Crew Development: 2001 Nalunaq Development Program Establishes 1 Million Ounce Gold Resource.

Business Editors

VANCOUVER, B.C..--(BUSINESS WIRE)--Oct. 24, 2001

Crew Development Corporation ("Crew") (OTCBB:CRWVF) (TSE:CRU.) (OSE:CRU.) (FRANKFURT:KNC.) is pleased to announce significant progress towards the development of Greenland's first gold mine at its 82% owned high-grade Nalunaq gold deposit.

Preliminary Resource Estimate

The 2001 underground work program has now been successfully completed, and has resulted in a significant expansion of the overall resource, as follows:

NALUNAQ RESOURCES 2001

                                      tonnes     oz gold    g/t
Measured & Indicated Resources*      360,000     292,000     25
Inferred Resources:                1,177,000     718,000     19
Resources Summary                  1,537,000   1,010,000     20

*does not contain any results from 2001 work program as assay
 results are pending

The measured and indicated resources of 292,000 ounces of gold have been calculated on the basis of underground work performed in the 2000 season and diluted to a projected mining width of 1.2 meters. These resources have an average grade of 25 g/t, or 43 g/t at a true width of 0.7 meters. The calculations, based on Gemcom computer modeling and verified by manual methods, have been independently assessed by M. Michaud, SRK Consultants. The results are based on the extensive grade verification program conducted by Strathcona Mineral Services in year 2000.

In addition, it is estimated that a further 250,000 tonnes will be upgraded from inferred to measured and indicated resources, at such time as the assay results are received for the more than 600 new channel and chip samples from the 1,900 meters of additional underground work conducted during the 2001 season.

The inferred resources of 718,000 ounces gold are based on surface channel sampling and drill results to date. These resources are derived from approximately 300,000 square meters of the geological vein structure which appears to extend over 1,400,000 square meters within the Mountain Sector, and may further extend over a similar area in the adjacent Valley Sector. Surface sampling has been conducted over 2,000 meters of exposed outcrops with substantial portions channel sampled at 1 meter intervals. To date, a total of 90 drill holes (15,000 meters) and more than 2,750 meters of underground adits and raises within mineralized structure, and 1,000 meters of access drifts and waste development, have been completed.

2001 Underground Program

During the 2001 season, in addition to extensions of the existing adits and raises, a new area (the "South Block") was accessed in which a large quartz vein containing abundant visible gold was developed for approximately 300 meters along strike. Assay results are pending.

Results to date have demonstrated a remarkable consistency in the distribution of high and lower grade sectors, which will facilitate mining. Moreover, the mineralized vein exhibits a unique structural continuity as demonstrated by surface outcrops showing constant dip over a distance of more than 1200m and at least 600 m along strike as demonstrated by underground drifting.

Test Mining Program

Four test stopes have now been successfully completed at Nalunaq. Two mining methods, raise and longhole mining, were tested to determine which method would provide the least mining width, which minimizes dilution. Minimizing dilution means less material to be hauled and processed, and thus lower operating costs. As a result of these tests, the company is confident that a mining width of 1.2 meters or less will be achieved during mining operations.

The surveyed results of the tests are as follows:

Stope Mining    Date      Area  Mining  Vein  Volume  Tonnes Dilution
      Method              (m2)  Width   Width   (m3)
                                  (m)     (m)

1     Raise     Oct. 2000  105   1.84    0.73    194     581     152%
2     Longhole  Aug. 2001   63   1.22    0.55     77     231     122%
3     Longhole  Sep. 2001  239   1.42    0.84    340   1,020      69%
4     Longhole  Sep. 2001  132   1.19    0.92    157     472      29%

As a result of work performed to date 43,000 tonnes containing 20,000 ounces of gold have been stockpiled. This material will provide an important source for mine commissioning and will significantly reduce capital costs.

Future Programs

Based on the positive results from both the underground development and test mining programs, Crew anticipates commencing a bankable feasibility study in November, 2001, aiming at completion by June, 2002. Financing is projected to be finalized concurrent with the feasibility study, with mine construction scheduled to begin in the third quarter of 2002. Capital costs are estimated to be in the range of US$20 to 24 million, with first gold production by early to mid 2003, contingent on the timely receipt of environmental approvals.

"Nalunaq is a key project for Crew", says John Darch, Chairman and CEO, "especially given the direct cash flows that it will bring to finance our other activities. It is especially pleasing to see the results of all the hard work over the last few years, coming together in this manner."

Nalunaq Overview

Crew owns an 82% interest in the Nalunaq gold deposit in South Greenland, which is located 6 kilometers from an ice-free, deep-water fjord, 40 kilometers from existing port facilities.

The Nalunaq project is scheduled to become Greenland's first gold mine, and the first new mine to be developed in the country in over 25 years. The global resources of the Nalunaq deposit can prove to be much larger than previously anticipated and the prospect of finding new deposits within the concession area is considered high. At least three additional locations with visible gold in outcrop have been discovered and numerous stream sediment anomalies exists in the 1,080 sq. km area entirely controlled by the Nalunaq Joint Venture.

Corporate Overview

Crew is a mid-tier diversified international mining company, based in Vancouver, Canada and well positioned for further growth. The company controls five quality development projects and owns, through Metorex, seven producing mines. Crew is active in Africa, Canada, Greenland, Norway and the Philippines and has a demonstrated ability to discover new grassroots projects, advance projects to the development stage, and operate mines efficiently. The primary listing for Crew shares is the Toronto Stock Exchange (TSE) and since January 2000 it has been listed on the Oslo Stock Exchange (OSE). The company is also listed in Germany and in the US.

John M. Darch, Chairman and C.E.O.

Forward looking Statements

This press release includes certain "Forward-Looking Statements" within the meaning of section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein, including without limitation, statements regarding potential mineralization and reserves, exploration results and future plans and objectives of Crew Development Corp., are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Crew's expectations are disclosed under the heading "Risk Factors" and elsewhere in Crew's documents filed from time to time with the Toronto Stock Exchange, The United States Securities and Exchange Commission and other regulatory authorities.

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