George Town, Grand Cayman, February 25, 2010 - Endeavour Financial Corporation is pleased to announce that its wholly owned subsidiary, Endeavour Financial Luxembourg SARL ("Endeavour" or the "Corporation") has acquired 1,130,000 common shares of Crew Gold Corporation ("Crew") at an average price of NOK 1.13. Endeavour now holds 811,213,211 Crew common shares, which represents 37.9% of Crew's issued and outstanding shares. These securities were acquired by Endeavour for investment purposes and Endeavour may in the future acquire or dispose of securities of Crew Gold Corporation through the market or otherwise as circumstances or market conditions warrant.
Neil Woodyer, Chief Executive Officer of Endeavour stated: "We have increased our investment in Crew today, and are likely to continue adding to our position. We believe Crew remains attractively valued in the market place. Despite recent increases in Crew's share price and by our analysis, Crew's share price continues to be valued at a discount to its risk-adjusted NAV per share and at significant discount to its West African peers on a value per gold reserve and gold resource basis. Crew has just emerged from its debt restructuring process and, while its balance sheet has been strengthened and stabilized, the company has not yet had sufficient time to demonstrate the substantial value of the Lefa gold mining operations or to implement further optimizations. Further, following an exploration hiatus, Crew has announced the restart of the exploration program on the large Lefa land package which contains numerous exploration targets in the immediate vicinity of the Lefa mine operations.
We believe Severstal's increased ownership interest supports our view that Crew remains undervalued."