Crew Development Corporation: Withdrawal of License to Develop Mindoro Nickel Project - Update.Business Editors VANCOUVER, B.C.--(BUSINESS WIRE)--Aug. 7, 2001 (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CRWVF) (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CRU.) (OSE OSE - Open Systems Environment :CRU.) (Frankfurt:KNC KNC Knowledge Navigation Center KNC Kensey Nash Corporation KNC Kawan Ng Cordero (Philippines: Flock of Lamb) .) Further to our news release of July 16, 2001, regarding the cancellation, without due process, of our Mineral Production Agreement ("MPSA MPSA Midwest Political Science Association MPSA Microsoft Personal Security Advisor MPSA Military Postal Service Agency MPSA Mineral Production Sharing Agreement MPSA Mississippi Private School Association MPSA Mobile Payment Services Association ") for a significant section of the Mindoro nickel laterite project in the Philippines, we provide the following update: We are exploring every avenue of reinstating the MPSA as quickly as possible. Within days, we will file a formal appeal to the Office of the President of the Philippines. If rejected, we shall vigorously pursue recovery of the MPSA, both through the Philippine courts and under the Foreign Investment Protection Agreement signed between Canada and the Philippines in 1995. We have fully evaluated the situation with our legal advisors, and are extremely confident that the Philippine government had no legal basis for cancellation of the MPSA. Based on the above, and extensive discussions with the authorities, we are confident that we shall reestablish our rights under the MPSA, if necessary through legal action. 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. |
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