Crew Gold Completes $64 Million Private Placement

On July 17, 2008, Crew Gold Corporation completed a $64 million private placement of 49,932,900 common shares. Arctic Securities ASA and First Securities ASA acted as managers and joint bookrunners for the private placement, which was directed towards professional Norwegian and international investors located outside Canada and the United States. The shares were issued to Arctic Securities ASA for redelivery to Umoe Invest AS under a stock-lending agreement entered into by Arctic Securities ASA and Umoe Invest AS.

McCarthy Tétrault LLP acted as Canadian counsel to Crew Gold Corporation with a team that included Cameron Belsher and Catherine Anderson (business law). Anders Arnkværn, Kai Thøgersen, Halvor Mansaker, Tore Mydske and Knut Martinsen of Thommessen Krefting Greve Lund AS represented Crew Gold Corporation in Norway. Anne Stewart and Olen Aasen of Blake, Cassels and Graydon LLP represented Umoe AS.