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"Test Mining Successfully Completed at Nalunac"
dr. Stockman
23.10.2000 19:51
#670

Endre
Crew Development Corporation: Test Mining Program Successfully Completed at Nalunaq
VANCOUVER, British Columbia--(BUSINESS WIRE)--Oct. 23, 2000--Crew Develop (TSE:CRU. - news; OSLO STOCK EXCHANGE:CRU) (FRANKFURT:KNC) Crew Development Corporation (``Crew'') is pleased to announce that this summer's test-mining program at the high-grade gold deposit at Nalunaq, Greenland, has been successfully completed. The development program was designed to enable the company to make a production decision by the end of the first quarter of 2001, which remains our objective. As a result of the encouraging developments this summer, the program was extended into October, at an additional investment of C$2 million, resulting in a total program cost of C$9 million.

The test-mining program included more than 1,800 meters of underground workings and produced some 23,000 tonnes of crushed ore, which has been carefully sampled under the guidance of Strathcona Mineral Services. The company is pleased to report that all of the three adits and 15 raises were developed within the mineralized structure. In addition, each of the three adits run more than 400 meters along strike and remain in the mineralized structure. The verified 400-meter strike length should support a 500 tonne per day mining operation, producing an estimated 148,000 ounces of gold annually, as proposed in the 1999 prefeasibility study.

Upon the conclusion of the extensive work program, Crew has now earned a 67% interest in the project. Strathcona Mineral Services has been supervising the grade-verification program and has controlled the statistical sampling facility, the results of which are expected during the first quarter of 2001.

``This summers work program clearly demonstrated that Nalunaq can be an important revenue earner for Crew in the future. Our geologists now have a very good understanding of the narrow-vein high grade system at Nalunaq, which will improve our ability to expand the resources there, and in the region in general'', said John M. Darch, CEO of Crew.

Project Overview

The Nalunaq Gold Deposit is located 6 km from an ice-free, deep-water fjord, and 40 km from existing port facilities in Nanortalik. A positive pre-feasibility study by MRDI (H.A. Simons) was completed in March 1999. The study estimated an NPV of US$39.8 million and an IRR of 51% for a 500-tpd operation with a cash cost of US$160 per ounce. The calculated 27.3 g/t mill feed (after mining losses and dilution) suggests a payback of less than two years on the US$20 million capital investment. Indicated and inferred resources of 425,000 oz with an average grade of 32 g/t are contained within a limited section of the geological resource of 1.8 million ounces, which has significant potential for further expansion.

The Nalunaq deposit was discovered in 1993 and constitutes the first find of visible in situ gold in Greenland. The Main Vein is an outcropping gold-bearing structure, mapped and sampled for a length of over 2,000-m with relatively continuous exposure and consistent mineralization. Several extremely high-grade intersections with more than 800 g/t of gold over 1 m were obtained in the surface sampling program in 1999. Channel samples of up to 5,000 g/t have been obtained in the adit. Several additional gold mineralised outcroppings have been found in the 1,000-square kilometre concession. Crew has a dominant position in a new gold district in Southern Greenland with all known gold signatures claimed in the area.

The Nalunaq joint venture recently signed a Mandate Letter appointing Bayerische Hypo-und Vereinsbank AG (HypoVereinsbank) as Advisor and Arranger for the debt financing of the Nalunaq project. The construction costs for the underground mine and processing facilities, which the company intends to 100% debt finance, are estimated at approximately US$20 million.

OldNick
24.10.2000 00:02
#82

Endre
dr. Stockman,

Så ikke dette innlegget.

La inn d.s. på den andre som er aktiv, det ligger noe annet materiale der også

mvh, OldNick
stohauge
24.10.2000 00:22
#654

Endre
Nå ja. Får dette betydning for aksjekursen da tro ?
Shareholder
24.10.2000 10:32
#17

Endre
Selvfølgelig får dette betydning for aksjekursen. Mine 30.000 små koser seg allerede. Endelig litt volum i handelen på stigende kurser.
Hvor langt går vi og hva ender dagen på? Noen synspunkter
Trooper
24.10.2000 10:49
#2

Endre
Etter et innlegg i Finansavisen idag tyder det på at den vellykkede testingen er viktig for selskapet fordi det kan bli en meget stor inntektskilde.
Dette må jo bare presse aksjekursen oppover!!?
joergen
24.10.2000 11:34
#273

Endre
Etpar punkter ang. den siste pressemeldingen:

- Resultatene fra sommerens prøvedrift var såpass positive at man valgte å fortsette utover planlagt tidsramme. Nå skal være mulig å prosesserere 500 t/dag, noe Crew hadde håpet på etter forstudien fra 1999. Alternativet vil være 250 t/dag med dertil høyere cash cost.
- Arbeidet ble avsluttet i mineraliseringen. Hvor lang gull åren er kan man ikke med sikkerhet vite. Gruveingeniørene smiler av geologer som kommer med spådommer. Man graver til det er slutt.
- Nunaminerals, den grønnlandske samarbeidspartneren spyttet i sin andel på 33% av ekstra arbeidet på C$2 mill. for å unngå utvanning ( hadde tidligere 50%).
bjornmu
24.10.2000 17:27
#54

Endre
Jeg synes ikke timingen av meldingen her var helt patent. Om den måtte sendes ut igår, er det forståelig at det ikke er mulig å få gjort dette *før* handelen åpner i Toronto, men *etter* at den er stengt i Oslo, men de burde nå ihvertfall ha klart å få denne ut tidligere enn kl 10.01.28 her borte.

De som fulgte godt med (undertegnede inklusive) kunne her ha muligheten til å gjøre et kupp på bekostning av noen uheldige selgere.

Det ville ikke engang vært ulovlig. Nei, jeg kjøpte ikke kl. 10.00.00 idag.
Westcoast
24.10.2000 18:39
#21

Endre
Registrerer at Kredittkassen har den i Portoføljen sin, de pleier å ha en liten kommentar/omtale om de selskapene de har,
men CRU har uteblitt de 2 siste ukene, kassa må begynne å skjerpe seg nå.
WESTCOAST



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