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Maco

Crew’s principal asset in the Philippines is the Maco Gold Mine on the Island of Mindanao. In 2005 Crew acquired this majority interest in Maco through the acquisition, with its Philippines partner, of approximately 72.9% of Apex Mining Company Limited (“Apex”).

The mine was originally known as “Masara” as Masara is the nearest small village to the mine site, but was changed to “Maco” in 2007 in recognition of the entire municipality that surrounds the site and supplies many of the local mining personnel.

The mine previously operated as a small-scale underground operation and ceased production in March 2000. It is a gold and copper mineral property and the workings on the site date from before the Second World War. Originally, Apex focused on the mining of the extensive copper porphyry reserves at the site and converted to gold mining only in the early 1980s when copper prices were low.

When Apex ceased regular production, it leased out various parts of its property to small-scale sub-contractors in exchange for royalty and rental payments. Under Crew management, dealing with the pollution that often results from small-scale unregulated operations has been a priority. The building of a tailings dam that meets stringent international criteria has been high on the agenda and has been one way – of several – of recruiting the local community in a project that is central to their own long-term health and safety.

Geology of Maco.

	The Maco property lies west of the Philippine Fault System, which is associated with numerous porphyry-copper-gold deposits.
	The two principal types of mineralization are porphyry-copper-gold and meso to epithermal gold-silver quartz-carbonate veins.
	The central vein system at Masara comprises several sub-systems and the vein deposits are empirically classified as ‘clean ore’ (characterized by low sulphide content, occuring in generally clean-walled tensional structures) or ‘complex ore’, which characterizes the veins along the main Masara trend.
	Pyrite, chalcopyrite, sphalerite and galena are the predominant associated sulphide minerals.

Resources and mine development

On 25 June 2007, the award of the second Mineral Production Sharing Agreement (MPSA) completed the re-licensing of the Apex historic claims and added several known porphyry deposits and extensions of the known vein systems to the mine property.

On the basis of diamond drilling and underground development, indicated resources for Maco as at February 28 2007 increased by 15% to 0.304 million oz (1.46 million tonnes @ 6.5 g/t Au) from the 0.263 million oz (1.26 million tonnes @ 6.5 g/t Au) reported six months earlier. Inferred resources increased by over 60% to 1, 847 million oz (9.60 million tonnes @ 6.0 g/t Au).

Resources are primarily classified as inferred because the estimation of grade is uncertain, considering the relatively wide drill spacing and variable intensity of the epithermal vein mineralization. Continuing underground development and sampling will enable conversion of these inferred resources into measured and indicated resources and thereafter into mineral reserves as stope designs are completed.

Resources

Based on diamond drilling and underground development, the indicated resource as at February 28, 2007 increased by 15% to 0.304 million ounces (1.46 million tonnes @ 6.5 g/t Au) compared with 0.263 million ounces (1.26 million tonnes @ 6.5 g/t Au) reported previously in August 2006. Inferred Resources increased by over 60% to 1.847 million ounces (9.60 million tonnes @ 6.0 g/t Au) compared with 1.145 million ounces (5.74 million tonnes @ 6.3 g/t Au) in previous estimates.

The following summarizes the compilation from the historic data:

Maco

indicated resources

Vein	Grade (g/t Au)	Tonnage	Oz
Don Calixto	5.8	210,000	39,000
Don Fernando	7.2	201,000	47,000
Don Mario	5.7	273,000	50,000
Don Joaquin	6.3	275,000	56,000
Maria Inez	7.5	47,000	11,000
Masara	6.5	76,000	16,000
Bonanza	6.5	160,000	33,000
St Francis	5.4	84,000	15,000
St Benedict	8.5	136,000	37,000
Totals	6.5	1,462,000	304,000
Global grade reported at a 3.5g/t Au cut-off, and MSW of 1.4 m.

inferred resources

Vein	Grade (g/t Au)	Tonnage	Oz
Masarita	5.1	327,000	54,000
Wagas	4.2	430,000	58,000
Don Calixto	5.8	222,000	41,000
Don Fernando	7.2	398,000	92,000
Don Mario	5.7	757,000	139,000
Don Joaquin	6.3	1,199,000	243,000
Maria Inez	7.5	288,000	69,000
Bonanza - Masara	6.1	2,126,000	417,000
Manganese	7.0	168,000	38,000
Sandy	5.5	2,065,000	365,000
Jessie	5.5	198,000	35,000
St Vincent	5.4	503,000	87,000
St Francis	5.4	429,000	74,000
St Benedict	8.5	494,000	135,000
Totals	6.0	9,604,000	1,847,000
Global grade reported at a 3.5g/t Au cut-off, and MSW of 1.4 m.

Quality Assurance and Control, Qualified Person and Notes to resource and reserve estimates

(1)	The resource and reserve details in this report have been compiled by S. M. Jensen, Chief Geoscientist of Crew Gold Corporation and verified by Jon S. Petersen, former Senior Vice President of Crew Gold Corporation. Mr. Petersen is a Fellow of the Geological Society of London and the Society of Economic Geologists and a ‘Qualified Person’ within the meaning of Canadian National Instrument 43-101, ‘Standards of Disclosure for Mineral Projects’. Mr. Petersen is not “independent” of Crew Gold Corporation in the context of NI 43-101 as he was employed by and holds securities of the Company.
(2)	Maco has adopted a conservative procedure for resources reporting because of the narrow-vein nature and uneven grade distribution of the deposit. Resource estimates are based on computer modeling of all available drill data and information from historic drifts usingGemcom-software. The 3D-modeling allows for realistic correlation of matching intercepts and the estimation of true width and tonnages for the mineralized solid, as defined by the drilling to date. Modeling is confined to each vein, as the grade distribution of the mineralized alteration margins is more erratic
(3)	Inferred resources are those which provide reasonable evidence for structural continuity, on the basis of drilling and underground sampling, but where drill results alone cannot provide reliable data for grade estimation. Because of the inability to assign a specific grade to specific areas, the company has chosen to restrict inferred resources further through an assumed payability factor, which reflects the probability of the conversion of inferred resources into mineable resources within a certain area, based on historic records.
(4)	The company has assigned a grade of 6.5 g/t for the Bonanza and Masara veins, an average grade obtained from a range of 3-10 g/t in the completed mining record, following the independent recommendations of Snowden Mining Consultants Ltd (2006). For the Sandy, Jessie and split veins, a more conservative, lower grade of 5.5 g/t Au from a range of 3-10 g/t has been used due to expected higher variability and less dense data coverage.

Ore processing

In the last quarter of 2006, Crew completed the refurbishment of the existing 500 t/d processing plant at Maco and commissioning was completed in early 2007. Since then the plant has continued to operate on development ore and a review of the mine plan and plant expansion has been ongoing.

The 500 t/d plant is a pilot plant that allows for the batch treatment of ore with variable grades and concentrations of base metals. Experience gained in processing ore in the second half of 2007 confirmed that the plant would be capable of processing 700 t/d with good recoveries. Expansion of the plant is likely to require minimal capital outlay for the upgrading of certain pumps and lines.

Gold processed and gold produced

For the twelve months ended December 31, 2007, 84,965 tonnes were processed through the plant at 3.2 g/t Au and 13.59 g/t Ag. Gold recovered in the year was 7,228 oz and gold sold was 7,155 oz. The mine also produced 21,790 oz of silver in the year.

Outlook for Maco

Management at Maco is currently re-evaluating the most feasible and profitable mining solution for Maco and its decisions will determine future mine development and upgrading of the capacity of the plant. Crew has begun discussions with a limited number of major international mining companies with a view to exploring and developing Maco’s copper-gold porphyry resources.

See Pages 28 and 29 for Crew’s health, safety, and environmental policies as they apply to Maco and Pages 33 and 34 for Maco’s extensive corporate social responsibility program.