Crew Development Corp.: Updated Resource Estimate for the Nalunaq Gold Project, Greenland.

Business Editors

VANCOUVER, British Columbia--(BUSINESS WIRE)--March 26, 2002

Crew Development Corp. ("Crew") is pleased to announce an independent resource estimate for the Nalunaq Gold Project in Greenland based on the results of surface and underground field seasons to the end of 2001. The independent resource estimate was prepared by SRK Consulting, Toronto. The classified resources over different mining widths are as follows:

----------------------------------------------------------------------
Measured & Indicated     Over 1.0      Over 1.2     Over 1.5
Mineral Resources         meters        meters        meters
--------------------------------------------------------------- Ounces
                     Tonnes   g/t  tonnes   g/t   tonnes   g/t   Gold
----------------------------------------------------------------------
Main Vein (including
 Stockpiles):       352,100  30.3 414,200  25.8  508,300  20.9 343,700
----------------------------------------------------------------------
South Vein           58,000  28.3  69,700  23.6   88,300  18.7  52,900
----------------------------------------------------------------------
Total               410,100  30.0 483,900  25.5  596,600  20.6 396,600
----------------------------------------------------------------------

----------------------------------------------------------------------
Inferred           Over 1.0       Over 1.2          Over 1.5
Mineral Resources   meters         meters            meters
-------------------------------------------------------------- Ounces
               Tonnes    g/t  tonnes      g/t    tonnes    g/t   Gold
----------------------------------------------------------------------
Main Vein     200,000   24.7 240,100     20.6   326,000   15.9 159,100
----------------------------------------------------------------------
South Vein     34,000   22.4  41,200     18.7    52,000   14.8  24,800
----------------------------------------------------------------------
Total         234,000   24.4 281,300     20.3   378,000   15.7 183,900
----------------------------------------------------------------------

SRK's inferred mineral resources refer to areas immediately adjacent to the developed parts of Nalunaq, and excludes drill-indicated structure of the South Vein as well as widely spaced surface sampling of the north face of Nalunaq mountain, that were previously included in Crew's October 24, 2001 news release. However, the high resource potential in these extensions is recognized by SRK in their report. A significant portion of the development in 2001 did not meet cut-off grades and was deleted from the current inferred resource base.

All samples from the 2001 underground exploration program were analyzed by SGS XRAL Laboratories. Assay QA/QC was managed and executed by Strathcona Mineral Services Ltd. of Toronto.

The company is encouraged by the results and is planning a pre-production program for 2002 with the intent of expanding the resource base and prepare for production.

The Nalunaq Feasibility Study is on schedule to be completed in the second quarter of 2002 with the Environmental Impact Assessment to be finalized shortly thereafter.

Detailed mine planning is currently being completed by Kvaerner E&C. Mining recoveries are estimated to be between 90% and 98% based on a longhole mining method.

Metallurgical testwork has been completed and it has been determined that the most appropriate process for gold extraction is by gravity separation and leaching. Overall recoveries are estimated to be in excess of 94%.

QUALIFIED PERSON

The resource estimate was prepared by Michael Michaud, P.Geo., Senior Geologist with SRK Consulting (Toronto) who is designated as an independent Qualified Person with the ability and authority to conduct resource estimations for narrow-vein gold deposits.

CORPORATE OVERVIEW

Crew is an established, multi-commodity, Canadian mining company with operations in Africa, Canada, Greenland, Norway and the Philippines. In addition to a variety of projects that are at various stages of development and discovered by Crew, the company controls seven producing mines through its southern African subsidiary. Crew's strength stems from this diversified, solid, broad base of projects. The company is well positioned to focus on specific projects, and to respond to changing market forces. Crew shares are listed as CRU on the TSE (Canada) and OSE (Norway), as KNC on the Frankfurt Exchange (Germany), and as CRWVF on the OTC BB (USA).

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

Forward looking Statements

This press release includes certain "Forward-Looking Statements" within the meaning of section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein, including without limitation, statements regarding potential mineralization and reserves, exploration results and future plans and objectives of Crew Development Corp., are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Crew's expectations are disclosed under the heading "Risk Factors" and elsewhere in Crew's documents filed from time to time with the Toronto Stock Exchange, The United States Securities and Exchange Commission and other regulatory authorities.