OREANDA-NEWS. July 27, 2010. Severstal (“Severstal”) (LSE: SVST; RTS: CHMF) announces that it has acquired (through its subsidiary Severstal Gold N.V.) 209,389,500 additional shares in Crew Gold Corporation (“Crew Gold”) through over the counter transactions at a purchase price of USD 0.338325 per share on July 26, 2010. Following the acquisition, Severstal Gold N.V. owns 1,072,832,160 shares in Crew Gold, representing approximately 50.17% of the total shares and votes of Crew Gold.

Nikolai Zelenski, CEO of Severstal Gold, commented: “We are pleased to increase our ownership in Crew Gold and we will continue to work on improving the company’s operational and financial efficiency.”