MANILA, Philippines – Recession-hit Crew Gold Corp. needs to raise at least $12 million for its Maco mine in gold-rich Compostela Valley in Mindanao.

The UK-based miner is thus looking for a partner to invest in Apex Mining Co. Inc., which operates the Maco project.

Crew Gold, which reported a net loss of $11.9 million for the quarter that ended March 31, 2009, has a 72.9-percent stake in Apex.

In its financial report for the first quarter of 2009, Crew Gold said it was “continuing to explore strategic alternatives with potential partners.”

“Our principal (owner) Crew Gold was hit by the recession so they cannot advance funds. Starting January 2009, we were on our own,” Apex president and CEO Deogracias Contreras said in an interview.

Contreras said potential investments were welcome whether through stock purchase, a buy-in arrangement or joint venture.

“Whatever our principal could agree to,” Contreras said.

If Crew Gold were to sell shares of Apex, it would not be the first time.

In early April, Crew Gold announced that it had reached a tentative agreement to sell the shares of Nalunaq Gold Mine A/S of Greenland to Angus & Ross Plc of the UK for $1.5 million cash.

For the Maco mine in the Philippines, Contreras said, “we need about $12 million just for the concentrator (facilities).”

Apex’s operational expenses are already being funded internally.

Having concentrator plants will enable Apex to optimize the extraction of gold and other metals such as cop