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Crew Development Corp.: Leading Industry Partner Secured For South African Fluorspar Mine.

VANCOUVER, British Columbia--(BUSINESS WIRE)--July 5, 1999--

Crew Dev. Corp.(TSE:CRU.) (VSE:CRU.) (FRANKFURT:KNC) The Company is pleased to announce that Metorex, its operating arm in southern Africa and 100 percent owner of the Vergenoeg fluorspar mine situated near Johannesburg, South Africa, has secured a leading industry partner to assist in facilitating the strategic development of the mine.

Minerales y Productos Derivados SA ("Minersa") of Spain, the largest producer of fluorspar in Europe, has acquired a 30 percent interest in Vergenoeg for cash. Metorex will retain the operatorship role, and a 70 percent equity interest.

Minersa contributes a depth of technical and marketing expertise in fluorspar, which will greatly assist in improving product quality, profitability and marketing.

At current mining rates, whereby approximately 100,000 tonnes per annum of acid-grade fluorspar and 10,000 tonnes per annum of metallurgical grade fluorspar are produced, the remaining life of the mine is in excess of 100 years. Offtake agreements with major European and North American consumers are already in place for the majority of current production.

Since the acquisition of the mine, effective May 1, 1999, Vergenoeg has, with the assistance of Minersa, largely completed a metallurgical investigation aimed at improving both the quality and recovery of fluorspar from the mine. It is anticipated that implementation of these findings will enhance profitability in the short term. Furthermore, it is believed that increased marketing efforts, with the assistance of Minersa, will allow significant long term growth in production levels and sales volumes, further enhancing profitability.

Fluorspar is the dominant source of fluorine which, with its ability to react with almost all other elements, is one of the most important elements in modern chemistry. It is used in the manufacture of Teflon plastics, steel and special aviation fuels, together with the fluorination of drinking water.

John M. Darch, President 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.
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Publication:Business Wire
Date:Jul 5, 1999
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