Crew Development: Restructuring of Southern African Interests Approved by Independent Shareholders.

VANCOUVER, British Columbia--(BUSINESS WIRE)--Nov. 25, 1999--

Crew Dev.(TSE:CRU.) (VSE:CRU.) (FRANKFURT:KNC) Crew Development Corporation is pleased to announce that the previously reported proposed corporate restructuring of Metorex, its operating arm in southern Africa, has been approved by the independent shareholders.

With effect from July 1, 1999, subject only to the approval of the appropriate regulatory bodies, there will be a consolidation of the interests held by Metorex and the minority shareholders in these mining operations, into Consolidated Murchison Ltd. ("Cons. Murch."), a public company listed on the London and Johannesburg stock exchanges.

Approval of the appropriate regulatory bodies is anticipated during the week of November 29, 1999, following which the reorganized company will trade on the London and Johannesburg exchanges, under the name Metorex, with effect from December 6, 1999.

Metorex is the preeminent junior mining company in Southern Africa with an established and profitable record over the past 25 years and successful operations in copper, zinc, gold, antimony, fluorspar, manganese dioxide and coal. The consolidation of these interests will create an internationally listed multi-commodity mining company with revenues in excess of C$150 million and a diversified portfolio of operations with attractive growth potential. The diversification of commodities and the financial strength of the enlarged Cons. Murch. will enable Metorex to optimise both its existing operations to their full potential and to secure, finance and develop further project opportunities.

The shareholding structure of the enlarged Cons. Murch. will be as follows:

CREW --------------
  I               I
  I  50%        11.2%
  I               I
METOREX           I
  I               I
  I  58.1%        I
CONSOLIDATED MURCHISON
  I
  I -----  85% Chibuluma
  I ----- 100% Maranda
  I ----- 100% Metmin
  I ----- 100% O'okiep
  I -----  70% Vergenoeg
  I -----  92% Wakefield

The total number of Cons. Murch. shares which shall be issued and outstanding on completion of the proposed transaction shall be 119.5 million shares, of which Metorex shall hold 58.1%. Crew holds a 50% interest in Metorex and in addition will have a direct interest in Cons. Murch. of 11.2%, giving a total (direct and indirect) interest of 40.3%.

Over the past two years, the Southern African operations (full details of which are attached) have grown exponentially, with total sales having more than tripled, to over R600 million (C$150 million). Through efficient mine management and reduced operational costs, these mines continue to operate profitably despite prolonged weak metal prices. We confidently anticipate that the restructuring and consolidation of the holdings will enable the group to achieve a premier level of performance and we continue to aggressively seek new opportunities both in the region and elsewhere.

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

CURRENT SOUTHERN AFRICAN OPERATIONS

Metorex

Metorex owns significant interests in, and manages the mining and related operations, at Vergenoeg, Chibuluma, Wakefield, Metmin, O'okiep, Maranda and Cons. Murch., in terms of various management and marketing contracts. Chibuluma

Chibuluma, which was acquired in 1997 as part of the privatisation of Zambian Consolidated Copper Mines Limited , is a copper and cobalt mine situated in Zambia's copper belt. The project comprises the currently operating Chibuluma West mine, which has an estimated five year life, together with the Chibuluma South project which is planned to be opened shortly. The Chibuluma South is an eight million tonne ore body of plus/minus 4.3% copper to a depth of approximately 600 metres. It is expected that the Chibuluma South project will be initiated in 2000.

Maranda

Maranda incorporates two assets: the Maranda Mine, a copper and zinc mine situated in the Tzaneen area of South Africa's Northern Province which has been in operation since 1991, and a 25.5% shareholding in Chibuluma. The Maranda Mine produces approximately 15,000 tonnes of zinc metal per annum in 28,000 tonnes of concentrate.

Metmin

Metmin was acquired by Metorex in 1975 and has, since then, produced manganese dioxide as a catalyst for the uranium extraction process for the gold mining industry. Metmin operates a single-pit open cast operation in the North West Province of South Africa, producing approximately 24,000 tonnes of manganese dioxide per annum.

O'okiep

O'okiep was acquired by Metorex from Gold Fields of South Africa Limited in 1998 as part of that company's unbundling process. The company, which is based at O'okiep near Springbok in South Africa's Northern Cape, consists of an underground copper mine which operates at a scale of approximately 70,000 tonnes per month, producing a 40% copper concentrate, which is then smelted at the company-owned O'okiep refinery located close by. The mine has a life of some three years and, unless further viable orebodies are located within the 40,000 ha of mineral rights owned by O'okiep, the closure of mining operations will take place on a phased basis.

Vergenoeg

Vergenoeg is a fluorspar mine situated approximately 100 kms northeast of Pretoria in South Africa. The mine has an ore resource estimated to be in excess of 50 years at current mining rates. Metorex acquired Vergenoeg from Germany's Bayer AG in 1999 and the remaining 30% is owned by the Spanish company Minerales Y Productos Derivados SA ("Minersa"), which is the major producer and consumer of fluorspar in Europe.

Wakefield

Wakefield owns and runs two opencast and one underground colliery near Witbank in South Africa, producing approximately 1.3 million tonnes of saleable coal per annum. The company operates the underground orebodies and the processing plants, but subcontracts the opencast mining to specialist contractors. Since Metorex acquired its interest in 1991, Wakefield's mine life has been increased significantly.