Crew Development Corp.: Financial Results For The Nine Months Ended March 31, 2001 Demonstrate Continued Profitability, Despite Decline In Commodity Prices.

Business Editors

VANCOUVER, B.C.--(BUSINESS WIRE)--May 29, 2001

(OTCBB:CRWVF) (TSE:CRU.) (OSLO STOCK EXCHANGE:CRU) (FRANKFURT:KNC)

For the nine months ended March 31, 2001, the company is pleased to report a net income of $1,535,000 ($ 0.01 per share), compared with $2,540,000($ 0.03 per share) for the nine months ended March 31, 2000, which included non-recurring gains on sale of assets of $ 2,851,000 (March 2001-$ 172,000).

Crew's share of the net profits of its African operating subsidiary, Metorex, amounted to $5,501,000 ($0.05 per share) for the nine months, compared with $2,148,000 ($0.03 per share) for the corresponding period in 2000. These results are particularly satisfying, given the sustained profitability as compared with the first six months of the year, despite a weakening of commodity prices during the third quarter. The effect on the company's profits of the decline in commodity prices was offset by increased sales volumes and strong cost controls.

As at March 31, 2001, Crew had total assets of $ 213,645,000 (2000-$ 85,013,000) and shareholders' equity of $ 115,174,000 (2000-$ 83,164,000).

Project Update

Mindoro

Crew is currently conducting the resource evaluation and optimization portion of the Feasibility Study at its 100% controlled nickel laterite project on Mindoro Island, the Philippines. Samples from test pits and pit extension drilling are currently being screened and assayed to test the upgrading potential. So far, a total of 169 samples have been tested and show that in the saprolite, screening will give a 10% nickel upgrade and a 22% cobalt upgrade. In hard saprolite, the upgrade is 20% for nickel and 23% for cobalt.

In-fill drilling on a 100-meter grid is also ongoing. A total of 61 core drill holes have been completed, with approximately 25 holes remaining in the program, demonstrating that mineralized material exists to depths that significantly exceed those tested in previous programs.

The results to date of the resource evaluation and optimization study are very encouraging, both as to the upgrading potential of the material, and increasing the overall resource tonnage.

Roros

The winter drilling program for two of the targets at Crew's 100% owned Roros zinc project in central Norway has now been completed. A total of 550 meters of drilling in 6 holes has been completed on the Tjonnvolmyran target. This program covered about 650 meters in strike length and 400 meters of down dip extension in the outlined anomaly. Assay results are pending.

The Klinkenberg occurrence indicates zinc-rich sulfide mineralization outcropping on the surface and extending about 200 meters along strike in historic workings. The 9 hole drill program in this target indicates a 10 meter mineralized interval with bands of massive sulfides below the known ore body. Assay results are pending.

The planned summer drill program is at the Rodalen target. In addition, about 660 new soil geochemical samples have been collected from 21 new geophysical targets in the Roros and Meraker districts. The assay results of these include very encouraging data which will be used in the definition of drill targets for subsequent investigations.

Corporate Overview

Crew is a mid-tier diversified international mining company, based in Vancouver, Canada. The company controls five quality development projects and owns, through Metorex, eight profitable mines. Crew is active in Africa, Norway, Canada, Greenland and the Philippines, and has a demonstrated ability to discover new grassroots projects, advance projects to the development stage, and operate mines efficiently. The company is profitable and 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 US.

John M. Darch, Chairman 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.