Overview

Crew is an international mining company focused on identifying, acquiring, developing and operating mineral resource projects worldwide. Its primary interest is in gold.

Global Operations Expanding
The business of the Corporation currently consists of the following ventures, each of which is described in the project reviews.

(a)	Nalunaq Gold Mine in Greenland;
(b)	Lefa Corridor Gold Project in Guinea where the CIP plant expansion is expected to be commissioned in December 2006;
(c)	Masara Gold Mine in the Philippines; and
(d)	Exploration projects located in Greenland, Ghana, Norway and the Philippines.

We have an operating gold mine (Nalunaq) in Greenland with a calendar 2007 targeted annual production rate of 80,000 to 100,000 ounces; an operating gold mine in Guinea (Lefa) that has a calendar 2007 targeted annual production rate of 320,000 to 350,000 ounces. We also have a gold mine (Masara) in the Philippines with a 500 tpd processing plant that will be commissioned by the end of the 2006 calendar year and to which a 2400 tpd plant is being added and is expected to be commissioned by end of June 2007. The 2007 targeted annual production rate for Masara is 120,000 to 140,000 ounces.

In addition to these gold operations, the Corporation also holds gold and other development projects in Greenland, Ghana, the Philippines and Norway. At the end of the 2006 fiscal year, it held a 20% interest in Barberton Mines Limited, a South African gold mining company. This interest has recently been sold.

Multi Faceted
All non-gold projects are held through Crew Minerals ASA, a wholly owned subsidiary. The Corporation’s primary non-gold assets are the Mindoro Nickel Project and related Pamplona Sulphur Project in the Philippines. Crew Minerals ASA also has molybdenum exploration activities (“Hurdal”) in Norway and fee income from its interest in the Seqi Olivine Project in Greenland. The Company is in the process of listing Crew Minerals ASA separately on the Oslo Stock Exchange and intends to conclude this process by the end of calendar year 2006.

Since 2002 our corporate strategy has been to develop and operate gold and other assets that we directly own. The first priority was the completion of the development of Nalunaq Gold Mine. Nalunaq commenced commercial production in July 2004 and was officially opened a month later. Since that time, we have acquired our interest in the Lefa Corridor Gold Project and the Masara Gold Mine and have been engaged in the development of these projects.

During the 2006 fiscal year, the Corporation continued its exploration work on its principal gold properties as well as at Mindoro and Hurdal. In addition, the Corporation also explored a potential diamond resource at Maniitsoq in Greenland.