Crew Development Corp: Appointment Of Leading European Bank To Finance Development Of High Grade Gold Deposit In Greenland.

Business Editors

VANCOUVER, B.C.--(BUSINESS WIRE)--Sept. 8, 2000

Following extensive discussions with a number of major international project financing banks, Crew Development Corp. (TSE:CRU.)(OSLOSE:CRU) (FRANKFURT:KNC) is pleased to confirm the signing of a Mandate Letter appointing Bayerische Hypo-und Vereinsbank AG (HypoVereinsbank), as Advisor and Arranger for the debt financing of the high-grade Nalunaq gold project.

The debt financing requirements are estimated at approximately US$20 million for the construction of the underground mine and processing facilities.

HypoVereinsbank, Germany's second largest bank, is a sought after partner in the field of project finance. HypoVereinsbank has an impressive track record and is worldwide the number four commercial bank providing project finance and a significant provider for mining projects. The bank is currently managing over 300 projects and as an experienced arranger and advisor has extensive know-how and expertise from which the Nalunaq project financing will benefit.

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. Crew's 33% contributing partner in the project is NunaMinerals, a state-owned Greenlandic company. 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.

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.

The joint venture will work with HypoVereinsbank and the independent technical consultants to ensure that the successful completion of this year's test mining program will result in sufficient development and grade verification work being conducted, to complete the final feasibility study, secure project funding and allow the project to be in production by the first quarter of 2002.

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.