Severstal consolidated 50.2% of Crew Gold Corporation

Severstal Gold N.V., subsidiary of OAO Severstal (“Severstal”) (LSE: SVST; RTS: CHMF), is announcing that it has acquired 209,389,500 additional shares in Crew Gold Corporation through over the counter transactions at a purchase price of USD 0.338325 (NOK 2.09) per share on July 26, 2010. After the acquisition, Severstal Gold N.V. owns 1,072,832,160 shares and 0 rights to shares in Crew Gold Corporation, representing approximately 50.17% of the shares and votes of Crew Gold Corporation.