Crew Development Corporation: Results Of 2000 Program Exceed Expectations At Nalunaq High-Grade Gold Deposit.

Business Editors

VANCOUVER, B.C.--(BUSINESS WIRE)--May 28, 2001

Crew Development Corporation ("Crew") (TSE:CRU.) (OSLOSE:CRU) (FRANKFURT:KNC) (OTC:CRWVF) is pleased to announce the final results of the 2000 grade verification and bulk sampling program at the company's 67%-owned Nalunaq Gold Project in South Greenland.

This program was designed and supervised by Strathcona Mineral Services of Canada, and included over 1,900 meters of underground development work. Overall, work to date has demonstrated an average grade over one meter true width of 42.6 g/t gold, when a cut-off of 3 g/t is applied, and high values are cut to 200 g/t. These results reinforce those of the previous 1998 program, and confirm the high-grade nature of the Nalunaq gold deposit.

The program was also successful in establishing a positive relationship between bulk sample and channel sample results. This will allow the less expensive channel sampling technique to be used exclusively in future programs for the estimation of mineral resources and reserves, with a confidence level that is acceptable to banks.

Crew and its joint venture partner, NunaMinerals, will use the results of the 2000 program in the final production planning for the Nalunaq gold deposit. A full feasibility study, including final engineering and plant design, and an environmental impact assessment are expected during 2001. The partners envisage that production can be achieved by late 2002.

The development work in 2000 defined continuous mineralization over 400 meters of strike length in three adits at level 450, 400 and 350 m above sea level (masl), as well as in raises driven at regular intervals between the adits. The program demonstrated sections with particularly high grades, for example 72 g/t gold over 150 meters along strike at level 450, and 156 g/t gold over 45 meters along dip in raise 7. The average grades over one meter (in g/t) from the three underground levels based on all channel samples are shown in the following table, as prepared by J.S. Petersen, VP Exploration, Crew. In the final column, the results of the bulk samples, as calculated by Strathcona, are shown including the variances, determined on the basis of a Standard Confidence Level of 95%.

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                    all data        all data
                     g/t Au      cut to 200 g/t     -bulk samples
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Level-450            52.4            43.6        44 (plus or minus) 4
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Level-400            38.4            33.0        26 (plus or minus) 4
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Level-350            16.9            16.0        14 (plus or minus) 2
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All raises           46.1            33.3        31 (plus or minus) 4
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- as determined by Strathcona Mineral Services
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To date, more than 700 samples from the mineralized structure have been generated from over 2,200 meters of underground development. The raw data from the 2000 program compare remarkably well with the combined 1998 and 2000 data, as demonstrated in the table below. All data are calculated to 1-m true width. This relationship is maintained also with a 3 g/t cut-off, and with high-grade sample values cut to 200 g/t Au.

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All adits & raises       all data        all data       3 g/t cut-off
                          g/t Au      cut to 200 g/t    cut to 200g/t
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2000 data                  38.6           30.1              43.5
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1998 & 2000 data           39.3           31.6              42.6
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Computer resource modeling using available geochemical, geological and structural information is being prepared as the basis for specific mine planning in conjunction with Kvaerner E&C.

The final resource evaluation will include a proposed mining schedule that will allow Nalunaq to take advantage of having a higher feed grade in the early years of the deposit, in order to enhance the project economics significantly.

The stockpile of 23,000 wet tonnes measured resources from the 2000 program will be used as initial feed during production ramp up, together with additional ore derived from further underground development in 2001 and 2002. Once satisfactory recovery has been achieved the mine will start exploiting the high-grade ore shoots that have been defined.

The Nalunaq project is scheduled to become Greenland's first gold mine, and the first new mine to be developed in the country in over 25 years. The deposit is located in a prospective gold province with 1,081 square kilometers entirely controlled by the Nalunaq Joint Venture. This district has indications for several additional high-grade gold discoveries that the joint venture plans to explore further.

Nalunaq Overview

Crew owns a 67% interest in the Nalunaq gold deposit in South Greenland, which is located 6 km from an ice-free, deep-water fjord, 40 km from existing post facilities in Nanortalik. Crew's 33% contributing partner in the project is NunaMinerals, a state-owned Greenlandic company. Potential revenues from this project will approximate C$60 million per annum, and Crew is making every effort to achieve early production. This will provide direct cashflows to finance other activities, and enable the company to sustain the rapid growth that it has achieved over the past four years.

"With a strong understanding of the high-grade gold system at Nalunaq, we are confident that the project will be an important revenue and income earner for Crew," said John M. Darch, CEO of Crew.

A positive pre-feasibility study by MRDI (H.A. Simons) was completed in March 1999, based on indicated and inferred resources, at that time, of 425,000 ounces. The study estimated an IRR of 51% for a 500 tonne per day operation with a cash cost of US$160 per ounce. The calculated 27.3 g/t mill feed (after mining losses and dilution) indicated a payback of 1.8 years on the estimated US$20 million capital investment, assuming a gold price of US$300 per ounce.

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.