Crew Gold Corp., Q4 2009 Earnings Call, Mar-31-2010

Crew Gold Corp. 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.

Crew Gold Corp. announced the LEFA mine production results for the fourth quarter of 2009. Production has been steady since all 4 mills became operational in October. The variation in grade and ounces relates to mill and mining equipment availability and the utilization of lower grade stockpiles during periods when plant and equipment overhauls were occurring. The average head grade during the period was 1.39 g/t. All plant and equipment overhauls in the period were scheduled as part of the rectification program. There are 3 further major plant shutdowns scheduled in 2010 following which the plant is anticipated to be fully refurbished and the mobile equipment overhauls and mid life rebuilds will continue through 2010. For the month to January 22, 2010, 395,600 tonnes of ore have been milled yielding 15,200 ounces of gold. The average recovered grade has been 1.2 g/t and the average head grade 1.34 g/t. The Reserve and Resource technical report is now complete. This is the first major 43-101 compliant report that has been issued since 2007 for resources and 2008 for reserves. In conjunction with the Companys 2010 budget process, the Board of Directors has approved a capital plan for expenditures of $75 million over the next 3 years that will complete the debottlenecking program, mining fleet refurbishment, acquisition of insurance spares and restart the exploration program. The capital program is anticipated to be funded by cash flow from operations.