Crew Increases Interest in Nalunaq High-Grade Gold Deposit to 82%, and Gains Full Operational Control.

Business Editors

VANCOUVER, B.C.--(BUSINESS WIRE)--June 14, 2001

2001 Work Program Commenced, To Enable Production Within 18 Months

Crew Development Corporation (Crew) (OTCBB:CRWVF) (TSE:CRU.) (OSE:CRU.) (FRANKFURT:KNC.) is pleased to announce that it has entered into an agreement with NunaMinerals AS, its Joint Venture partner in the Nalunaq high-grade gold project, whereby Crew has gained full operational control, with an increased direct interest of 82%.

NunaMinerals' interest has been converted to an 18% net carried position in the project (previously a 33% contributing interest) and in consideration, Crew has committed to fund the project through to the end of a final Feasibility Study, anticipated within four to six months, and to provide necessary project loan guarantees.

After completion of the final Feasibility Study, it is agreed that all further expenditures to the date of mine commissioning, including working capital, will be funded by way of project loans and NunaMinerals will indemnify Crew in respect of its interest.

This change in ownership structure has significant benefits for both Joint Venture partners. Crew will now have full operational control to ensure the timely advance of the project to production, and also will enjoy an increased share of the projected strong Nalunaq cashflows. NunaMinerals will benefit from the early project cashflows, without further cash commitments.

Following recent receipt of the final results of the 2000 program, announced May 28, 2001, which 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), Crew has now initiated the 2001 work program, designed to complete a final Feasibility Study, conclude mine financing and prepare for mine construction. Key aspects of this program will include completion of necessary environmental work, a resource expansion drilling program and further underground test mining, designed to optimize the mining width and maximize mine profitability.

The remainder of the 1,081 square kilometer concession held by the Nalunaq Joint Venture, will continue to be owned 67% by Crew and 33% by NunaMinerals. The concession includes several additional high-grade gold discoveries that the Joint Venture plans to explore further. Both parties will continue to contribute to further development of this remaining area, on a pro-rata basis.

Nalunaq Overview

The Nalunaq gold deposit is situated in South Greenland, and is located 6 km from an ice-free, deep-water fjord, 40 km from existing port facilities in Nanortalik. Crew's partner in the project is NunaMinerals, a 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. 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.