Endeavour increases interest in Crew Gold Corporation

Toronto Stock Exchange: EDV

GEORGE TOWN, Grand Cayman, Feb. 25 /CNW/ - Endeavour Financial Corporation is pleased to announce that its wholly owned subsidiary, Endeavour Financial Luxembourg SARL ("Endeavour" or the "Corporation") has acquired 1,130,000 common shares of Crew Gold Corporation ("Crew") at an average price of NOK 1.13. Endeavour now holds 811,213,211 Crew common shares, which represents 37.9% of Crew's issued and outstanding shares. These securities were acquired by Endeavour for investment purposes and Endeavour may in the future acquire or dispose of securities of Crew Gold Corporation through the market or otherwise as circumstances or market conditions warrant.

Neil Woodyer, Chief Executive Officer of Endeavour stated: "We have increased our investment in Crew today, and are likely to continue adding to our position. We believe Crew remains attractively valued in the market place. Despite recent increases in Crew's share price and by our analysis, Crew's share price continues to be valued at a discount to its risk-adjusted NAV per share and at significant discount to its West African peers on a value per gold reserve and gold resource basis. Crew has just emerged from its debt restructuring process and, while its balance sheet has been strengthened and stabilized, the company has not yet had sufficient time to demonstrate the substantial value of the Lefa gold mining operations or to implement further optimizations. Further, following an exploration hiatus, Crew has announced the restart of the exploration program on the large Lefa land package which contains numerous exploration targets in the immediate vicinity of the Lefa mine operations.

We believe Severstal's increased ownership interest supports our view that Crew remains undervalued."

About Endeavour Financial Corporation

Endeavour is an independent merchant banking company focused on the global natural resources sector. The Corporation offers advisory services in project, corporate and debt capital markets; equity financings; mergers and acquisitions; and strategic business development. Endeavour also has a gold-focused investment strategy and seeks maximum returns by identifying, investing in and consolidating junior gold companies.

Endeavour Financial Corporation is listed on the Toronto Stock Exchange, symbol EDV. Warrants are listed on the Toronto Stock Exchange, symbol EDV.WT.A.

For additional information, please visit our corporate website, www.endeavourfinancial.com

    
    On behalf of Endeavour Financial Corporation

    "Bill Koutsouras"

    Bill Koutsouras
    Executive Vice President and Chief Financial Officer
    Endeavour Financial
    + 377 97 98 7130
    

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. The foregoing information may contain forward-looking statements relating to the future performance of Endeavour Financial Corporation. Forward-looking statements, specifically those concerning future performance, are subject to certain risks and uncertainties, and actual results may differ materially. These risks and uncertainties are detailed from time to time in the Corporation's filings with the appropriate securities commissions.

SOURCE ENDEAVOUR FINANCIAL CORPORATION

For further information: For further information: Dr. Sally Eyre, Director Marketing & Business Development, Endeavour Financial, (604) 609-6129 Or Vanguard Shareholder Solutions, 1-866-341-4111 or (604) 608-0824, Email: investor@endeavourfinancial.com

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ENDEAVOUR FINANCIAL CORPORATION

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