NEWS RELEASE

METOREX LTD. REPORTS FINANCIAL RESULTS FOR THE QUARTER ENDED MARCH 30, 2003

VANCOUVER, Canada, DATE May 1, 2003, Crew Development Corporation ("Crew") (TSE & OSE: CRU; Frankfurt: KNC; OTC-BB- other: 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 31 March 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:

Images from Greenland:

      HEAD OFFICE, UK:

      CREW DEVELOPMENT LTD.
      ABBEY HOUSE
      WELLINGTON WAY
      WEYBRIDGE
      SURREY KT13 0TT
      GREAT BRITAIN
      TEL: +44 193-226-8755
      FAX: +44 193-226-8756

      OSLO, NORWAY:

      CREW NORWAY AS
      DRONNINGEN 1
      P.O. BOX A BYGDØY
      N-0211 OSLO
      NORWAY
      TEL: +47 2212-1650
      FAX: +47 2212-1651

      VANCOUVER, CANADA:

      CREW DEVELOPMENT CORP.
      SUITE 411
      837 W.HASTINGS ST
      VANCOUVER, B.C.
      V6C 3N6 CANADA
      TEL: +1 604-683-7585
      FAX: +1 604-682-0566