Crew Negotiates 100% Ownership of Canada's Most Advanced Geothermal Project, Which Has an Estimated Development Potential of 250 Megawatts of Electricity.

Business Editors

VANCOUVER, B.C.--(BUSINESS WIRE)--Nov. 14, 2000

Crew Development (TSE:CRU.) (OSLOSE:CRU) (FRANKFURT:KNC) is pleased to announce that it has negotiated the re-acquisition of 100% ownership in the South Meager Geothermal Project, Canada's most advanced geothermal resource.

The geothermal energy at Meager Creek is based on hydrothermal fluid, which is already producing energy in the U.S. The project could be the first geothermal power project in Canada and will be the model for development of an environmentally friendly, benign, sustainable, cost effective, alternative energy in British Columbia.

The resource, which was acquired by Crew in 1988, is held under the only geothermal lease issued in Canada for commercial production of electricity. It is located 170 kilometers north of Vancouver and has an estimated developable potential of 250 megawatts (MW) of electricity, considered to be sufficient power for 400,000 homes. Over a 25 year period a geothermal project of 250MW would have an energy production equivalent of 100 million barrels of oil. Geothermal Energy

Geothermal energy is heat derived from the earth. It is the thermal energy contained in the rock and fluid (that fills the fractures within the rock) in the earth's crust.

Geothermal resources come in five forms: hydrothermal fluids, hot dry rock, geopressured brines, magma, and ambient ground heat. Of these five, only hydrothermal fluid resources have been developed commercially for power generation.

Power is generated by converting the hydrothermal fluids (250(degrees)C(plus)) into steam which powers conventional turbines. This process is the same as burning coal to make steam, however the geothermal sources avoid the additional costs of mining and transporting the coal.

More than 2,700 megawatts (MW) of electric power is already produced in the United States. This geothermal energy is enough to provide electricity to 3.5 million homes. The market for more environmentally friendly energy in the U.S. is growing as companies comply with ever more restrictive regulations on greenhouse gas emissions produced by other energy sources.

South Meager Geothermal Project History

Between 1973 and 1984, British Columbia Hydro and Power Authority (B.C. Hydro), along with the Geological Survey of Canada (GSC) and its parent, Energy, Mines and Resources Canada, spent more than $30 million on a geothermal exploration program throughout British Columbia, in an effort to identify alternative energy sources.

The Meager Mountain area was defined by B.C. Hydro and the GSC as the prime geothermal prospect in British Columbia. Based on encouraging results from many shallow test holes, B.C. Hydro drilled three deep production-size wells between November 1982 and the summer of 1984. Steam produced by one of these wells powered a 20-kilowatt demonstration power plant.

With the abundance of existing low-cost hydroelectric energy and the availability of low-priced fossil fuels, combined with the economic recession of the early 1980's, B.C. Hydro suspended development of alternative energy projects, including geothermal, and consequently the South Meager Geothermal Project remained dormant until acquired by Crew Development in 1988.

In 1993 Crew entered into a Joint Venture with a division of Guy F. Atkinson Company of California to develop an initial 60MW plant. Under the terms of the agreement, Atkinson earned a 57% working interest in the development by funding the initial development phase of the project, including drilling to confirm the commercial viability of the resource.

The Joint Venture prepared a detailed geothermal reservoir confirmation program suitable for the engineering, design and construction of the initial 60MW plant. All necessary permits were obtained and in 1994 the Joint Venture initiated an ongoing public consultation and environmental program in preparation for the drilling of a further deep production size geothermal well during 1995. Well temperatures exceeding 250(degrees)C were encountered, and geo-chemical analyses of the fluids sampled support the existence of a deep, higher temperature reservoir. This particular well did not penetrate a permeable zone that would support commercial production and additional drilling is required to locate permeability within the resource to fully determine the capability of the reservoir. This well confirmed the presence of a large system, but additional drilling of deep production wells will still be required to develop Meager Creek as a commercial source of power.

The drilling and testing program results were assessed by independent consultants and provided significant structural detail to the reservoir model. The resource data indicated that the deep resource could be further north than originally expected. In September 1995, the Joint Venture suspended further development of the project because of the generally unfavourable market climate for independent power producers in British Columbia.

Subsequently the Joint Venture partner, Guy F. Atkinson, went into liquidation and, after extensive negotiations, Crew was able to regain a 100% interest in the project.

Current Position and Future Development Opportunity for the Project

B.C. Hydro's Integrated Electricity Plan (IEP) (January 2000) states that 10% of all BC Hydro's new generation resource acquisitions will be "green" resources. Analysis carried out by the company has indicated that the South Meager Geothermal Project will qualify as a renewable (green) resource and that it's pricing is competitive with other green resources.

In April 2000, B.C. Hydro invited developers to submit proposals for new "green" resources and contemplates acquiring 15 MW per year from 2007 to 2010. The IEP also calls for new capacity as early as 2005. In fact, it also contemplates acquisition of new resources in advance of reserve requirements if there is an opportunity for increased electricity trade revenues.

Electricity demand has increased dramatically in the Pacific Northwest, to the point of straining existing resources, creating an ideal situation for the development of new power generation. The attitude of B.C. Hydro towards "wheeling" (transmission to third parties) and renewable resources has improved considerably since 1995, with firm policies now in place for both critical elements to develop the project for domestic or international markets.

The recent increase in gas prices will have a negative effect on gas fired electricity generation. With significantly higher gas prices, the balance may move in favour of higher capital cost and lower operating cost projects to stabilize pricing and reduce pricing risk.

With the significant changes in the electricity market of the Pacific Northwest, and increasing public concern and awareness of environmental issues relating to generation of electricity, the opportunity for the development of the South Meager Geothermal Project has been considerably increased.

Upon completion of a full re-evaluation of all the data relating to previous development work, Crew shall seek a major partner in the energy sector to advance the project.

Crew is a mid-tier diversified international mining company, based in Vancouver, Canada. The company controls six quality development projects and holds a 41% controlling interest, through Metorex, in seven profitable mines. Crew is active in Norway, Greenland, the Philippines and Africa 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, C.E.O.

Highlights of Geothermal Electricity Worldwide

Twenty-one countries generate 8,000 MW of electricity from geothermal resources. There are nearly 80,000 MW of electrical power that could be brought on-line in foreign countries in the next two or three decades using geothermal resources. North America

U.S. geothermal companies have installed geothermal power plants overseas that generate more than 1,500 MW of electricity and represent an investment of more than $3 billion. Between 14 to 17 billion kilowatt-hours per year of electricity are generated in the states of California, Hawaii, Nevada, and Utah from geothermal sources. These sales are worth about $1 billion each year.

Geothermal energy is the United States' second largest grid-connected renewable electricity source, after hydropower and the cost of generating power from geothermal resources has decreased about 25% over the past two decades. Geothermal power can be generated from modular units ranging in size from a few hundred kilowatts to more than 100 MW.

More than 2700 megawatts (MW) of electric power capacity produced in the United States from geothermal energy, which is enough to provide electricity to 3.5 million homes. The potential electricity production of geothermal resources is substantially higher. The Geysers geothermal field in northern California has been generating electric power for about 40 years. Environmental Issues

Electricity produced from geothermal energy in the United States saves emissions to the atmosphere of 22 million tons of carbon dioxide, 200 thousand tons of sulfur dioxide, 80 thousand tons of nitrogen oxides, and 110 thousand tons of particulate matter every year, compared with production of the same amount of electricity from an average U.S. coal-fired plant. Sources: U.S. Dept of Energy website and industry sources

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