Crew Development: High Grade Nalunaq Gold Deposit Leads Development Of New Gold Region In Greenland.

Business Editors

VANCOUVER, B.C.(BUSINESS WIRE)--Aug. 8, 2000--Crew Development Corporation ("Crew")(TSE:CRU.) is pleased to announce that the Nalunaq Joint Venture has tripled its land position to 1,081 sq. km. at the Nanortalik License in south Greenland. By the end of this summer's test mining program at Nalunaq, the most advanced project within the license, Crew will own 67% of this joint venture with NunaMinerals, a State-owned Greenlandic company, as a 33% contributing partner.

This expansion of the Nanortalik License allows the company to include numerous additional highly anomalous sites recognized during previous regional exploration campaigns, in its development of this new gold district in south Greenland.

Work to date has already demonstrated outcropping gold mineralization as follows:

Nanisiaq: A 500m zone of continuous mineralization has been verified by channel sampling at 20m intervals.

Lake-410: A gold-bearing structure with a noticeably similar appearance and setting as the Nalunaq deposit. It has been traced for more than 300 m on the surface and advanced as a drill target.

While the company's main priority is to advance the Nalunaq project to production by the first quarter of 2002, it also intends to progress these additional prospects on a timely basis.

Nalunaq Progress Report

Test mining which commenced in late June, is proceeding at 200-300 tonnes per day, processing mineralized material from all three adits and raises. All development continues within the vein structure with visible gold being a regular occurrence in both the adits and raises. Strathcona Mineral Services is supervising the grade-verification program and operates the sampling facility. Each blast round is carefully sampled in order to provide reliable determination of the grade. Samples are being analyzed in Canada by Lakefield Research, Chemex, and XRAL Laboratories.

Nalunaq Overview

Crew is earning a 67% interest in the Nalunaq Joint Venture, which is located 6 km from an ice-free, deep-water fjord, 40 km from existing port facilities in Nanortalik. A positive pre-feasibility study by MRDI (H.A. Simons) was completed in March 1999, based on indicated and inferred resources, at that time, of 425,000 oz with an average in-situ grade of 32 grams per tonne. The study estimated an IRR of 51% for a 500-tpd operation with a cash cost of US$160 per ounce. The calculated 27.3 g/t mill feed (after mining losses and dilution) indicated a payback of 1.8 years on the US$20 million capital investment.

The Nalunaq Main Vein is an outcropping gold-bearing structure, mapped and sampled for a length of over 2,000m with relatively continuous exposure and consistent mineralization. The deposit has a geological resource of 1.8 million ounces, with the potential for further expansion, and constitutes the first find of visible in-situ gold in Greenland.

Company Overview

Crew is a mid-tier diversified international mining company, based in Vancouver, Canada. The company controls six quality development projects and holds a 41% controlling interest in seven profitable mines. Crew is active in Norway, Greenland, the Philippines and Africa. Crew has a demonstrated ability to discover new grassroots projects, advance projects to the development stage, and operate mines efficiently. The company is debt free and is well positioned for further growth. 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 U.S. John M. Darch, President and C.E.O.

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