VANCOUVER, British Columbia, April 24, 2003 (PRIMEZONE) -- Crew Development Corporation (TSE:CRU) (OSLO:CRU) (Frankfurt:KNC) (Other OTC:CRWVF) is pleased to announce it has acquired 100% of mineral rights to the Seqi olivine deposit in Southern Greenland, 90 km North of Greenland's capital city Nuuk. Crew has since 1999 held an option to acquire the title to Seqi, which is a large and homogenous olivine deposit with up to 97% olivine. The high grade and favourable chemical and textural properties both contribute to the commercial potential of this project.
The olivine occurrence is fully exposed and has been subject to limited drilling and surface sampling. Open pitable, inferred resources, derived from drillings to about 50 m depth, are estimated at 46 million tonnes. Gravimetric studies have indicated a resource potential in excess of 100 million tonnes.
The deposit is located 600 m from tidewater, which provides all-year access for bulk carriers up to 100,000 DWT. The location and nature of the operation allows for a short lead-time to full-scale production. The company is planning further limited drilling and preparation for a feasibility study. Initial assessments indicate a production rate of 1.5-2.0 million tonnes per year.
Crew is currently in the process of evaluating the commercial potential of Seqi olivine project and is seeking potential industrial/commercial partners for the further development of the project.
This news release contains certain "Forward-Looking Statements." All statements, other than statements of historical fact, included in this release, and/or statements made by company officers or directors at any given time, as well as Crew's future plans are such forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are based on the estimates and opinions of management on the date the statements are made, and Crew does not undertake any obligation to update forward-looking statements should conditions or management's estimates or opinions change.