Crew Development Corporation's Results for the Financial Year Ended June 30, 2002


VANCOUVER, British Columbia, Nov. 18, 2002 (PRIMEZONE) -- Crew Development Corporation (TSE:CRU) (OSLO:CRU) (FRANKFURT:KNC) (Other OTC:CRWVF) today announced that for the year ended June 30, 2002, the Company achieved operating income of CAD 20.2 million (2001 - CAD 9.2 million) on revenues of CAD 111.7 million (2001 - CAD 79.7 million). Also included in the results for the quarter are a provision for the impairment of CAD 19.6 million (2001 - CAD nil) in the value of the Company's investment in Asia Pacific Resources Ltd, and a provision of CAD 5 million (2001 - CAD nil) for the impairment of other mineral property interests, resulting in a net loss for the year ended June 30, 2002 of CAD 40.8 million (2001 - CAD 26.3 million).

The Company's operating results for the period include the consolidated financial results of Metorex Ltd., for the 10 months ended April 30, 2002. On April 24, 2002, Metorex issued 18.1 million shares in a private placement to other shareholders. On April 26, 2002, Crew sold 6.5 million shared of Metorex Ltd. for proceeds of CAD 2.9 million. As a result of these transactions, Company's interest in Metorex was reduced to 41%. Consequently, the Company no longer consolidates its interest in Metorex Ltd., effective April 30, 2002. On October 22, 2002, Crew further reduced its holding in Metorex by selling 28 million shares for proceeds of ZAR 83.2 million (CAD 12.6 million).

Crew is in the final stages of planning the commencement of production from the Nalunaq Gold Mine. Nalunaq has an existing stockpile containing approximately 28,000 oz of gold. Mine construction is expected to start in the first half of 2003, and the economics of the operation are considered to be robust. The average annual production is projected to be 90,000 oz at a cash operating cost of USD $168 per oz, based on an average ore production of 350 tonnes per day. A Memorandum of Understanding has recently been signed with Richmont Mines Ltd. for the batch treatment of Nalunaq ore at the Nugget Pond processing plant in Newfoundland. Relevant authorities are currently reviewing the feasibility and the environmental impact studies, and a mining permit is pending. Assuming all the necessary permits are received as anticipated, Nalunaq should be in production during 2003.

GOING FORWARD Crew has over the last six months changed its strategy from having the ambition of becoming a broadly diversified multi-commodity mining company to focus primarily on precious metals. This change in strategy is a result of a management and board evaluation of where the main potential for near term income is, as well as where the company can see further growth based on the companies own financial and human resources. Management will focus on further reduction of costs, identify new projects with near term cash flow potential as well as developing existing assets.

It is management's view that Crew is well positioned to meet the future with an attractive portfolio of projects, a solid balance sheet and treasury. The company is of the opinion that Nalunaq as well as the other 3 structures with visual gold on Greenland, Lake-410, Ippatit and Nanisiaq individually and together plus Crew's 51% ownership in Hwini-Butre, Ghana, represents a considerable upside for Crew. There is a clear focus from management to develop these assets.


 CREW DEVELOPMENT CORPORATION
 Consolidated Balance Sheets
 (expressed in Canadian dollars)

                                                 As at June 30,    
                                              2002           2001
 ASSETS
 CURRENT
  Cash                                  $  4,376,481    $ 40,156,933
  Accounts receivable                        198,812      23,396,808
  Inventories                                   --         8,693,470
  Prepaid expenses                           250,389         295,823
  Due from Metorex Limited                 2,263,232            --
  Future income taxes                           --         1,044,899
                                           7,088,914      73,587,933

 NALUNAQ MINERAL PROPERTY INTEREST        34,460,247      25,994,352
 INVESTMENT IN METOREX LIMITED            28,809,532            --
 GEOTHERMAL PROJECT                        2,613,596         249,853
 INVESTMENT IN ASIA PACIFIC RESOURCES      4,950,000      19,543,056
 PROPERTY, PLANT AND EQUIPMENT               891,347      93,512,669
 OTHER MINERAL PROPERTY INTERSTS           3,245,298       8,106,818
 REHABILITATION TRUST FUND                      --         3,763,882
 OTHER                                        27,000         396,723
                                        $ 82,085,934    $225,155,286
 LIABILITIES
 CURRENT
  Bank indebtedness                     $       --      $  1,361,120
  Accounts payable and
   accrued liabilities                     2,648,712      29,584,363
  Income taxes payable                          --         2,567,968
  Current portion of long-term debt             --         7,748,460
  Current portion of provisions                 --         3,482,998
                                           2,648,712      44,744,909

 LONG-TERM DEBT                                 --        10,484,144
 FUTURE INCOME TAXES                       3,338,484      16,412,842
 PROVISIONS                                     --         6,453,365
 EMPLOYEE FUTURE BENEFITS                       --         2,781,730
 NON-CONTROLLING INTEREST                  2,324,649      36,995,376
                                           8,311,845     117,872,366

 SHAREHOLDERS' EQUITY
  Share capital                          160,114,934     156,750,902
  Share purchase warrants                    275,250            --
  Deficit                                (83,846,598)    (42,697,223)
  Cumulative translation adjustment       (2,769,497)     (6,770,759)
                                          73,774,089     107,282,920
                                        $ 82,085,934    $225,155,286

 CREW DEVELOPMENT CORPORATION 
 Consolidated Statements of Loss and Deficit
 (expressed in Canadian dollars)


                                             Year ended June 30, 
                                           2002              2001

 MINERAL SALES                          $111,730,701    $ 79,702,138
 DIRECT COSTS OF MINERAL SALES           (87,425,868)    (66,508,590)
 AMORTIZATION                             (4,108,590)     (3,985,344)
                                          20,196,243       9,208,204
 EXPENSES
  Administration, office
    and general                          (13,798,260)     (8,132,725)
  Amortization                              (242,525)        (83,138)
  Interest                                (1,530,963)       (634,274)
  Professional fees                       (1,857,503)       (795,648)
                                         (17,429,251)     (9,645,785)
 OTHER INCOME (EXPENSES)
  (Loss) gain on investment in
   Metorex Limited                        (8,036,773)      3,540,665
  Provision for impairment of
   Chibuluma South Mine                   (8,450,857)           --
  Loss on dilution of interest
   in geothermal asset                    (1,503,055)           --
  Provision for impairment in
   investment in Asia Pacific
   Resources                             (19,593,056)           --
  Provision for decline in value of
   investment in Mindoro Nickel Project         --       (34,024,132)
  Costs related to Mindoro
    Nickel Project                        (1,572,585)           --
  Provision for impairment of other
   mineral property interests             (5,009,878)           --
  Foreign exchange gain (loss)               736,095      (1,043,032)
  Gain on sale of other assets               431,480         211,113
  Interest and other income                1,726,067       4,225,236
                                         (41,272,562)    (27,090,150)
 LOSS BEFORE PROVISION FOR INCOME
  TAXES AND NON-CONTROLLING INTEREST     (38,505,570)    (27,527,731)
 PROVISION FOR INCOME TAXES
  Current                                  4,875,053       3,151,223
  Future                                  (4,228,918)     (7,499,169)
                                             646,135      (4,347,946)
 LOSS BEFORE NON-CONTROLLING INTEREST    (39,151,705)    (23,179,785)
 NON-CONTROLLING INTEREST                 (1,598,984)     (3,103,752)
 NET LOSS                                (40,750,689)    (26,283,537)
 DEFICIT, BEGINNING OF THE YEAR          (42,697,223)    (16,413,686)
 DIVIDEND                                   (228,284)           --
 NET LIABILITIES ACQUIRED ON
  REVERSE TAKEOVER OF NORTH PACIFIC
  GEOPOWER CORP                             (170,402)           --
 DEFICIT, END OF YEAR                   $(83,846,598)   $(42,697,223)

 LOSS PER SHARE
  - BASIC AND DILUTED                   $      (0.31)   $      (0.26)

 WEIGHTED AVERAGE NUMBER OF
  SHARES OUTSTANDING                     131,790,183     101,708,357

For more information or to be put on the Company's 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 our website at http://www.crewdev.com



            

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