NEWS RELEASE April 29 , 2002 TRADING SYMBOLS: Crew Development Corporation has sold 6.5 million shares in Metorex Ltd. at a price of ZAR 3.20 per share on April 26, 2002. Metorex Ltd. issued 18.1 million shares at ZAR 3.20 per share in a private placement completed April 24, 2002. As a result of these transactions, Crew's interest in Metorex is reduced to 41%. Consequently, Crew will no longer consolidate its interest in Metorex effective April 24, 2002. The motive for the reduction in Crew's holding, as well as the private placement, is related to insufficient liquidity in the trading of Metorex shares and the realization that Crew's controlling ownership has been a restraining factor for the share price. The board of directors in both Crew Development Corporation and in Metorex Ltd. believe that the above mentioned transactions, by increasing the free float of Metorex shares, will improve how Metorex' assets and underlying value is reflected in the share price.
CORPORATE OVERVIEW Crew is an established, multi-commodity, Canadian mining company with operations in Africa, Canada, Greenland, Norway and the Philippines. In addition to a variety of projects that are at various stages of development and discovered by Crew, the company controls seven producing mines through its southern African subsidiary. Crew's strength stems from this diversified, solid, broad base of projects. The company is well positioned to focus on specific projects, and to respond to changing market forces. Crew shares are listed as CRU on the TSE (Canada) and OSE (Norway), as KNC on the Frankfurt Exchange (Germany), and as CRWVF on the OTC BB (USA). "Jan Vestrum" |
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