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Thursday, 1st November 2007 (3581 views)

Crew Gold has acquired whole ownership of a gold mining property in Greenland, following the fulfilment of an agreement with Nuna Minerals.

The company purchased Nuna's 17.5 per cent interest in the Nalunaq Gold Mine - where a total 195,000 ounces of gold have been produced - in a transaction that is expected to be finalised by November 15th 2007.

According to Crew Gold's president and chief executive officer Jan Vestrum, the agreement allows both the gold mining property and the country of Greenland to experience long-term benefits.

"With a strong present gold price and positive outlook for gold we believe this is an excellent transaction for Crew Gold," he said.

Last October, the company purchased a processing facility in the Canadian province of Newfoundland from Nuna Minerals.

The company currently has three gold mines in operation in Guinea, Greenland and the Philippines.

 

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