Crew Development Corp. Announces $3 Million in PrivatePlacements Arranged to Fund Project...

VANCOUVER, British Columbia--(BUSINESS WIRE)--April 27, 1999--

Crew Development Corp. (TSE:CRU) (FRANKFURT:KNC) announced that it has arranged for a private placement of 4 million units at $0.75 per unit to raise C$3 million.

Each unit will comprise one share and one half a non-transferable warrant.

Each whole warrant will have a term of 12 months and will enable the holder to purchase one additional share from the company for $0.90. The private placement, which is subject to the approval of the regulatory bodies and shareholder approval, has been arranged by Global Resource Investments Ltd., California and David Williamson Associates, London, to whom the company will pay a fee on the proceeds raised.

While the company shall continue to develop existing projects and pursue other acquisitions in Southern Africa, the above mentioned private placement will enable the company to specifically evaluate mining opportunities elsewhere.

Over the past two years, Crew has achieved significant, profitable growth, primarily through acquisitions in Southern Africa. Consolidated sales from nine diversified mining operations of gold, copper, zinc, antimony, fluorspar and coal, have tripled to R660 million (C$160 million). Despite prolonged weak metal prices, efficient mine management and reduced operational costs have ensured that these operations continue to operate profitably. The strong treasuries and positive cash flows of the group will enable the ongoing evaluation and acquisition of diverse mining opportunities.

John M. Darch, President & CEO

Note to Editors: This news release was prepared by the board of directors on behalf of Crew Development Corp. which is solely responsible for its contents.