Crew Development Corporation Announces First Quarter Results.

VANCOUVER, British Columbia--(BUSINESS WIRE)--Dec. 9, 1999--

Crew Develop(TSE:CRU.) (CDNX:CRU) (FRANKFURT:KNC)

For the three months ended September 30, 1999, the Company earned a net loss of $80,604 ($0.00 per share), compared with net income of $94,073 ($0.00 per share) for the three months ended September 30, 1998, on consolidated sales of $6,096,000 (1998 - $5,468,000).

Crew's share of profits produced by its African operations (after tax and minority interests, but before amortization) amounted to $898,000 for the three months (1998 - $850,000). These results reflect the continued improvements at Chibuluma, together with the acquisition in May 1999, of Vergenoeg.

After deducting amortization, being a non-cash item, provided for the three months, the contribution by the African operations to Crew's operating results was $148,000 (1998 - $315,000).

The African operations are expected to continue their profitable growth and further enhance the earnings of the Company, particularly if metal prices continue to strengthen as is anticipated.

As at September 30, 1999, Crew had consolidated cash reserves of $4,555,000 (1998 - $2,606,000) and total assets of $43,012,000 (1998 - $44,760,000).

The above results do not give account to the restructuring of the African operations, the proposed merger with Mindex ASA, or the proposed merger with Botswana Diamondfields Inc., as described in the News Release of November 22, 1999, as the necessary approvals for these events had not been received at the time of preparation of these consolidated financial statements.

"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.