Crew gets nod for Nalunaq financing (July 16, 2002)

Vancouver — With US$8 million in hand from a recently approved credit facility arranged with Standard Bank London, Crew Development (CRU-T) is advancing its Nalunaq gold deposit in southern Greenland toward production.

The proceeds will be used to complete underground development and infrastructure.During the first 2-4 years of operation, Crew hopes to ensure revenue by shipping mined material to a plant for processing.

Nalunaq has about 40,000 tonnes of ore in its stockpile, which is estimated to contain about 20,000 oz. gold. Crew intends to add another 10,000-15,000 tonnes of material to the stockpile this summer.

In addition to the underground work, Crew intends to drill more of the resource into the measured and indicated category. Toronto-based SRK Consulting pegs the current measured and indicated resource at 596,600 tonnes grading 20.6 grams gold per tonne. In the inferred category are 378,000 tonnes averaging 15.7 grams gold.

The financial and technical aspects of on-site verses offshore processing will be outlined in the final feasibility study, which is expected shortly. Local authorities will process the company’s mining licence based on the results of the study.

Comprising 1,080 sq. km, the Nalunaq property hosts a high-grade, narrow-vein, underground deposit. It is 40 km from the village of Nanortalik, on the southern tip of Greenland, and 6 km from tidewater. Crew acquired its stake in the project in late 1999 through a merger with Mindex of Norway. The remaining 33% is held by NunaMinerals, which is owned by the state of Greenland.