VANCOUVER, Canada, May 23, 2003, Crew Development Corporation ("Crew") (TSE:CRU) (OSE:CRU) (Frankfurt:KNC) (Other OTC:CRWVF): South African mining company Metorex Ltd., where Crew Development Corporation is a 21% shareholder, incurred a loss of ZAR 11.3 million (CAD 2 million) for the quarter ended March 31, 2003. This performance was driven by a 24% decrease in gross revenue to ZAR 172 million from the previous quarter. The acquisition of ETC will significantly increase the Metorex' turnover in the future. Metorex' ZAR denominated commodity prices declined from the previous quarter, mainly as a result of the strengthening of the ZAR/USD exchange rate by 13% to an average of 8.38 for the quarter from 9.67 the previous quarter.
Please see the full quarterly report from Metorex Ltd., posted at the JSE, for further details: http://jse.hosted.inet.co.za/news/story/1352318
Jan A. Vestrum, President and CEO
For more information please contact our UK Head Office, TEL: +44 193-226-8755 or the Oslo Office at +47 22 12 16 50, email 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