Crew Development Corporation: Goldman Sachs -- Disclosure of Interest to the Oslo Stock Exchange

VANCOUVER, B.C., Sept. 8, 2003 (PRIMEZONE) -- Crew Development Corporation ("Crew") (TSE:CRU) (OSE:CRU) (Frankfurt:KNC) (Other OTC:CRWVF): Crew Development Corporation ("Crew") hereby informs the Canadian and US markets that the following announcement was made by Goldman Sachs International to the Oslo Stock Exchange (OSE) on September 5th after market close:

 CRU -- DISCLOSURE OF SHARE ACQUISITION
 Companies Law Disclosure Notice - CREW DEVELOPMENT
 CORPORATION (the `Company`). Goldman Sachs International (`GSI`),
 an  indirect, wholly owned subsidiary of The Goldman Sachs Group,
 Inc. has  agreed to purchase NOK 31,000,000 of 9 % Senior Unsecured
 Convertible  Bonds (`Bonds`) of the Company. These Bonds are
 convertible into  ordinary shares of the Company. If converted the
 NOK 31,000,000 Bonds,  on the basis of that the relevant shares
 capital of the Company is  147,275,406 shares (assuming the GSI
 converts its convertible bonds  into shares and that no other holder
 of convertible bonds converts),  will convert in to 8,611,111 shares
 of the Company, which represents  6.21% of the outstanding share
 capital.

Please refer to previous Crew news releases for more details about the convertible bond issue and about Crew.

                          Jan A. Vestrum
                          President & CEO

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.

For more information please contact Investor Relations Manager Truls Birkeland at our UK Head Office, (TEL +44 1932 268 755) or the Oslo Office (TEL +47 2212 1650), or by email to IR@crew.no .For more information about Crew, additional contact information or to subscribe to future news releases, please visit our new website www.crewdev.com