Management's discussion and analysis

This management’s discussion and analysis (“MD&A”) provides detailed analysis of the financial condition and results of operations of Crew Gold Corporation (“Crew”, “the Corporation”, “the Company”, “we” or “our”) for the six months and quarter ended December 31, 2006. Effective in 2006, we have changed our fiscal year-end from June 30th to December 31st. Accordingly, this report compares six month results to December 31, 2006 with 12 month results to June 30, 2006. The MD&A should be read in conjunction with the Company’s Consolidated Financial Statements for the six months ended December 31, 2006 and the related notes thereto which have been prepared in accordance with Canadian generally accepted accounting principles (“GAAP”). Unless the context otherwise requires, all references to yearly periods are to calendar years and all currencies are in US dollars unless otherwise stated.

The effective date of this MD&A is March 29, 2007.

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Highlights

Positive financial results - Achieved EBITDA of $25.7 million and net earnings of $7.3 million;

Lefa commissioning -Construction of Lefa Expansion Project completed on schedule ;

Disposal of Barberton Shares - Sold 20% shares in the Barberton Gold Mine in SA;

Phase 1 at Masara successfully commissioned and completed in December 2006 ;

Acquisition of Nugget Pond processing facility;

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