Financial Results For The Six Months Ended December 31, 2000 Demonstrate Sustained Profitability.

Business Editors

VANCOUVER, B.C.--(BUSINESS WIRE)--March 1,2001

Crew Development (OTCBB:CRWVF) (TSE:CRU.) (OSLO STOCK EXCHANGE:CRU) (FRANKFURT:KNC)

Share Of South African Operations' Net Profits Increasing 166% To

C$3,844,000

For the six months ended December 31, 2000, Crew is pleased to report a net income of C$1,408,000 (C$0.01 per share), compared with C$3,078,000 (C$0.09 per share) for the six months ended December 31, 1999, which included non-recurring gains on sale of assets of C$2,828,000 (December 2000 - C$nil).

Crew's share of the net profits of its African operating subsidiary, Metorex, amounted to C$3,844,000 (C$0.04 per share) for the six months, compared with C$1,447,000 (C$0.04 per share) for the corresponding period in 1999. This 166% improvement reflects not only stronger commodity prices and a depreciation of the Rand, but also a reduction in unit operating costs and an increased ownership position in Metorex for the last month of the period.

Effective November 24, 2000, Crew increased its ownership position in Metorex from 41% to 52%, and as a result, Crew now consolidates the full results of operations of Metorex in its financial statements, with effect from that date.

As at December 31, 2000, Crew had total assets of C$200,540,000 (1999 - C$80,204,000) and shareholder's equity of C$112,498,000 (1999 - C$76,478,000).

General Project Review

Nalunaq

The company has now received 80% of the 2000 Test Mining bulk sample data from its 67% owned Nalunaq gold project in southern Greenland. This data will be used to accurately determine the gold grade of this narrow vein deposit in cooperation with Strathcona Mineral Services. Once this grade has been determined, a resource calculation will be completed based on corresponding channel samples. This resource will then be assessed by HypoVereinsbank.

The company has completed environmental baseline and tailings disposal studies and submitted samples for extensive testwork. Oceanographic field investigations have also been completed. The results will form the basis of a Bankable Feasibility Study to be completed in the coming season. Preliminary assessment of the work scope has been conducted by a major Engineering Group to perform the independent feasibility study.

Mindoro

It is Crew's objective to complete the resource evaluation and optimization section of the Bankable Feasibility Study at its 100% controlled nickel laterite project on Mindoro Island, the Philippines, within the next 3 months. The schedule of the second phase of the study, which includes test work, design and engineering, will be determined at that time. A total of 12,000 meters of ground penetrating radar survey and over 8,000 meters of drilling is included in the current program.

Resource evaluation work is progressing well with pit extension drilling now completed to a depth of approximately 28 meters. The currently defined laterite resource has an average depth of 6 meters. In addition, four drills are conducting an infill drilling 100 meter grid that is estimated to be ongoing through April. Resource expansion drilling on the remaining parts of the concession is being conducted with six drills completing sampling on a 200 meter grid.

Meager Creek

Crew has engaged independent consultants to re-evaluate all of the data relating to the substantially explored 100% Crew owned Meager Creek geothermal project in British Columbia, Canada.

The company anticipates receiving this review within 3 months. The power crisis in the Pacific Northwest of the USA, and increased gas prices, have generated considerable interest in this project as an environmentally friendly and renewable energy source. Written offers to finance further development, and expressions of interest from energy companies in the participation in the development of the project, have been received and will be considered when the consultants' final review and recommendations have been evaluated.

Roros

Contracts are currently being finalized to commence winter drilling at Crew's 100% owned Roros zinc project in Norway.

This program will initially consist of 1,600 meters of core drilling at two targets.

Metorex

Crew has increased its ownership in Metorex, its South African subsidiary, to 52%. Crew is pleased with Metorex's half year financial performance to December 31, 2000 which recorded increases in net income and interim dividends of 134% and 43% respectively over the period. Growth opportunities in the near future are as follows:

Chibuluma South Project - the first new mine in Zambia in 30 years

The construction of the metallurgical plant and establishment of the open-pit workings have progressed on schedule to meet the planned production commencement date in April 2001.

Perkoa Zinc - Burkina Faso

The pre-feasibility study has been completed and Metorex is seeking to finalize terms of the Memorandum of Understanding forming the basis of the Mining Convention with the Burkina Faso Ministries of Mining and Finance.

Consolidated Murchison - Beta Shaft

The reopening of the Beta Shaft should be achieved by April 2001, which will provide incremental production of antimony and gold.

O'Okiep Operations

A preliminary feasibility study and encouraging test work has been completed on re-treating the O'Okiep slag dump which would extend the life of the O'Okiep operations and smelter by an additional five years.

Umnotho weSizwe / Coal Group

Wakefield Investor (Pty) Limited ("Metorex Coal Group") has entered into an agreement with an empowerment group Umnotho weSizwe Investment Holdings (Pty) Limited ("Umnotho") whereby Umnotho earns a stepped shareholding in Wakefield by introducing additional coal reserves and coal markets to the company. Discussions on these additional reserves and markets are in progress.

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 profitable, and is well positioned for further growth. The primary listing for Crew shares is the Toronto Stock Exchange (TSE), and since January 2000 the company 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.