Crew Gold Corp. WKN A0B L46 ISIN CA2265341057 CRU

    GO,

    war mal ein echter Könner und wird hoffentlich bald

    wieder einer sein.


    Deshalb folgende Replik:


    aktuell 21.40 Uhr MEZ steht Drooy bei 1,73 USD.

    Verkauft hatte ich zu 1,20 €.


    Ich hätte aber auch zu 1,0 USD oder auch 0,5 USD verkauft,

    weil Ganoven tabu sind.


    Reinvestiert in HRG, GSS, NGG, CBE und heute Crew.


    gogh

    Strong gold price supports higher estimates. Cheap valuation!
    2006 should see Crew closing its gap to its gold peers, supporting >NOK 20, Nickel adds on top



    Our Crew estimates lag the recent gold price rally;
    Our 2007 estimate is based on USD 501/Oz,
    The current price is USD 550/Oz
    The 2007 futures price last settled at USD 582/Oz.
    The current Crew valuation is attractive;
    Our estimates yields a 2007E P/E of 7.7x, 8.9x fully diluted
    Applying the current gold price on 2007E yields a fully diluted P/E of 6.5x
    Gold producers are highly valued due to gold’s special investment characteristics, Crew’s peers typically trades at 2007E P/E’s between 25x-35x
    Crew is only expensive on its valuation relative to its resources, but a comprehensive 2006 drilling program should improve this parameter
    Crew’s valuation is set to increase during 2006;
    Delivering on its numerous milestones will substantiate production targets
    Increasing awareness among investors and analysts through field trips and conferences
    The Mindoro Nickel Project adds solid additional upside, industrial partner expected in place by mid-2006
    We re-iterate our Strong Buy and target USD 3/NOK 20
    The recommendation was not presented to the issuer before dissemination

    CrewGold feeling the heat in the Philippines
    By Jon Nones
    30 Jan 2006 at 01:11 PM


    Close to 10,000 people joined a caravan on Monday to renew their protest against Canadian mining firm CrewGold Mining set to extract cobalt and nickel on the Philippine island of Mindoro, a day after influential Catholic bishops pressed for the cancellation of mining concessions in the country.


    Defensor granted an exploration permit to the company last year.
    http://www.resourceinvestor.com/pebble.asp?relid=16548




    10,000 stage anti-mining protest in Mindoro


    First posted 09:15pm (Mla time) Jan 30, 2006
    By Joel Jabal
    INQ7.net


    CALAPAN CITY -- (UPDATE) Close to 10,000 people -- including ethnic Mangyan, farmers, and religious leaders -- joined a caravan on Monday to renew their protest against a Canadian mining firm set to extract cobalt and nickel on the island, a day after influential Catholic bishops pressed for the cancellation of mining concessions in the country.


    Onboard more than 500 vehicles, the protesters began their caravan at around 7 a.m. in this city and passed through the towns of Naujan, Victoria, Socorro and Pola. They were bearing streamers and placards calling for the revocation of an exploration permit issued by Environment Secretary Mike Defensor last November 10.


    Oriental Mindoro politicians, many of them with divergent political leanings, also joined the protest caravan.


    “We have different political beliefs but we are united against this mining project,” said Oriental Mindoro second district Representative Alfonso V. Umali, Jr.


    “In this fight, we have the support of the religious sector, the indigenous people’s group, the mayors, vice-mayors, civil society groups and student groups,” he said. “What proof do they need to prove that this project lacks social acceptance?”


    The Aglubang Mining Corp. was granted a Mineral Production Sharing Agreement (MPSA) covering 2,290 hectares in the boundaries of Victoria and Naujan in December 2000.


    But the mining site was found to be within a watershed area and the ancestral domain of the ethnic Mangyan, prompting the Department of Environment and Natural Resources (DENR) to terminate the MPSA on July 16, 2001.


    The AMC, which was owned by the Canadian-based CrewGold Mining, appealed the revocation order, which was scrapped shortly before the 2004 national elections. Defensor granted AMC an exploration permit last year.


    “We have been fighting this mining project for the last 10 years. It’s about time they realized all of us here in Oriental Mindoro are against it,” said Umali.


    First District Representative Rodolfo G. Valencia said the mining project would “bring death and destruction” to the province.


    He warned that massive flood would hit the estimated 40,000-hectare rice-producing plains of northern Mindoro, which was devastated by three successive floods last month.


    Valencia also said that the mining site was within an area being claimed by Tadyawan Mangyan tribe.


    Governor Arnan C. Panaligan, a staunch ally of President Gloria Macapagal-Arroyo, reiterated the stand of the provincial government that it was not allowing large-scale mining in the province.


    The provincial government passed an ordinance on January 28, 2002 imposing a 25-year ban on large-scale mining in Oriental Mindoro.


    The 120-member Catholic Bishops’ Conference of the Philippines on Sunday issued a statement after a three-day annual retreat in Manila expressing concern over the presence of foreign mining companies in the country.


    The 1995 Philippine Mining Act allows foreign companies to explore and develop mining sites in partnership with the government.


    Last year, Philippine mining officials ordered the suspension of a 42-million dollar flagship project funded by Australian and South Korean investors after cyanide-laced waste spilled and killed fish on Rapu-Rapu island, 380 kilometers (235 miles) southeast of Manila.


    In 1996, millions of tons of mine waste from an impounding dam of the Marcopper Mining Corp. spilled into a river on central Marinduque island, creating an environmental disaster. The mine was subsequently closed by the government. With Associated Press
    http://news.inq7.net/breaking/…hp?index=2&story_id=64606

    Veröffentlichung OSLO Börse, am 14.02.06


    LONDON, United Kingdom: February 14, 2006 -
    Crew
    Gold Corporation (`Crew` or the `Company`) (TSE
    & OSE: CRU; Frankfurt: KNC; OTC-BB- other:
    CRWVF.PK is pleased to


    report its financial and operating results
    ================================
    for the six months ended
    ===================
    December 31, 2005.
    ================
    ================



    --------------------------------------------------------------------------------

    LONDON, United Kingdom: February 14, 2006 - Crew
    Gold Corporation (`Crew` or the `Company`) (TSE
    & OSE: CRU; Frankfurt: KNC; OTC-BB- other:
    CRWVF.PK is pleased to report its financial and
    operating results for the six months ended
    December 31, 2005.


    The Company acquired Guinor Gold Corporation
    (`Guinor`) on December 9, 2005. The results for
    the quarter ended December 31, 2005 include the
    results of Guinor from the date of acquisition
    to the period end.


    The results from mining operations for the
    quarter show improvement over the last quarter
    and include the results for the Nalunaq Gold
    Mine and the LEFA Gold Mine. For the quarter
    ended December 31, 2005 the gold operations
    generated a gross operating profit of $2.3
    million (2004 - ($0.2) million), an improvement
    of $2.5 million.


    The Company recorded EBITDA for the quarter
    ended December 31, 2005 of $0.7 million compared
    to EBITDA of negative $1.0 million for the
    quarter ended December 31, 2004. EBITDA for the
    six months ended December 31, 2005 was $3.6
    million compared to $0.4 million for the six
    months ended December 31, 2004.


    For the quarter ended December 31, 2005 the
    Company recorded a net loss of $0.2 million
    ($0.00 per share) compared with a net loss of
    $4.3 million ($0.03 per share) for the quarter
    ended December 31, 2004, an improvement of $4.1
    million. For the six months ended December 31,
    2005 the Company recorded a net profit of $1.2
    million ($0.00 per share) compared with a net
    loss of $4.8 million ($0.03 per share) for the
    six months ended December 31, 2004, an
    improvement of $6.0 million.



    FOR FULL TEXT OF PRESS RELEASE PLEASE SEE
    ATTACHED FILE


    Jan A. Vestrum
    President & CEO

    Schade dass so ein schöner Elch derart unseriöse Kreditgeber

    wie die Deutsche Bank hat.

    gogh


    Veröffentlichung der Osloer Börse:


    14.03.06 12:33 Marked=OB CRU DISCLOSURE OF LARGE SHAREHOLDINGS flagging

    In accordance with section 3-2 of the Norwegian Securities


    Trading Act, Deutsche Bank AG gives notice of its


    purchase of 60,000 ordinary shares issued by Crew Gold


    Corporation (`the company`) on 13 March 2006.



    --------------------------------------------------------------------------------

    Following settlement of this trade, Deutsche Bank AG and
    its subsidiary undertakings will have total holdings of
    shares and rights to shares equivalent to 5,01% of the
    share capital and voting rights of the Company.


    This comprises holdings of 3.46% in ordinary shares and 1.55% in
    rights to shares.


    The rights to shares arise from holdings of convertible


    bonds issued by the Company, of which 1.45% is exercisable


    by 1 December 2010 and 0.10% is exercisable by 8 September
    2006.

    Noch mehr als die Deutsche Bank halten Credit Suisse, Bank of New York und gar Goldman Sachs. Mir ist aber nicht immer klar, ob das Eigen- oder Kundenbeteiligungen sind.
    Dann hat der Gandhara Capital Master Fund bekanntgegeben, daß er seine Beteiligung auf über 10% erhöht hat. Merkwürdigerweise ist der Fonds gar nicht als Major Shareholder aufgeführt.


    -----------------------


    Referat von heutiger Crew Präsentation bei Odin durch Navnlos (kopiert von Stocktalk)


    Navnlos 15.03.06 22:28


    Heute hörte ich Vestrum zum 4.Mal. Da waren 10-12 anwesend bei der Odin Präsentation. JV wirkte etwas erschöpfter als ich ihn früher gesehen habe, aber desto selbstsicherer und sicher, daß Crew liefern wird. Hier ein wenig von dem, was ich aufgeschnappt habe:


    APEX Erste Produktion startet im Mai mit 500 t/d, 1000t/d von August/September. Rechnet mit Produktion von 50k+ Unzen und 150k+ Unzen in 2007. Möglichkeit für Tagebau (nicht geklärt). Bohrresultate kommen „nicht so lange hin“. Neue Ausrüstung komt im Juli. Erwarten bald, die Beteiligung zu erhöhen.


    LEFA: Angebot, den Besitzanteil zu erhöhen und erwartet, daß das geschieht. Ganze Prozeßanlage ist On-Site und man kann dem Bauprozeß auf http://www.crewgold.com folgen. Refinanzierung eines Teils der (alten) Guinor Schulden kommt ( um ein Hedging gegen den Goldpreis zu vermeiden ). Darüber kommt bald eine Meldung
    Rechnet mit 50k Unzen im Jahr oder 360k in 2007.


    MINDORO Crew hat Angebot von großem Nickelproduzenten erhalten, aber nicht akzeptiert. Kommt wohl kein Abkommen bis Jahresende (?). Traum für Vestrum ist die 1. Phase selbst zu machen! Wirkte auf mich, als ob ein Spinoff von Crew Minerals mit Bookbuilding Emission und 1.Phase von Mindoro der Weg ist, den Vestrum gehen will. Nun arbeiten sie an der Aufwertung der Feasibility von 1998 ( 5-600000 $).


    DIVERSES
    - Haben mehrere neue fähige Mitarbeiter in 2006 bekommen (Simon Booth und PHD Sven Monrad Jensen )
    - Haben Anfrage, ob Crew zu verkaufen sei ... (von einer Firma, die an Guinor interessiert war ) aber mein Eindruck, daß das nicht geschehen wird
    - North Davao kommt – einmal. Waren Gespräche mit Kupferproduzent über den Kupferanteil.
    - ...? ist es aktuell mit mehreren Aufkäufen. Hat 2 Gesellschaften auf der Liste. Eine in Westafrika...
    - Hurdal: Nette Neuigkeiten im Laufe des Frühlings
    - Crew ist in der Phase, in der es 2 große Goldprojekte hat und steht ein Jahr vor voller Produktion, und Neubewertung muß bald kommen.
    (Übersetzungsversuch mit Wörterbuch, Mißverständnisse leicht möglich!)


    Die Nachricht von Mindoro bewerte ich negativ. Daß Crew jetzt Geld reinsteckt, um die Prefeasibility zu „oppgradere“ , paßt nicht zur bisherigen Unternehmensphilosophie.
    Aus einem zweiten Bericht zu einer Präsentation bei DNBNor entnehme ich, daß Crew einen Partner will, der das ganze Projekt wuppt, was der chinesische Partner aber nicht kann. Das Angebot eines großen Akteurs wurde abgelehnt, da open-ended. Problem mit den wirklich großen Produzenten sei, daß sie an langfristigen Verträgen (10-12 Jahre) interessiert seien und selbst bestimmen wollten, wann das Projekt in Gang gesetzt würde. Neue Feasibility soll Saprolith Informationen ausarbeiten ( anfängliche Resourcenabschätzung nur für Limonit)


    Orginal:
    Referat fra dagens Crew presentasjon hos Odin ved navnløs (kopiert fra ST).


    navnløs 15.03.06 22:28
    I dag hørte jeg på Vestrum for 4. gang. Det var 10-12 stykker tilstede på presentasjonen hos Odin. JV virket litt mer sliten enn jeg har sett han tidligere, men desto mer selvsikker og trygg på at Crew kommer til å levere! Her er litt av det jeg plukket opp:


    APEX: Første produksjonen starter i mai med 500 t/d. 1000 t/d fra august/september. Regner med produksjon på 50K+ unser i 2006 og 150K+ i 2007. Mulighet for open pit (ikke avklart). Boreresultater kommer om ”ikke så lenge”. Nytt utstyr kommer i Juli. Forventer snart å øke eierandelen.


    LEFA: Fått tilbud om å øke eierandelen og forventer at dette kommer til å skje. Hele prosesseringsanlegget er on-site og man kan etterhvert følge byggingsprosessen på http://www.crewgold.com. Refinansiering av en del av (gammel) Guinor gjeld kommer (for å unngå hedging mot gullpris). Kommer en melding om dette snart. Regner med ca 50K unser i år og ca 360K i 2007.


    Mindoro: Crew har fått tilbud fra stor nikkelprodusent, men ikke akseptert. Kommer nok ikke en avtale før mot slutten av året. Drømmen til Vestrum er å bygge første fase selv! Virket på meg som at en spin-off av Crew Minerals med bookbuilding emisjon og første fase av Mindoro er veien Vestrum helst vil gå. Nå jobbes det med å oppgradere Feasibility Study fra 1998 (bruker 5-600.000 dollar).


    Diverse
    - Fått flere nye dyktige ansatte i 2006 (Simon Booth og PHD Sven Monrad Jensen). (Monrad Jensen kommer fra danske http://www.geus.dk, joergen)
    - Har fått henvendelse om Crew er til salgs.... (fra et selskap som var interessert i Guinor), men mitt inntrykk var at det ikke skjer noe her..
    - North Davao kommer - en gang. Har samtaler med kobberselskap om å ta kobberdelen.
    - Hvis/når Crew kursen stiger nok (ville ikke si hvor mye) er det aktuellt med flere oppkjøp. Hadde 2 selskaper på lista. Et i vest Afrika...
    - Hurdal: ”Greie hyggelige nyheter utover våren”..
    - Crew er nå i en fase der de har 2 store gullprosjekter som er ett år fra full produksjon, og reprising må komme snart.
    - Jeg håper Crew Minerals tar alene!

    Keine Ahnung, was heute in Oslo los ist.?


    Knapp 20 Millionen Aktien gehandelt, +10% auf 11,70 NOK


    Von der gestrigen CAR-Präsentation nur folgendes Schnippsel gefunden (CAR war bislang schon am optimistischsten):


    Litt Stock-talk:


    Kursmål 6 mnd kr 15. (6-Monats-Kursziel 15 Kronen)


    Vedr kurs 80 - (fra analysen) (betreffs Kurs 80 (aus der Analyse))
    "The cash flow valuation reveals the same disparity,CRU´s P/CF ratio is only 3,2 wherease the peer average is at high 13, applying the multiple of 13 at Crew´s attributable cash flow of 0,44 per share generates a share price USD 5,72 , NOK 38. Applying the highest multiple of 27,7 , Glamis, suggests a price of USD 12 (NOK80)"

    CREW seine Projekte ohne Verwässerung


    gogh





    DATE: March 21st 2006
    TRADING SYMBOL:
    TORONTO & OSLO: CRU, FRANKFURT: KNC, OTC-BB-
    other: CRUGF
    NOT FOR DISSEMINATION IN THE UNITED STATES


    New Issuance of Bonds


    LONDON, United Kingdom, (March 21st 2006). Crew
    Gold Corporation announces that it has received
    subscriptions for a new issue of secured bonds in
    the aggregate principal amount of approximately
    USD 80 million, comprised of a USD tranche of USD
    50 million and a NOK tranche of NOK 200 million.
    These bonds are expected to be issued on or about
    March 31, 2006. Under the term sheet the loan can
    be increased to a total of USD 100 million.


    The proceeds of the bond will be used to replace
    Crew`s previously announced existing project
    financing of the Lefa Gold Mine (Guinea) and to
    finance its Apex Gold Mine project. The Company
    also intends, based on recent new regional
    exploration data, to increase the regional
    exploration work at both Lefa and Apex.


    `The bonds provide an attractive alternative to
    the existing project facility for the Lefa Gold
    Mine,` said Jan Vestrum, President and Chief
    Executive Officer of Crew. `The bonds have terms
    that are more favourable for Crew than the more
    onerous project facility and, as a result, will
    provide Crew more flexibility going forward both
    in terms of production and sales. Crew`s
    production at present is un-hedged and the
    replacing of the project loan by the new bond
    allows the company to stay un-hedged if so
    desired. The development of the Lefa Gold Mine
    appears to be on schedule, and commissioning of
    the 7 million ton a year plant is expected to
    take place in December 2006.


    The USD tranche of the bonds will have a floating
    interest of 3 month LIBOR + 5.0% per annum,
    whereas the NOK tranche will have a floating
    interest of 3 month NIBOR + 5.0% per annum. The
    bonds will have a 5 year term, and Crew may
    redeem the bonds (wholly or in part) at the third
    anniversary of the issuance at a price of 105.0%
    and at the fourth anniversary of issuance at a
    price of 102.5%. The bonds will be secured by a
    pledge over all the shares of Crew`s wholly owned
    subsidiary Guinor Gold Corporation. Crew will
    undertake not to raise any new debt which results
    in the company`s total debt to EBITDA ratio
    exceeding 3.0, nor raise any new debt in Guinor
    Gold Corporation. In addition, Crew will also
    agree not to make any dividend payments or other
    distributions to its shareholders that would
    constitute more than, on a consolidated basis,
    50% of Crew`s net profit after taxes for the
    previous financial year (other than in respect of
    a divesting of non-gold assets of Crew into a
    separate entity listed on a stock exchange). The
    issue of the bonds is conditional upon approval
    by Crew`s existing convertible bondholders of the
    additional borrowings by Crew. Further tranches
    of up to an additional USD 20 million may be
    issued pursuant to the loan agreement for the
    bonds.


    Pareto Securities ASA has been appointed as
    arranger of the bond issue.


    Jan A. Vestrum
    President & CEO

    Ein fröhlicher Crew-Aktionär
    [Blockierte Grafik: http://www.imarkedet.no/km_bilde/4/162264.jpg]
    Der heitere Jens Ulltveit Moes hat über seine Gesellschaft Umoe Invest letzte Woche über 15 Mio Aktien auf Termin zum 21.06. zu einem Preis von 13,23 NOK gekauft. Hat jetzt über 27 Mio Aktien, 8,41% von Crew. Werden die ebenfalls gehaltenen Wandelschuldverschreibungen umgetauscht, erhöht sich die Beteiligung an Crew auf 10%.


    Verkauft hingegen hat Goldman Sachs 5 Mio Stück. Das ist auch gut so; denn nach der letzten Aktionärsaufstellung vom 17.März hatten die bereits über 64 Mio Aktien, also einen erschreckenden Anteil an Crew von 20,66%!


    Citadel Investment Group hat 550.000 Aktien verkauft, neues Beteiligungsverhältnis 4,96% an Crew. Warum die wiederum nicht als Major Shareholder aufgeführt werden, weiß der Kuckuck. Auch ein Direktor hat 100.000 Aktien zu 2,15 CAD verkauft, die er per Optionen zu 0,40 CAD ergattert hat.

    BUY
    Target: 20,00
    Price: 12,40


    Acquisition candidate in a red hot sector


    • Two days ago we met the CEO of Crew, Mr. Westrum, and based on
    this meeting we chose to include the company on our model portfolio
    and raise our price target to 20.


    • We have not changed our estimates after the meeting. According to
    these Crew is still among the most undervalued shares in town even
    after yesterdays jump. From next year the gold production will gather
    headway, and this will lead to an explosion in revenues and profits
    unless the gold price collapses.
    ....
    Conclusion
    We increase our price target from 15 to 20 after yesterdays meeting with
    the management of Crew. With red hot gold and metal prices, strong optimism
    in the industry, low valuation compared to peers and an open share
    holder structure the probability of a take-over of Crew has increased.
    Unless financial investors drive the share price up, industrial players will
    exploit the possibility to make a cheap acquisition.
    24.03.06 (pdf, 255kb)
    http://home.no/crewgold2/Analyser/CRU_2006-03-24.pdf

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