Crew Gold Buys Guinor Gold

Crew Gold Corp. has completed its takeover bid for all of the issued and outstanding common shares of Guinor Gold Corp. Guinor's common shares are listed on the Toronto Stock Exchange and Oslo Stock Exchange. The offer to acquire Guinor's common shares for cash consideration of C$1.50 per share was made by Crew Acquisition Corp., a wholly owned subsidiary of Crew, pursuant to a takeover bid circular dated November 1, 2005. By the expiry of Crew's offer on December 9, 2005, approximately 95 per cent of the issued and outstanding Guinor common shares were deposited to the offer. Crew intends to acquire all the outstanding Guinor common shares not tendered to the offer pursuant to compulsory acquisition procedures. The transaction values Guinor at approximately C$390 million.

In connection with the acquisition of Guinor, Crew conducted a private placement of subscription receipts for total proceeds of NOK 984.000.000 (approximately C$172 million). The subscription receipts were exchanged into Crew common shares on December 9, 2005 following the initial taking up of Guinor common shares. Crew also conducted a private placement of convertible bonds for total proceeds of NOK 1.320.000.000 (approximately C$231 million).

Crew is an international mining company with majority ownership of current and near-term producing gold mines in Greenland and the Philippines, and a 20 per cent stake in the Barberton gold mine in South Africa. Through the acquisition of Guinor, Crew has acquired an 85 per cent indirect interest in Guinor's 2.1 million ounce LEFA Corridor Gold Project in Guinea. Crew also has a portfolio of non-gold properties.

Crew's corporate and Canadian counsel was Farris, Vaughan, Wills & Murphy LLP with a team headed by Cameron Belsher that included Trevor Scott, Erinn Broshko, Jason Sutherland, Brooke Harley and Catherine Anderson. For Norwegian matters, Crew was represented by Thommessen Krefting Greve Lund AS with a team headed by Kai Thøgersen that included Anders Arnkværn and Halvor Mansaker. For US matters, Crew was represented by Christopher Cummings and Adam Givertz of Shearman & Sterling LLP.

Guinor was represented by Stikeman Elliott LLP with a team headed by Brian Pukier that included Jay Kellerman, Quentin Markin and Jennifer Estrela.