Boosted By R39.9 Million -C$9.9 Million- Dividend.

VANCOUVER, British Columbia--(BUSINESS WIRE)--Feb. 11, 1999-- Crew Dvlpment(TSE:CRU.) (FRANKFURT:KNC) O'okiep Copper Company ("O'okiep"), which is 89 percent owned by Metorex (Crew Development Corporation's operating arm in southern Africa), has paid a cash dividend of R6.40 (C$1.58) per share out of its surplus cash on hand.

Following payment of the dividend, O'okiep has cash on hand of approximately R47 million (C$11.6 million), a portion of which has been ascribed to a rehabilitation and retrenchment fund to cater for the ultimate closure of the mine, and after which a surplus to the projected requirements of the company exists.

The acquisition of Metorex's 89 percent interest in O'okiep was made in October 1998, for cash consideration of R30.8 million (C$7.9 million). Metorex's share of O'okiep's dividend amounted to R39.9 million (C$9.9 million). Metorex has a current cash position, post receipt of the dividend, of approximately R30 million (C$7.4 million), which will be utilized to acquire further investments of merit throughout southern Africa.

O'okiep comprises a copper mine and a smelter situated in the North Western Cape Province of South Africa. The mine produces approximately 15,000 tonnes of copper metal per annum and the smelter has a capacity of approximately 35,000 tonnes per annum, which requires an incremental 40,000 to 50,000 tonnes of copper concentrates per annum. The company has procured 40,000 tonnes of toll concentrate for smelting during the 1999 calendar year. Current mine reserves will support a three to four year mine life, contingent on metal prices. In addition, the Company owns 150,000 hectares of mineral rights, the exploration of which could well result in an extension to the mine life. O'okiep remains profitable at current copper prices and is expected to make a significant contribution to the Group's cashflows for the forthcoming year.

Over the past two years, Crew has been able to achieve significant, profitable growth, primarily through acquisitions in Southern Africa. Group sales from eight diversified mining operations of gold, copper, zinc, antimony and coal, have tripled to R600 million (C$150 million). Despite prolonged weak metal prices, efficient mine management and reduced operational costs have ensured that these operations continues to operate profitably. With their solid treasuries and positive cash flows, these companies are well positioned to evaluate and respond to the many diverse opportunities presented to the group and further acquisitions may be anticipated. John M. Darch, Co-chairman

This news release was prepared by the Board of Directors on behalf of Crew Development Corp. which is solely responsible for its contents.