IN THIS SECTION

›	Introduction
›	Highlights
›	Overview
›	Operations
›	Operational Review
›	Results from Operations
›	Selected Quarterly Financial Information
›	Selected Annual Information
›	Financial Results
›	Liquidity and Capital Resources
›	Commitments and Contractual Obligations
›	Related Party Transactions
›	Outlook
›	Share Capital
›	Critical Accounting Estimates
›	Risks and Uncertainties
›	Comprehensive Income
›	Adoption of New Accounting Policies
›	New Accounting Pronouncements
›	Safe Harbour Statement
›	Non-GAAP Measures

Management’s Discussion and Analysis of Financial Condition and Results of Operations

For the year ended December 31, 2007 (Expressed in United States dollars)

OVERVIEW

Crew is an international mining company focused on identifying, acquiring and developing gold resource projects worldwide.

Our objective is to become a significant mid-tier gold producer. We believe we have the assets in place and under development to achieve our strategic objective of an annual production rate in excess of 500,000 oz per year in the near term.

Results

Operating revenues and costs at both the LEFA and Maco operations during the year were capitalized as these two operations have not attained commercial production status. The Company systematically reduced its holdings of Intex shares during the year and ceased to consolidate, for accounting purposes, the assets and liabilities of Intex when the holdings fell below 50% of the outstanding shares. The comparative figures at December 31, 2006 include the results of operations and the assets and liabilities of Intex and therefore are not directly comparable to the current period figures.

For the three-month period ended December 31, 2007, Crew reported EBITDA of $12.4 million (three months ended December 31, 2006 – EBITDA of $21.1 million). The significant component of EBITDA for the current quarter related to gains on the disposal of Intex shares of $18.2 million.

Net profit for the three months ended December 31, 2007 was $4.0 million (three months ended December 31, 2006 – $5.6 million) including the gains on the disposal of Intex shares of $18.2 million. This was partly offset by mine operating losses of $3.8 million, corporate-related administration and exploration expenditures of $4.0 million and interest and other finance charges of $5.8 million.

Crew produced 44,914 oz gold during the three months ended December 31, 2007 (three months ended December 31, 2006 – 23,920 oz). Gold sold during the period was 41,829 oz (three months ended December 31, 2006 – 23,946 oz).

For the twelve months ended December 31, 2007, Crew reported EBITDA of $52.9 million (six months ended December 31, 2006 – $25.7 million). Significant components of EBITDA for the current year are the net gain on the sale of Intex shares of $72.2 million, partly offset by general corporate administration and exploration costs of $17.7 million and EBITDA from operations of negative $3.2 million.

Net loss for the twelve months ended December 31, 2007 was $31.3 million (six months ended December 31, 2006 – net profit of $7.3 million). The net gains on the Intex shares disposals of $72.2 million were offset by non-cash foreign exchange losses of $38.9 million (following a 13.2% appreciation of the Norwegian Kroner against the US dollar), interest and finance costs on the bonds and long-term debt of $21.6 million, general corporate administration and exploration costs of $17.7 million, mine operating losses of $11.9 million, realized fair value losses on forward obligations of $7.6 million and stock compensation expense of $7.2 million.

Gold produced and sold by the Company in the twelve months ended December 31, 2007 was 157,628 oz and 150,913 oz respectively (six months ended December 31, 2006 – 65,988 oz produced and 67,967 oz sold).