CRU Cameo Industries Corp

Crew Gold Corporation ("Crew" or "the Company") (TSX:CRU) (OSLO:CRU) today
announces;


INTRODUCTION

As a result of the debt-to-equity restructuring completed on December 11, 2009,
and the Canadian accounting implications surrounding it, the quarter and nine
months ended September 30, 2010 reflects the unaudited results of operations and
cash flows of the post-reorganization Company and the quarter and nine months
ended September 30, 2009 reflects the results of operations and cash flows of
the pre-reorganization Company. Prior period financial information has not been
restated to reflect the impact of the financial reorganization and accordingly
certain amounts in the pre-reorganization Company are not directly comparable.
Unless the context otherwise requires, all references to yearly and quarterly
periods are to calendar years and quarters and all amounts are in US dollars
unless otherwise stated. Additional information relating to the Company is
available in the Company's Annual Information Form dated March 31, 2010 which is
filed on SEDAR at www.sedar.com. 


HIGHLIGHTS

- LEFA

-- Gold production in Q3 2010 of 32,811 oz, 12% below 37,458 oz produced in Q3
2009 due mainly to conveyor reliability issues, relines to both SAG Mills and
heavy rainfall


-- YTD gold production of 138,081 oz, up 12% from 122,807 oz achieved for YTD 2009

-- YTD process plant throughput rates averaged 14,000 tonnes per day ("tpd"), up
27% on YTD 2009 average of 11,000 tpd


- Financial Results

-- EBITDA (excluding discontinued operations) for the quarter ended September
30, 2010 of $5.1 million (quarter ended September 30, 2009 - negative $4.9
million)


-- EBITDA (excluding discontinued operations) for the nine months ended
September 30, 2010 of $39.8 million (nine months ended September 30, 2009 -
$10.5 million)


-- Net loss (including discontinued operations) of $2.1 million for the quarter
ended September 30, 2010 (quarter ended September 30, 2009 - loss of 

$23.1 million)

-- Net profit (including discontinued operations) of $19.4 million for the nine
months ended September 30, 2010 (nine months ended September 30, 2009 - net loss
of $30.9 million)


- Outlook

-- Work will continue on improving plant availability, reliability and
efficiency through the $75 million capital program which includes the purchase
of insurance spares, progressive refurbishment and debottlenecking projects with
the goal of improved throughput and reduced operating costs per oz. The $75
million capital program also includes expenditures to refurbish the mining
fleet, the purchase of additional mobile equipment and an exploration program
and is planned to be completed prior to the end of 2012.


-- On October 18, 2010 the Company announced that the Board of Directors had
approved proceeding with a transaction in which an indirect wholly owned
subsidiary of OAO Severstal ("Severstal") would effectively acquire all of the
outstanding common shares in the Capital of the Company that Severstal does not
already own or control thus taking the Company private.


OVERVIEW

Crew is a mining company currently focused on maximizing the performance of its
gold mining operations and exploration projects in Guinea.


Results

Following the sales of the assets of Nalunaq, Nugget Pond and the Maco property
in 2009, these operations were reclassified as discontinued operations and the
results of the continuing operations of the Company reflect LEFA and corporate
overheads. The comparative profit and loss statement, cash flow statement and
balance sheet amounts have been reclassified where applicable. 


For the quarter ended September 30, 2010, EBITDA (excluding discontinued
operations) was $5.1 million (quarter ended September 30, 2009 - negative $4.9
million) with mineral sales of $49.9 million partly offset by direct mining and
mine site administration costs of $42.1 million and general corporate
expenditures of $3.9 million.


Net income from discontinued operations (Nalunaq/Nugget Pond and Maco) totalled
$1.7 million in the quarter ended September 30, 2010 (quarter ended September
30, 2009 - net loss of $2.8 million).Net loss (including discontinued
operations) for the quarter ended September 30, 2010 was $2.1 million (quarter
ended September 30, 2009 - net loss of 23.1 million). The net loss arises from
the EBITDA of $5.1 million offset by depletion and depreciation charges of $4.4
million, interest and finance costs of $2.5 million and foreign exchange losses
of $2.1 million. LEFA produced 32,811 oz of gold in the quarter ended September
30, 2010 (quarter ended September 30, 2009 - 37,458 oz). Gold sold in the
quarter ended September 30, 2010 was 41,228 oz at an average price of $1,212/oz
(quarter ended September 30, 2009 - 35,867 oz at an average price of $955/oz). 


For the nine months to September 30, 2010, EBITDA (excluding discontinued
operations) was $39.8 million (nine months ended September 30, 2009 - $9.8
million) with mineral sales of $163.3 million and a gain of $1.1 million from
the disposal of Maco, partly offset by direct mining and mine site
administration costs of $116.0 million and general corporate expenditures of
$9.7 million. 


Net income from discontinued operations (Nalunaq/Nugget Pond and Maco) totalled
$1.3 million in the nine months ended September 30, 2010 (nine months ended
September 30, 2009 - $8.9 million). Net profit (including discontinued
operations) for the nine months ended September 30, 2010 was $19.4 million (nine
months ended September 30, 2009 - net loss of $30.9 million). This net profit
arises from the EBITDA of $39.8 million partly offset by depletion and
depreciation charges of $15.1 million and interest and finance costs of $7.4
million.


LEFA produced 138,081 oz of gold in the nine months ended September 30, 2010
(nine months ended September 30, 2009 - 122,807 oz). Gold sold in the nine
months ended September 30, 2010 was 140,346 oz at an average price of $1,164/oz
(nine months ended September 30, 2009 - 130,042 oz at an average price of
$921/oz). 


For full results, please see attached pdf file

William LeClair, President and CEO

Safe Harbour Statement

Certain statements contained herein that are not statements of historical fact,
may constitute forward-looking statements and are made pursuant to applicable
and relevant national legislation (including the Safe-Harbour provisions of the
United States Private Securities Litigation Reform Act of 1995) in countries
where Crew is conducting business and/or investor relations. Forward-looking
statements, include, but are not limited to those with respect to the timing of
the common share consolidation. 


Forward-looking statements involve known and unknown risks, uncertainties and
other factors that could cause the actual results of the Company to be
materially different from the historical results or from any future results
expressed or implied by such forward-looking statements. Although Crew has
attempted to identify important factors that could cause actual events or
results to differ from those described in forward-looking statements contained
herein, there can be no assurance that the forward-looking statements will prove
to be accurate as actual results and future events could differ materially from
those anticipated in such statements. The material factors and assumptions used
to develop forward-looking statements which may be incorrect, include, but are
not limited to, current estimates of the timing to effect the trading of
post-consolidation shares and exchange for post-consolidation share
certificates.


Except as may be required by applicable law or stock exchange regulation, the
Company undertakes no obligation to update publicly or release any revisions to
these forward-looking statements to reflect events or circumstances after the
date of this document or to reflect the occurrence of unanticipated events.
Accordingly, readers should not place undue reliance on forward-looking
statements. 


Please click link.

Q3 2010 Financial Results

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