Crew Development Corporation: Third Quarter Ended March 31, 2000 Demonstrates Continued Profitability.

Business Editors

VANCOUVER, BRITISH COLUMBIA--(BUSINESS WIRE)--June 1, 2000

CrewDevelop (TSE:CRU.)

Crew Earns $2,413,000 From its African Operations and Increases Total

Assets to $82.1 Million

Results of Operations

For the nine months ended March 31, 2000, the Company earned a net income of $874,000 ($0.01 per share), compared with $363,000 ($0.01 per share) for the nine months ended March 31, 1999, as follows:

                             March 31, 2000       March 31, 1999
                               (9 months)            (9 months)
                                $'000's                $'000's

Head office
  Interest and other
   income (loss)                $  161                $  (118)
  Expenses                      (1,521)                  (869)
Southern African operations,
   after depreciation, tax
    and minority interest        2,413                  1,364
Foreign exchange loss             (179)                   (14)
Net income for fiscal period    $  874                $   363

Crew's share of the net profits produced by its 41% controlled African operations amounted to $2,413,000 for the nine month period (1999 - $1,364,000). Included in this amount is a gain on dilution of Crew's interest in the African operations in the amount of $423,000 (1999 - $ nil), resulting from a reorganization of the operations in December 1999.

These results reflect the continued profitability of the overall African operations, despite a difficult third quarter for the coal and Consolidated Murchison, which were adversely affected by the extraordinary rains during the period.

Head office expenses for the nine month period amounted to $1,521,000 (1999 - $869,000). The increase, as compared to 1999, arose primarily as a result of the acquisition of Mindex ASA and Botswana Diamondfields Inc., effective December 31, 1999.

As at March 31, 2000, Crew had total assets of $82.1 million (1999 - $33.9 million) and shareholders' equity of $80.3 million (1999 - $25.8 million).

Corporate Overview

Crew is a rapidly growing international multi-commodity mining company that controls six quality development projects and holds a 41% controlling interest in seven producing and profitable mines in Southern Africa.

Crew was listed on the Main List of the Oslo Stock Exchange on January 21, 2000, and Mindex is now a wholly owned subsidiary of Crew.

Since February 2000, the company has announced three private placements with both existing and new shareholders in Norway, Germany, and England. Upon completion of the third financing, announced May 17, 2000, and warrants exercised as at May 31, 2000, Crew will have raised a total of C$18,237,000 within three months, and remains debt free. These funds will mainly go toward the development of the high-grade Nalunaq gold project in Greenland, and the final feasibility study of the substantial Mindoro nickel laterite project in the Philippines.

Management is focusing on the development of these two projects concurrently, while pursuing the continued rapid growth of the Southern African interests through Metorex Ltd.

Nalunaq Gold Project, Greenland (50%, increasing to 65%)

In April, Crew announced the increase in its ownership in the Nalunaq Gold Project to 65% from 50%, by funding the majority of this summer's development program. Crew will expend C$6.1 million (DKK34 million) out of the approved C$7.2 million (DKK40 million) program, and its partner NunaMinerals will contribute the additional C$1.1 million (DKK6 million). This work should enable a production decision by early 2001, and provide confidence to the lenders on the mine construction costs, estimated at US$20 million by MRDI in their March 1999, pre-feasibility study.

Crew and NunaMinerals geologists are currently on site, and mobilization is progressing well. The construction of the 7.5 km access road is now complete. The camp has been operating since mid May, and currently 14 workers are on site expanding the camp to its planned 55 person capacity. An office and warehouse in Nanortalik have been set up to support the operation. This years program will include 900 meters of aditing, 600 meters of raises, and extensive sampling coordinated by the independent consultants, Strathcona Mineral Services.

Mindoro Nickel Laterite Project, The Philippines (100%)

Crew, together with Kvaerner, are finalizing the resource verification and engineering components of its final feasibility study. The company's priority is to complete the feasibility study within 18 months and subsequently secure a strategic partner for the development of the project. Mobilization has commenced for a detailed sampling program for metallurgical and upgrade test work on the previously defined in-situ resources. A resource expansion drilling program will be conducted simultaneously, with a goal of doubling the current measured and indicated resources. The Environmental Impact Assessment (EIA) is ongoing with the independent consultants, Woodward-Clyde (formerly Dames and Moore).

In May, Crew's senior management met in Manila with President Estrada, Secretary Cerilles of the Department of Environment and Natural Resources, and Undersecretary Aquino of the Ministry of Industry and Trade and received strong expressions of support for the Mindoro Nickel Project.

Metorex

In light of the extraordinary adverse weather conditions, Crew is very pleased with the third quarter performance of Metorex Ltd. which is reflected in the above-mentioned third quarter results. All operations are now back in full production and overall earnings for the year ending June 30, 2000, are expected to meet forecast.

Positive discussions continue with the Burkina Faso Government regarding the development of the Perkoa Project and concessions for the funding of the infrastructure, which will be beneficial to both the project and Burkina Faso.

The construction of the Chibuluma South Mine has commenced, and it will become a significant contributor to the Metorex Group's growth in earnings beginning in early 2001. The mine is planned to produce about 16,000 tonnes of copper cathode annually at a production cost of US$0.55 per pound, for approximately 16 years and when in production, copper production in the group will be some 40,000 tons per annum.

The equipping of the Consolidated Murchison Beta Shaft is progressing satisfactorily with shaft commissioning expected in November 2000 and first production of gold and antimony will commence in mid 2001. A modular plant has been commissioned at Lakeside Colliery to improve the yields and to treat the increased coal production from the Western reserve currently being developed. The effect of this incremental production should be reflected during the forthcoming quarter.

Other Projects

Crew has continued to work in cooperation with Noranda Inc. at the Roros zinc project in Norway. Together our technical team is analyzing data from an airborne geophysical survey completed in late 1999. Plans for an exploration program in summer 2000 are currently being drafted. Noranda signed a letter agreement in July 1999 for an option to earn 70% of the Roros zinc project by conducting and financing all work including a feasibility study.

No further exploration news is available on the Hwini-Butre gold project at this time.

On March 27, 2000 Crew announced that the company has exercised an option to acquire 100% of the Pamplona sulfur deposit on Negros Island, close to Mindoro Island in the Philippines. The company believes that this deposit has the potential to be a stand alone sulfur project, and that it may provide a local source of sulfur to the Mindoro nickel laterite project. Crew intends to conduct an ore verification drilling program at the site. Kvaerner will be commissioned to complete a scoping study on the deposit, as well as a review of previously completed work.

John M. Darch, 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. For further information, please see www.crewgroup.com