VANCOUVER, British Columbia, Oct. 22, 2002 (PRIMEZONE) -- Complimentary to Crew Development Corporation's (TSE:CRU) (Other OTC:CRWVF) strategic focus on developing and operating gold and precious metals assets directly owned by Crew, the company has reduced its ownership in South African mining house Metorex Ltd. from 41% to 21% by placing 28,208,412 shares for ZAR 83.2 million (approximately CAD 12.6 million/NOK 61.3 million). The two companies enjoy an excellent working relationship, and are jointly seeking to identify new precious metals projects that may provide a strategic fit to both companies.
The Nalunaq gold mine (82.5% Crew) is expected to commence production in 2003, and Crew is looking to explore and develop other promising gold targets within its 1,081 square km Nanortalik concession in Southern Greenland. The Nalunaq gold mine has robust economics both in the short and long term, with a projected initial annual production of 90,000 oz at a cash cost of USD 169/oz.
The Hwini-Butre gold project in southern Ghana (51% Crew) also holds great potential for future gold production, management intends to focus its efforts on this project in the near term.
The sale of shares in Metorex Ltd. improves Crew's ability to create value by pursuing the industrial development of key projects. The transaction provides Crew Development Corporation with a sound financial standing in anticipation of cash flow from Nalunaq, and represents a further strengthening of the company debt-free balance sheet.
This News Release was prepared by the Board of Directors on behalf of Crew Development Corp. which is solely responsible for its contents. For more information or to be put on the email list, please contact the Vancouver Office, (604) 683 7585 or US/Canada Toll Free: 1-866-818-2211, email: ir@crewdev.com or the Oslo Office at +47 67 59 2424, email crew@crew.no. Visit the Website at http://www.crewdev.com.