Crew Development Corp.: Acquisition Completed of 50 Percent Interest in Profitable Junior Mining Company Based in South Africa.

VANCOUVER, BRITISH COLUMBIA--(BUSINESS WIRE)--July 11, 1997--CREW DEV. (TSE,VSE:CRU.) Further to our news release of May 9, 1997, the Company is pleased to announce the successful acquisition of a 50 percent interest in Metorex (Pty) Limited ("Metorex"), the preeminent junior mining company in southern Africa, for cash proceeds of R50 million (approximately C$15.5 million). The acquisition, which is effective March 1, 1997, took place by way of a purchase of existing shares in the amount of approximately R15 million and the purchase of treasury shares and introduction of shareholder loans in the approximate amount of R35 million. This provides Metorex with a strong treasury to fund exploration, development and acquisition opportunities, some of which are anticipated to materialize in the near future. Metorex will be the operating arm of Crew in southern Africa, and represents an ideal investment for Crew and its shareholders, for the following reasons:

1. Outstanding growth opportunity

Metorex already has a good, solid base of operations. In addition, the strengths of the existing Metorex team, being primarily their operating and technical skills, proven management, reputation and contacts, together with the entrepreneurial and financing skills of Crew, will provide the new Company with a springboard for aggressive, strategic growth.

2. Opportunity for early participation in quality projects

Through the reputation and contacts of both the existing Metorex team and Crew management, the new company will have the ability to participate at the early stages of natural resource projects throughout southern Africa. Value will be added prior to bringing other equity partners into the project, or to taking the project public. This approach will be followed not only for individual projects, but also for Metorex itself.

3. Regional focus

Crew believes that southern Africa holds immense opportunities for junior mining companies over the next five years. The Company intends to be on the leading edge in terms of taking advantage of the positive political, economic and infrastructural changes that are occurring throughout the region. Experience has repeatedly demonstrated that, to be successful internationally, organizations must have a strong and committed local representation.

4. Instant diversification 

Through this investment in one company, Crew is attaining geographic, political and commodity diversification.

5. Immediate cashflows

Given Metorex's present operating base, Crew will have immediate positive cashflows. Background of Metorex

Metorex is a profitable, independent, junior mining company, established in 1975, based in Johannesburg, South Africa, and:

- As at February 1997, producing after-tax profits of approximately R7 million per annum.

- A strong "hands on" management and technical team which shall remain in place.

- Diversified operating base, presently mining manganese dioxide, copper, zinc and coal.

- Operators of several mines, in which they hold equity positions ranging from 28 percent to 65 percent, producing sales in excess of R175 million per annum and employing approximately 1,000 people. One of the investments presently trades on the Johannesburg Stock Exchange. Other investments will be listed when appropriate.

- To date, Metorex have specialized in identifying, turning to account and managing mineral deposits (primarily gold, coal and base minerals) appropriate to their capital base. They have had a meaningful involvement in 34 projects in southern Africa over 22 years, and a history of partnerships with major mining houses.

- Their expertise ranges across the broad spectrum of the mining industry, from prospect development, operations management and financing to mine closure.

- Excellent business reputation and knowledge of project opportunities throughout southern Africa. Until now, have been restricted by the availability of funds to fully participate in new opportunities.

Management believes that this strategic and diversified investment reflects the stated corporate philosophy and provides the opportunity for significant growth. Details of new projects will be made available as they are forthcoming.

"John M. Darch", President

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

CONTACT: Crew Development Corporation

John M. Darch, 604/683-7585 or 1-800-444-9284

(Toll Free)

604/662-3180 (FAX)

Website: http://www.crewgroup.com

E-mail: [e-mail]