Severstal acquires a stake in Crew Gold

OAO Severstal (LSE: SVST; RT CHMF) acquired, through its subsidiary Bluecone Limited, 335,961,241 common shares in Crew Gold Corporation (“Crew Gold”) at a price of NOK 0.90 (CDN$0.16) per share.

The securities acquired represent ownership and control of approximately 15.71% of Crew Gold’s issued and outstanding common shares. Following this transaction, Severstal will have ownership and control over 423,201,241 Crew Gold common shares, representing approximately 19.79% of the issued and outstanding Crew Gold common shares.

Crew Gold Corporation (http://www.crewdev.com) is a London based gold mining company. The company operates the LEFA mining project in Guinea, West Africa. In 2009, Crew Gold produced 179 030 oz tr.