Crew Development Corporation: Nalunaq Financing Approved.

Business Editors

Crew Development (OTC Bulletin Board:CRWVF) (TSX:CRU.TO) (OSLO STOCK EXCHANGE:CRU) (FRANKFURT:KNC) is pleased to announce that the previously announced US$8 million Credit Facility with Standard Bank London has been approved by the Bank's credit committee. This represents an important milestone in advancing the Nalunaq project towards production. The bulk of the proceeds will be utilized to complete underground and infrastructure preparations for production at the company's Nalunaq Gold Deposit in South Greenland. In addition, the arrangement contemplates that the Revolving Facility will be converted, as soon as practicable, to a Limited Recourse Project Facility for Nalunaq.

In order to advance the project to early production, the company has adopted a plan of initial shipping of ore and processing at an external plant for the first 2-4 years. Nalunaq has about 40,000 tonnes of ore in stockpile containing some 20,000 oz gold. As part of this summers development program another 10,000 to 15,000 tonnes of mineralized materials are expected to be added to the stockpile available for shipping.

The shipping of ore to an external processing plant is made feasible by Nalunaq's close proximity to tidewater, its high-grade ore and surplus processing capacity available at several existing plants within economic shipping distance to Greenland. This will provide positive revenue flow to offset initial capital requirements for construction and further exploration. Calculations have proven this arrangement to be economically optimal for both the short and medium (3-5 years) term.

Preparations for production startup at Nalunaq are now underway. Underground work has commenced on site, with the objective to complete final mining tests and infrastructure upgrades. Further measured and indicated resources are anticipated to be added in the current year's development program.

The final Feasibility Study, which is in completion, addresses the financial and technical aspects of on-site processing at various mining rates and methods as well as the offshore processing. Based on these results, to be released shortly, an application for a mining license is expected to be processed by the authorities this year.

The current plan will make the project self-financing, remove the need for equity funding, and provide Crew and its partner, NunaMinerals, with a positive net cash flow years earlier than previously estimated. Crew's management believes the Nalunaq project has upside potential well beyond what is currently reflected in today's resource estimates.

Jan A. Vestrum, 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.