nå, er det ikke snart på tide med noen oppgraderinger/meldinger også Bart?

Du er vel den som kjenner selsakpet best her på AF.

[Bartender]

Det vi venter på nå er melding om at Lefa erkleres komersiell. DVS at anlegget greier å "gnage" gjennom 16.000 tpd jevt over tid(Som er 80% av målet selskapet har satt for anlegget på 20.000 tpd) Målet for denne flaggingen har vært siste del av Q2. Siste par mnd. har vi fått vite at dette er slightly forsinket og vil være på plass "siste del av Q2, første del av Q3". Det betyr at en slik melding kan komme "any day" og jeg er en smule overrasket over kursutviklingen i lys av dette.

 

Ellers er det jo resultat Q2 som presenteres 11. august.

[Bartender]

Notification of Trade

 

On 15th July 2008, Simon Russell, Director of Crew

Gold Corporation purchased 25,000 Crew gold shares.

These shares were bought on the Canadian market at

a price of CAD$1.00 per share.

 

Mr Russell`s total exposure is 425,000 Crew shares,

including common shares and options.

 

 

Jan A Vestrum

President & CEO

[Bartender]

Shareholder Structure

Updated: 24 July 2008

 

Ranking Holding Percentage Name Country of residence Citizenship/Country of reg. Type of account

1 79,689,589 17.88934 UMOE INDUSTRI AS NOR NOR Ordinary

2 35,450,501 7.9582 GOLDMAN SACHS INT. - GBR GBR Nominee

3 15,638,390 3.51063 CITIBANK, N.A. GBR GBR Nominee

4 15,278,020 3.42973 GOLDMAN SACHS & CO - USA USA Nominee

5 9,080,000 2.03835 HANDELSBANKEN MARKET NOR NOR Ordinary

6 8,490,074 1.90592 AGRA AS NOR NOR Ordinary

7 8,042,350 1.80541 KBC SECURITIES BEL BEL Nominee

8 7,976,651 1.79066 UBS AG, LONDON BRANC GBR GBR Nominee

9 6,705,680 1.50534 J.P. MORGAN BANK LUX GBR LUX Nominee

10 6,500,000 1.45917 VERDIPAPIRFONDET KLP NOR NOR Ordinary

11 5,733,400 1.28708 VERDIPAPIRFOND ODIN NOR NOR Ordinary

12 5,350,172 1.20105 VERDIPAPIRFOND ODIN NOR NOR Ordinary

13 5,195,000 1.16621 DNB NOR SMB VPF NOR NOR Ordinary

14 5,000,000 1.12244 DATUM AS NOR NOR Ordinary

15 4,810,000 1.07979 SEB PRIVATE BANK S.A LUX LUX Nominee

16 4,718,200 1.05918 GOLDMAN SACHS INT. - GBR GBR Ordinary

17 4,671,828 1.04877 VITAL FORSIKRING ASA NOR NOR Ordinary

18 4,238,000 0.95138 NORDEA BANK NORGE AS DNK NOR Ordinary

19 4,200,000 0.94285 MYKLEBUST OLAV NOR NOR Ordinary

20 3,926,500 0.88145 SKAGEN VEKST NOR NOR Ordinary

21 3,512,000 0.7884 MAYLAM INVEST AS NOR NOR Ordinary

22 3,472,172 0.77946 MONS HOLDING AS NOR NOR Ordinary

23 3,247,366 0.72899 MUSLIK AS NOR NOR Ordinary

24 3,206,395 0.7198 STOREBRAND LIVSFORSI NOR NOR Ordinary

25 2,800,000 0.62857 MORGAN STANLEY & CO GBR GBR Nominee

26 2,556,720 0.57395 IRELAND OMNIBUS LEND GBR IRL Nominee

27 2,396,400 0.53796 NORDEA BANK PLC FINL FIN FIN Ordinary

28 2,230,000 0.50061 PERSHING LLC USA USA Nominee

29 2,229,166 0.50042 CACEIS BANK LUXEMBOU LUX LUX Ordinary

30 2,225,000 0.49949 DANSKE BANK A/S DNK LUX Nominee

31 2,050,000 0.4602 HAUGEN JAKOB NOR NOR Ordinary

32 2,035,795 0.45701 BNP PARIBAS SECS SER FRA DEU Nominee

33 2,000,000 0.44898 ABG SUNDAL COLLIER N NOR NOR Ordinary

34 1,926,942 0.43257 VERDIPAPIRFONDET NOR NOR NOR Ordinary

35 1,921,941 0.43145 DNB NOR NORGE (IV) V NOR NOR Ordinary

36 1,884,000 0.42293 AKSJEVOLD AS NOR NOR Ordinary

37 1,838,072 0.41262 PETERSEN JON STEEN DNK DNK Ordinary

38 1,826,123 0.40994 PENSJONSKASSEN STATO NOR NOR Ordinary

39 1,800,000 0.40408 KLP LK AKSJER NOR NOR Ordinary

40 1,601,900 0.35961 ALFRED BERG GAMBAK V NOR NOR Ordinary

41 1,550,000 0.34796 BJÅMER DITLEF HVALST NOR NOR Ordinary

42 1,460,000 0.32775 BANK2 ASA NOR NOR Ordinary

43 1,430,000 0.32102 BARCLAYS CAPITAL SEC GBR CYM Nominee

44 1,400,000 0.31428 TANJA A/S NOR NOR Ordinary

45 1,326,000 0.29767 ALFRED BERG NORGE + NOR NOR Ordinary

46 1,319,000 0.2961 WSQ AS NOR NOR Ordinary

47 1,301,500 0.29217 MP PENSJON NOR NOR Ordinary

48 1,257,250 0.28224 FIKSDAL ROAR NOR NOR Ordinary

49 1,237,981 0.27791 VERDIPAPIRFONDET NOR NOR NOR Ordinary

50 1,126,655 0.25292 STATOIL FORSIKRING A NOR NOR Ordinary

[thomas]

Denne havner snart under 5 kroner, hva blir det neste...

 

Ser ut som jeg fikk rett i dette... Ikke så ofte jeg har rett

CRU er en av jalla-aksjene jeg har tatt inngang i disse tider, uten noen spesiell grunn bortsett fra at kursen har kommet ned til dit den var i slutten av 2003

 

Denne mannen:

1 79,689,589 17.88934 UMOE INDUSTRI AS NOR NOR Ordinary

Når skal han få fingen ut?

[Hoff@]

CAR tar inn CREW i dag, på en annen side kan dette kaste noen mørke skyer over selskapet.

 

http://uk.reuters.com/article/allBreakingN...565884520080805

[thomas]

Ikke positivt med uro i Guinea nei

 

På den andre siden, kanskje dette oppkjøpet kan trigge CRU litt også, viser at det er plenty oppside i gruveselskap:

 

XSTRATA:BYR GBP 33/AKSJE KONTANT FOR LONMIN, PREMIE 42% FRA MANDAG

 

Oslo (TDN Finans): Xstrata har kjøpt 8,03 prosent i Lonmin, og tilbyr 33

pund pr aksje kontant for resten av selskapet.

 

Det melder Bloomberg News onsdag, etter at FT onsdag skrev om det ventede

budet.

 

Budet verdsetter Lonmin til rundt fem milliarder pund, og budet er til en

premie på 42 prosent sammenlignet med sluttkurs tirsdag.

 

Ifølge Xstrata har driften i Lonom "consistently underperformed".

 

Lonmin produserer hovedsakelig platina, og lignende metaller som palladium

og rhodium, og driver i Marikana i Nordvest-provinsen i Sør-Afrika. Aksjen

endte opp 4,6 prosent tirsdag, og er ned 25 prosent så langt i år.

--

TDN Finans

TF

22 00 11 55

finans@tdn.no

 

---

 

Jeg er long i CRU som en del av jalla-porteføljen, med inngang litt under 5 kroner

[Bartender]

Det er vel på tide å oppdatere denne.

 

Q2 etter min mening inline m.h.t guiding. Grønnland noe dårligere, Maco noe bedre og Lefa som forventet.

 

Lefa er kormersiell fra 1.Juli 2008. Det er noe vi aksjonærer har siklet etter noen måneder/år. Fra nå av kommer tallene fra produksjonen inn i resultatene.

 

Kursutvikling så langt i dag er tragisk. Aksjen tryner 15%.

 

Q2 Presentasjon : CRU_Q2_Presentasjon.pdf

 

Q2 Regnskap: CRU_Q2_Regnskap.pdf

[Bartender]

Shareholder Structure

Updated: 14 August 2008

 

Ranking Holding Percentage Name Country of residence Citizenship/Country of reg. Type of account

1 79,689,589 17.89576 UMOE INDUSTRI AS NOR NOR Ordinary

2 30,563,944 6.8637 GOLDMAN SACHS INT. - GBR GBR Nominee

3 15,638,390 3.51189 CITIBANK, N.A. GBR GBR Nominee

4 15,275,700 3.43044 GOLDMAN SACHS & CO - USA USA Nominee

5 9,080,000 2.03908 HANDELSBANKEN MARKET NOR NOR Ordinary

6 8,490,074 1.9066 AGRA AS NOR NOR Ordinary

7 8,292,350 1.8622 KBC SECURITIES BEL BEL Nominee

8 8,098,401 1.81864 UBS AG, LONDON BRANC GBR GBR Nominee

9 6,705,680 1.50588 J.P. MORGAN BANK LUX GBR LUX Nominee

10 6,500,000 1.45969 VERDIPAPIRFONDET KLP NOR NOR Ordinary

11 5,733,400 1.28754 VERDIPAPIRFOND ODIN NOR NOR Ordinary

12 5,350,172 1.20148 VERDIPAPIRFOND ODIN NOR NOR Ordinary

13 5,195,000 1.16663 DNB NOR SMB VPF NOR NOR Ordinary

14 5,000,000 1.12284 DATUM AS NOR NOR Ordinary

15 4,614,000 1.03616 MYKLEBUST OLAV NOR NOR Ordinary

16 4,600,000 1.03301 NORDEA BANK NORGE AS DNK NOR Ordinary

17 4,410,000 0.99035 SEB PRIVATE BANK S.A LUX LUX Nominee

18 4,001,000 0.8985 SKAGEN VEKST NOR NOR Ordinary

19 3,935,417 0.88377 DEUTSCHE BANK AG LON GBR GBR Nominee

20 3,926,882 0.88185 VITAL FORSIKRING ASA NOR NOR Ordinary

21 3,562,000 0.79991 MAYLAM INVEST AS NOR NOR Ordinary

22 3,472,172 0.77974 MONS HOLDING AS NOR NOR Ordinary

23 3,247,366 0.72926 MUSLIK AS NOR NOR Ordinary

24 3,206,395 0.72005 STOREBRAND LIVSFORSI NOR NOR Ordinary

25 2,978,200 0.66881 GOLDMAN SACHS INT. - GBR GBR Ordinary

26 2,556,720 0.57416 IRELAND OMNIBUS LEND GBR IRL Nominee

27 2,396,400 0.53816 NORDEA BANK PLC FINL FIN FIN Ordinary

28 2,230,000 0.50079 PERSHING LLC USA USA Nominee

29 2,229,166 0.5006 CACEIS BANK LUXEMBOU LUX LUX Ordinary

30 2,130,000 0.47833 PARAGON CAPITAL PTE. SGP SGP Ordinary

31 2,050,000 0.46037 HAUGEN JAKOB NOR NOR Ordinary

32 2,035,795 0.45718 BNP PARIBAS SECS SER FRA DEU Nominee

33 2,000,000 0.44914 ABG SUNDAL COLLIER N NOR NOR Ordinary

34 1,926,942 0.43273 VERDIPAPIRFONDET NOR NOR NOR Ordinary

35 1,884,000 0.42309 AKSJEVOLD AS NOR NOR Ordinary

36 1,838,473 0.41286 PENSJONSKASSEN STATO NOR NOR Ordinary

37 1,838,072 0.41277 PETERSEN JON STEEN DNK DNK Ordinary

38 1,800,000 0.40422 KLP LK AKSJER NOR NOR Ordinary

39 1,647,840 0.37005 FIRST SECURITIES ASA NOR NOR Ordinary

40 1,611,332 0.36185 DNB NOR NORGE (IV) V NOR NOR Ordinary

41 1,601,900 0.35974 ALFRED BERG GAMBAK V NOR NOR Ordinary

42 1,601,000 0.35953 WSQ AS NOR NOR Ordinary

43 1,566,000 0.35167 BJÅMER DITLEF HVALST NOR NOR Ordinary

44 1,460,000 0.32787 BANK2 ASA NOR NOR Ordinary

45 1,400,000 0.3144 TANJA A/S NOR NOR Ordinary

46 1,326,000 0.29778 ALFRED BERG NORGE + NOR NOR Ordinary

47 1,301,500 0.29228 MP PENSJON NOR NOR Ordinary

48 1,257,250 0.28234 FIKSDAL ROAR NOR NOR Ordinary

49 1,256,400 0.28215 DNB NOR BANK ASA EGE NOR NOR Ordinary

50 1,237,981 0.27801 VERDIPAPIRFONDET NOR NOR NOR Ordinary

[Zoonic]

FIRST med en CRU-update:

 

CRU___Presentation___14.08.2008.pdf

 

 

_________

[christle]

Hei

 

Noen spørsmål - for meg vil det bidra til svar på om dette er gull eller gråstein...

 

1. Operer CRU under skatteregimer som gir dem rett til å fremføre underskudd til fradrag på fremtidig skatt?
   
2. Hvis ja, hvor store er disse fremførbare underskuddene?
   

Mvh og på forhånd takk for svar,

[Hoff@]

jeg fikk noen ytterst få aksjer i etterbørs i dag, får se om jeg ikke må øke endel i morgen for å få en passe mengde, limer inn dagens fra CAR angående CREW.

 

CRU (3,95) – Selloff continues following Q2- BUY

 

 

Crew Gold (CRU) announced their Q2 report yesterday and the company disappointed. The production at Nalunaq was 11,001 ounces, down 44% relative to Q2 last year. The costs were also higher than last quarter and the net profit showed a loss of $20.3 million. The operations at LEFA and MACO are still capitalized. Below follows a brief update on the projects.

 

 

LEFA:On the positive side, the progress at LEFA is moving forward, a bit slower than what the market has hoped, but the company expects full production from 2009. LEFA produced 53,532 ounces during Q2, and the mine was deemed commercial from July the first. The company expects dips in production during the second half of 2008 as the refurbishment of the LEFA plant continues. Three key issues will be solved during Q3 and Q4, those includes reliable crushing and grinding operations, securing the water supply and refurbish the power plant. The company expects that when these key issues are solved, the plant will operate at full production from 2009. Exploration is ongoing at LEFA and especially the Firifirini resource, and the main target for CRU is to expand higher grade reserves as this will increase the economics of LEFA.

 

 

MACO:The Maco plant produced 5,380 ounces of gold during Q2, which was an increase from 2,212 last year. The plant was cash flow positive in Q2. The exploration work will continue, with a view to discover new high grade vein systems. However the company was clear in yesterday’s conference call that the Maco mine will continue to be a small operation, and the company has not yet decided if the Maco project will be a strategic asset. The company commented on the copper-gold porphyry as well, and a full review of the historic resource is underway. CRU plans to test the porphyry with drilling in Q4.

 

 

NALUNAQ:Nalunaq produced well below expectations during the quarter. This was due to poor weather that delayed shipping of ore from Greenland and to the Nugget Pond facility, as well as the ore that was milled had a low grade. CRU further announced that they are ore strike length is not meeting expectations, and the resources are currently under full review. The review will result in a new mine life estimation during Q3. We have taken down our production forecast for Nalunaq based on this. The cash cost was according to CRU at $850 for Q2, clearly with today’s gold price at slightly above $800 the economics of the Nalunaq project is poor.

 

 

 

The management also stated that they are considering a strategic change were they will focus on West African projects. Within that plan, The Wa permit in Ghana is the company’s most interesting exploration project. The permit covers 300 km2 and a budget of $1 million will be spent for exploration. Exploration during the quarter included trenching, mapping and surface sampling.

 

 

 

Concluding, based on the lower production and worse outlook for Nalunaq, and especially the recent almost $200 decline in the gold price, we have downgraded our price target for CRU. Our new price target is NOK 6. Because CRU so far has been a relatively high cost producer, a fall in the magnitude of $200 in the gold price depresses CRU’s margins substantially, and the shareprice fall more relatively to low cost producers. In addition, with the economics of Nalunaq deteriorating considerably, the MACO mine will continue to be a low producer, the progress of LEFA being slower than what the market has wanted, the market’s confidence in CRU’s management at probably all time low and with the US Federal reserve officially state that they want a strong USD, the outlook for the company has worsened substantially during the Q2. However, the shareprice has seen a massive decline, with year to date performance being -58%, and even though we have downgraded the company, we continue to recommend the company as a buying opportunity. Six month shareprice target NOK 6.

[Bartender]

En "Snar-vakker" OHS om markedet tar til vett og starter handel

 

 

Edit: Vel, vel....der gikk den drømmen i dass. Steike jeg er lei denne aksjen nå altså...

[vidar]

Oslo (TDN Finans): Jan Vestrum går av som konsernsjef og styremedlem i Crew Gold Corp med umiddelbar virkning.

Det opplyses i en melding onsdag. Styret har startet arbeidet med så snart som mulig å finne en erstatning. Finansdirektør William LeClair er konstituert som konsernsjef frem til en ny er utnevnt.

-Jeg ønsker å takke Vestrum for hans bidrag, og ønsker ham alt det beste i hans fremtidige utfordringer, sier styreformann Cameron Belsher i Crew Gold i en kommentar.

[lothar]

Det var det beste som kunne skjedd! Woho!