Crew Granted Key License To Develop Mindoro Nickel Project Significant Progress Towards Resource Optimization.

Business Editors

VANCOUVER, B.C.--(BUSINESS WIRE)--Jan. 31, 2001

CREW DEVELOPMENT(TSE:CRU.)(OSLO STOCK EXCHANGE:CRU) (FRANKFURT:KNC)(OTC Bulletin Board:CRWVF)

Mineral Production Agreement

Crew Development Corporation ("Crew") is pleased to announce that the Philippine authorities have granted the company a Mineral Production Agreement ("MPSA") for the key section of its 100% controlled Mindoro nickel laterite project. The MPSA gives the company the exclusive right to develop the property into a producing mine for a period of 25 years, with the right to renew for a further 25 year period. The license covers the area in which Crew has previously defined total measured and indicated resources of 72 million dry metric tonnes ("DMT").

Bankable Feasibility Study - Resource Optimization The company is pleased to report significant progress in Phase 1 of the ongoing Bankable Feasibility Study, which includes resource evaluation and optimization. In this regard, the independent Australian consultants, International Mining Consultants ("IMC"), have recently verified the company's previous resource calculations, and completed a positive audit of the company's geological data base and assay procedures.

Furthermore, recent advances in laterite processing technology now allow the processing of saprolite, which typically contains relatively high grade nickel. Inclusion of this material in the resource calculations could increase both the average grade and tonnage of the resource, which would have a significant impact on the project economics.

Accordingly, the company has initiated additional resource evaluation work, in conjunction with IMC, in order to optimize the value of the project. This work is in progress and is anticipated to be completed within approximately four months, and includes drilling and evaluation of the saprolite that underlies the currently defined resource.

In addition to the above, the previously announced studies to test the upgrading potential of the resource, together with the resource expansion drilling program in other areas of the concession, are continuing. In particular, the upgrading study will be expanded to include the saprolite which, in addition to normally being of a higher grade, is typically amenable to upgrading.

It is Crew's objective to complete the resource evaluation and optimization section of the Bankable Feasibility Study within the next four months, following which the timing of the second Phase of the study, which includes test work, design and engineering, will be determined. A total of 12,000 meters of ground penetrating radar survey and over 8,000 meters of drilling will be performed in finalizing Phase 1.

The Mindoro Nickel Project

The Mindoro nickel project is located on Mindoro Island in the Philippines, approximately 200 km south of Manila. The nickel and cobalt bearing laterite deposit is located about 30 km from the coast in the central part of the island. Crew has, to date, defined total resources in the measured and indicated categories of 72.6 million DMT with an average "in-situ" grade (before upgrading) of 0.94% nickel and 0.06% cobalt, including 21.4 million DMT at 1.16% nickel and 0.06% cobalt. The global resources on the concession have been estimated in excess of 200 million DMT. It is Crew's objective to take Mindoro through the bankable feasibility stage, at which time a major partner will be sought to advance the project.

Crew is committed to conduct the development of the Mindoro nickel project in an environmentally and socially responsible manner. The company conducts all operations in accordance with the highest environmental and social impact standards relating to international mining, irrespective of local guidelines. Beyond complying fully with Philippine mining regulations from the outset, Crew has substantially involved the local population in all activities and encourages their participation in the ongoing public consultation and education programs.

Corporate Overview

Crew is a mid-tier diversified international mining company, based in Vancouver, Canada. The company controls six quality development projects and owns, through Metorex, seven profitable mines. Crew is active in Africa, Canada, Greenland, Norway 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 debt free and is 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 U.S. 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.

This News Release was prepared by the Board of Directors on behalf of Crew Development Corp. which is solely responsible for its contents.