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Crew Development Corporation Announces C$4.0 MillionPrivate Placement Announced.

Business Editors

VANCOUVER, British Columbia--(BUSINESS WIRE)--Feb. 4, 2000

Crew Develop(TSE:CRU.) (FRANKFURT:KNC)

Crew is pleased to announce that it has arranged, through David Williamson Associates, of London, England, a private placement of C$4.0 million with two

major international institutions, who are existing shareholders. The placement, which is subject to the approval of regulatory bodies, comprises 3.2 million units at a price of C$1.25 per unit, comprising one share and one warrant, which is exercisable at C$1.50 for a period of 12 months. The Company will pay a fee to David Williamson Associates on the proceeds raised.

The proceeds will primarily be used to accelerate the Company's Greenland gold and Philippine nickel-cobalt projects.

&uot;John M. Darch&uot; President and C.E.O.

This News Release was prepared by the Board of Directors on behalf of Crew Development Corp. which is solely responsible for its contents.

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