Crew Development Corp.: Results For Three Months Ended September 30, 2001; Public Listing Of Meager Creek Geothermal Project Completed.

Business Editors

VANCOUVER, B.C.--(BUSINESS WIRE)--Dec. 6, 2001

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

Asia Pacific To Be Refinanced And Restructured

Operations

Due to a reduction in the profitability of its African subsidiary, Metorex, Crew incurred a loss of C$396,000 (C$0.00 per share) for the three months ended September 30, 2001, compared to a net income of C$537,000 (C$0.01 per share) for the three months ended September 30, 2000.

Crew's share of the net profit of Metorex was C$179,000 for the three months ended September 20, 2001, compared to C$2,000,000 for the comparative period, due primarily to the significant decline in base metal prices since December 2000.

Metorex Limited

As required by the Johannesburg Stock Exchange, Metorex Limited has today issued a Cautionary Announcement advising that it has entered into negotiations which, if successfully concluded, may have a material effect on Metorex's share price. Accordingly, shareholders of Metorex have been advised to exercise caution when dealing in the company's shares until a further announcement is made.

Meager Creek Geothermal Energy Project

Final Regulatory approval for the independent public listing of the Meager Creek Geothermal Project has been received, and with effect from December 5, 2001, the company was listed on the CDNX under the name North Pacific GeoPower Corp (NPGP) (trading symbol: NPP).

Mr. Kenneth MacLeod, has been appointed a Director, President and Chief Executive Officer of the company. Mr. MacLeod is a Vancouver based businessman with over 20 years of executive experience with the fund raising and operations of public companies engaged in resource exploration and development.

Two new independent Directors, John Copeland and Dr. Mory Ghomshei, who have considerable experience in corporate funding and geothermal energy respectively, have been appointed to the Board.

The completion of the corporate restructuring of NPGP and the addition of the broad range of experience of Messrs MacLeod, Copeland and Ghomshei, provides a strong foundation from which NPGP can establish itself as Canada's first geothermal energy company for the commercial production of electricity.

The slim-hole drilling program, which is part of the initial phase of the Meager Creek geothermal resource evaluation program, has now commenced. This three-hole program, which is designed to verify the model of the geothermal system as envisioned by the overall project consultant GeothermEx of Richmond, California, should be completed within four months.

All shareholders of Crew as of November 28, 2001 (Record Date) will receive one share of NPGP, for each 20 shares of Crew held as of the Record Date, representing approximately 6,400,000 NPGP shares to be distributed on or about December 21, 2001.

Nalunaq Gold Project

The successful advancement of the Nalunaq Gold Project over the last year has attracted the attention of several major international project finance banks. After careful consideration, Crew, together with its 18 % partner, Nuna Minerals, have decided that rather than extend the exclusive mandate of HypoVereinsbank, it is in the shareholders' best interest to have competitive bidding for the arrangement and provision of the Nalunaq project financing. In early 2002, when the assay results of the 2001 underground program have been received and reflected in an increased level of measured and indicated resources, a select group of international Banks, including HypoVereinsbank, will be invited to bid on the project financing.

Kvaerner has now commenced a bankable feasibility study and it is anticipated that project financing will be finalized concurrently. Capital costs are estimated to be in the range of US$ 20-24 million, with mine construction scheduled to begin in the third quarter of 2002 and production by early to mid 2003.

Underground development programs at Nalunaq have, to date, defined measured and indicated resources of 292,000 ounces of gold, at an average grade of 25 grams/tonne (prior to the 2001 work assay results) and inferred resources of 718,000 ounces of gold at an average grade of 19 grams/tonne. Test mining has indicated that the deposit may be mined at an average width of 1.2 meters, which will minimize waste rock and improve profitability. These gold resources are contained in approximately 300,000 square meters of the geological vein structure, which appears to extend over 1,400,000 square meters within the mounting sector and may further extend over a similar area in the adjacent valley sector.

The Nalunaq Joint Venture holds a concession over 1,000 square kilometres in which at least three additional locations have been discovered with visible gold outcrops. Asia Pacific Resources Ltd.

Crew, being the largest (13.3%) shareholder of Asia Pacific Resources Ltd (APR) is pleased to announce a tripartite agreement for the conversion of debentures and plans for funding APR's development requirements. This agreement will allow APR to move forward with no debt, a strengthened Board of Directors and senior management group, and cash on hand to fund development.

APR controls a substantial potash deposit, which is strategically located in the fastest growing potash market in the world. Crew has recognised the substantial potential of this asset and been a long-term investor in the company. Crew believes that the proposed major corporate and financial restructuring of APR will create an opportunity to realise on the value of this investment in the near term. (Please refer to the attached "Asia Pacific Resources Ltd. - Project Highlights" information page at the end of this news release.)

This new agreement is a substitution of an earlier arrangement between the parties, which was subject to many conditions.

      The terms of the new agreements between Crew, APR and Olympus
Capital, the major debenture holder, is as follows:

--  The total amount owing to the debenture holders (being
    approximately C$60 million) will be converted to APR shares on
    February 28th, 2002 at a reduced conversion price of C$0.20 per
    share. No warrants will be attached to these shares and conversion
    is not conditional other than the approval of the APR shareholders
    to the conversion and the transfer of APR's province of
    incorporation from British Columbia to New Brunswick. This is
    intended to provide greater flexibility with respect to the
    appointment of new Directors, who may not be Canadian residents as
    required under British Columbia regulations, and is consistent
    with Olympus Capital's stated objective of strengthening the
    Board. Olympus Capital is finalizing the appointment of new senior
    management and its nominees for the Directors, composed of senior
    industry executives and Olympus Capital representatives, and will
    be announcing them in due course.

--  APR will undertake a rights offering to raise up to C$30 million.
    Olympus Capital will provide a standby facility of C$5 million and
    Crew has agreed to exercise its rights (approximately C$3.99
    million) and provide a standby facility of C$1.01 million. The
    standby facilities will be drawn down, up to these agreed
    maximums, in the event the rights offering is not fully subscribed
    for by other shareholders. This arrangement will ensure that APR
    raises a minimum of C$10 million of additional cash. If this
    transaction proceeds, Crew proposes to fund its participation by
    way of a non-convertible debt instrument.

--  The rights offering will be priced at C$0.50 per unit. Each unit
    will consist of 2.5 common shares of APR and a warrant, valid
    until February 28th, 2003, to purchase an additional 2.5 shares at
    a price of C$0.40 per share.

Immediately following conversion of the debentures the former debenture holders and Crew will hold 60% and 6.3% respectively of the Company's outstanding shares, assuming that the rights issue is fully subscribed, or 80% and 7.9% respectively, assuming that only the minimum of C$10 million is raised.

Conversion of the debentures and the rights offering are subject to regulatory approvals, including those of the Toronto Stock Exchange. APR shareholders will vote on both the debenture conversion and the continuance to New Brunswick at a shareholders meeting scheduled for January 7, 2002.

Olympus Capital Holdings Asia ("Olympus Capital") is a direct investment firm. With a total of over US$600 million in committed capital under management, Olympus Capital targets investments in public and private companies operating in Asia. It has 20 investment professionals based in Hong Kong, Tokyo, Seoul, Singapore, New York, Jakarta and Manila.

The lead investor in the funds managed by Olympus Capital is Ziff Brothers Investments, L.L.C. ("ZBI"), which is headquartered in New York and has several billion dollars under management. Olympus Capital also manages Asia Development Partners, L.P. ("ADP"), a private equity fund supported by financing guaranteed by the Overseas Private Investment Corporation ("OPIC"), an agency of the United States Government.

Corporate Overview

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

ASIA PACIFIC RESOURCES LTD.

PROJECT HIGHLIGHTS

APPENDIX TO DECEMBER 6, 2001 NEWS RELEASE

APR owns a 90% beneficial interest in two outstanding potash assets: The Somboon reserve and the adjacent Udon resource, located in northern Thailand. There are no other comparable Greenfield projects.

Potash is an essential element in fertilizers needed to ensure healthy plant growth and has no substitute. Potash promotes root growth in plants and assists the absorption of minerals and other elements. It also helps plants develop resistance to disease and pests and to cope with adverse weather conditions. Effective use of potash in a program of balanced fertilizer application can significantly increase plant yields.

A Feasibility Study has been completed for the Somboon Project, concluding that the project is technically and economically feasible. This will be the first mine to be developed, to produce 2 million tonnes of potash per annum.

Project debt financing arranged by HypoVereinsbank and the International Finance Corporation, a part of the World Bank, is expected to be available. The Thai government has accepted the Environmental Impact Assessment (EIA).

The estimated project equity ROI is 25% with a NPV of US$495 million at a 10% discount rate. Operating costs are expected to be in the bottom decile of existing producers.

It is anticipated that the development of the Udon resource will be at a similar or higher rate of production, which could follow within 3 to 5 years. World production of potash in 2000 was approximately 42.6 million tonnes with 95% used as a fertilizer.

Current Asian demand for potash is 13 million tonnes-30% of the world production-and is increasing at approximately 5% per annum (0.65/0.8 million tonnes per annum). As the world industry reaches a supply/demand balance, real terms price increases are expected.

The key drivers of growth are: (1) population growth due to longer life expectancy; (2) the need for increased crop yields due to the finite and decreasing amount of agricultural land available to satisfy demand; (3) increased fertilizer application rates; and (4) a move to more balanced fertilization.

The Company's proximity to key Asian markets allows it to deliver potash to customers at shorter delivery times and at a lower cost than its competitors.

The quality (depth and ore-grade) of the Somboon ore body and low rail costs to move product to the established ports of the gulf of Thailand provide the opportunity to match the costs of the world's lowest cost potash producers.

A rail link to deep-sea ports runs directly through the concession, within two kilometres of the proposed surface facilities and is capable of transporting 2.0 million tonnes per annum without major upgrading.

There is a major highway a short distance from the mine site, and the nearby city of Udon Thai has well developed electrical supplies, a population of over 350,000 and a large airport.

During 2000, potash was produced in only 13 countries, with 6 of those countries collectively accounting for approximately 90% of world production capacity. Canada and Russia/Belarus are currently the primary suppliers to the Asian markets.

It is believed that current producers have limited potential to increase capacity to meet the projected growth in Asian demand, requiring additional capital to produce and deliver.

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