Crew Increases Strategic Investment in Southern African Mining Group, Metorex Limited, to 50.4%.

Business Editors

VANCOUVER, B.C.--(BUSINESS WIRE)--Nov. 28, 2000

Crew Development Corporation ("Crew") (TSE:CRU.)(OSE:CRU)(FRANKFURT:KNC) is pleased to announce that it has negotiated, with the prior approval of the Securities Regulations Panel, in South Africa, an increase in its previous 40.5% holding of shares of Metorex to a 50.4% position as a long-term strategic investment in Southern Africa and in order to consolidate the earnings of Metorex and to allow Metorex greater access to foreign capital.

Metorex is widely acknowledged to be the premier mid-tier, profitable mining company in Southern Africa. Since Crew's initial investment of approximately C$25 million in Metorex, some three years ago, the company and its management have achieved outstanding results in a very difficult market. This additional investment reflects Crew's belief in the management and extraordinary potential for growth and profitability in the region. No changes in the current management structure or the direction of the company or dividend policy are envisaged.

Metorex has achieved considerable success over the years, during which the operations were restructured with all minority interests, other than those of strategic partners, being acquired and listed on the Johannesburg Stock Exchange, with a secondary listing on the London Stock Exchange. The shares have performed ahead of the index during this year.

The growth of Metorex over the past three years has been very impressive, with annual sales tripling to C$150 million and sustained profitability during a period of some of the lowest metal and mineral prices in decades. As at June 30, 2000, the group generated a net income of C$15 million, an increase of almost 100% over the previous year. Subsequently, improved metal and mineral prices have positively impacted profitability and during the first quarter of the current year, net income increased a further 45% over the previous quarter.

All of Metorex's seven mining operations in Southern Africa are profitable and cashflow positive, producing a wide range of metals and minerals, of which copper is the major cash generator. In March we announced the commencement of the construction of the group's eighth mine, Chibuluma South, which will be the first new copper mine in Zambia in 30 years. Production is scheduled for the first quarter of 2001 increasing to a level of 18,000 tonnes of copper per annum, when in full production, which will increase the groups total copper production to approximately 40,000 tonnes per annum. In addition, during the year the Prospecting Lease of the Perkoa zinc deposit in Burkina Faso was acquired. This deposit is one of the larger volcanologic massive sulphide bodies known, with drill indicated resources totaling seven million tonnes grading 17.67% zinc (1.2 million tonnes / zinc metal) at a 10% zinc cut off. While further work must be done, a positive pre-feasibility study has been completed and we consider that the prospects for development are very good.

"We believe that the potential for a continuation of outstanding growth in Africa, through acquisitions and development is exceptional," comments John M. Darch, Chairman and C.E.O. "Provided the improvement in base metal and mineral prices is sustained, we are confident that we shall achieve further increases in profitability in the future."

Crew is a mid-tier diversified international mining company, based in Vancouver, Canada. Following the recent 100% acquisition of the Canadian geothermal project, the company now controls seven 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.