Crew Gold Corporation: Issuance of New Shares Upon Exercise of Options

On November 8, 2007, Crew Gold Corporation (the "Corporation")issued 500,000 new common shares (the "New Shares") to aformer employee of the Corporation, upon the exercise ofoptions issued to him under the Corporation's share optionplan. The exercise price paid for the new common sharespursuant to the options was CAD$0.33.

For the purposes of fulfilling the requirements of OsloBors for admittance of the New Shares to trading on OsloBors, the Corporation is required to issue the attacheddocument containing information on the number and natureof the securities and the reasons for the issuance of theNew Shares.

Following the issuance of the New Shares, the Corporationhas 464,947,362 common shares issued and outstanding, allof which are fully paid.

After admission of the New Shares, which is expected tooccur on November 23, 2007, a total of 423,024,875 commonshares of the Corporation will be listed and admitted totrading on Oslo Bors. As announced in the Corporation'spress release dated September 25, 2007, the Corporationissued 41,922,487 shares in the private placement completedon September 21, 2007. These shares will not be admittedto trading on Oslo Bors before the lapse of the 4 monthsand 1 day hold period that applies to such shares.

For more information, please contact our UK Head Office(TEL +44 (0)1932 268755) or by email to .For more information about the Corporation, additional contactinformation or to subscribe to future news releases, pleasevisit our new website .

Jan A Vestrum, President & CEO

Safe Harbour Statement

This news release contains forward-looking statements whichreflect the expectations of management and the board ofdirectors, and are made pursuant to applicable and relevantnational legislation (including the Safe-Harbour provisionsof the United States Private Securities Litigation ReformAct of 1995) in countries where Crew Gold Corporation isconducting business and/or investor relations. Forward lookingstatements typically contain words such as "believes", "anticipates","continue", "could", "expects", "indicates", "plans", "will","may", "projects", "would" or similar expressions suggestingfuture outcomes or events, although not all forward-lookingstatements contain these identifying words. Such forward-lookingstatements reflect the current beliefs of management andthe board of directors based on information currently availableto them. Forward-looking statements involve inherent risksand uncertainties, and Crew cautions readers not to placeundue reliance on these statements as a number of importantfactors could cause Crew's actual results to differ materiallyfrom the beliefs and expectations expressed in such forward-lookingstatements. Factors that could cause actual results to differmaterially from the results discussed in the forward-lookingstatements, include, but are not limited to, the factorsdiscussed under the heading "Risks and Uncertainties" inCrew's Annual Information Form dated April 2, 2007, as filedon SEDAR at .Although the forward-looking statements contained in thisnews release are based upon what management and the boardof directors believes to be current and reasonable assumptions,Crew cannot assure readers that actual results will be consistentwith these forward-looking statements. The forward-lookingstatements contained herein are made as of the date of thisnews release and are expressly qualified in their entiretyby this cautionary statement. Crew undertakes no obligationto publicly update or revise these forward-looking statementsto reflect subsequent events or circumstances. CautionaryNote to US Investors - The United States Securities andExchange Commission permits US mining companies, in theirfilings with the SEC, to disclose only those mineral depositsthat a company can economically and legally extract or produce.We use certain terms on this website (or press release),such as "measured", "indicated", and "inferred" "resources",which the SEC guidelines strictly prohibit US registeredcompanies from including in their filings with the SEC.US Investors are urged to consider closely the disclosurefrom the SEC's website at .