Crew Petitions Yukon Supreme Court for a Ruling.

Business Editors

VANCOUVER, B.C.--(BUSINESS WIRE)--Jan. 14, 2002

Further to Crew Development Corporation's (OTCBB: CRWVF) (TSE: CRU.) (OSLO STOCK EXCHANGE: CRU.) (FRANKFURT: KNC.) (PACIFIC EXCHANGE: CRU) ("Crew") news release of December 24, 2001, following the Company's Annual General Meeting and rejection of certain proxies, a Petition to the Supreme Court of the Yukon Territory, Canada, was submitted on December 31, 2001.

This Petition applied for a Judicial Review of the Order obtained from the Registrar of Securities of the Yukon Territory ("Order") by the dissident shareholder, Veslik AS ("Veslik"). In seeking to have this Order set aside, the Company has requested an examination of the circumstances under which it was obtained, and in addition to other matters, a confirmation from the Court of the decision of the directors of Crew to hold a Special General Meeting (SGM) on March 22, 2002. The record date for the holders of shares to be entitled to receive notice of a vote at the SGM has been set for February 14, 2002.

Based on a review of the documents filed with the Court, it appears that Mr. Anders Hvide, a former Director of Crew, was engaged as an advisor in October 2001 by Veslik, to seek legal advice on how to remove the existing Board of Directors of Crew. Without informing the company or any other shareholders, Norwegian institutional and private investment company shareholders were solicited for their proxies.

The Company is unaware of what was represented to the select group of shareholders in the solicitation of their proxies and, following the Annual General Meeting, Crew has sought through their legal counsel to establish a direct dialogue with those shareholders to understand their issues. To date, a response has not been received. Crew believes that it is clearly in the interests of all shareholders that this be achieved as soon as possible, and therefore, the Board of Directors and Management is seeking and would welcome an opportunity to meet with any of those shareholders, collectively or individually, to be able to talk directly with them and deal with facts rather than rumours or speculation.

Unfortunately, as a direct consequence of the dissident shareholder action, the Company has reluctantly accepted the resignations of the Norwegian-based Directors: Viktor Jakobsen, Harry Kinn and Jon Steen Petersen. Understandably, in the circumstances they found their positions untenable. Crew fully recognizes their predicament, especially as Messrs. Jakobsen and Kinn were only appointed to the Board in mid-November on the recommendation of Nordea Securities. The Company regrets the loss of these independent businessmen with their extensive investment experience with international mining companies, and sincerely thanks them for their brief but extremely valuable service to Crew. The Company is of the view at this time that until the Petition is heard in the Yukon Supreme Court, the Company should not appoint any new Directors to the Board.

Crew is pleased, however, to confirm that Jon Steen Petersen will continue in his capacity as Vice President, Exploration, and even in these very difficult conditions, shareholders are advised that the Company remains committed to the timely development of the current projects. However, because of the dissident shareholders' action, until a ruling is obtained from the Yukon Supreme Court, the Company's ability to finalize debt-financing arrangements for existing commitments may be temporarily delayed.

Given the circumstances, the Board of Crew firmly believes that the proposed SGM, scheduled for March 22, 2002, is the most equitable solution to the current issue for its international base of some 8,000 shareholders. In this way, the proposals by both Crew management and the dissident group will be disclosed to all shareholders. Each shareholder will then have the opportunity to make voting decisions in an informed way, consistent with the principles of corporate and securities law. Shareholders are assured that the Company will continue to try to establish open communication with the dissident shareholder group, with a sincere desire and commitment to seek an early resolution that is beneficial to all shareholders.

A further news release will be issued in the near future outlining the status of Crew's various ongoing projects.

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.