TRADING SYMBOL: TORONTO & OSLO: CRU
FRANKFURT: KNC, OTC-BB-other: CRWVF
N E W S R E L E A S E
Test production approved at Pamplona - Domestic industrial partner identified
VANCOUVER, Canada, DATE July 30th, 2003, Crew Development Corporation ("Crew") (TSE & OSE: CRU; Frankfurt: KNC; OTC-BB- other: CRWVF): Crew Development Corporation is pleased to announce that the application for a USD 500,000 exploration program including a 2000 tonne bulk sample from the Pamplona sulphur deposit at Negros Island in the Philippines has been approved by the Department of Environment and Natural Resources (DENR). The upgrade of the road and harbour facilities has started and the excavation is scheduled to take place during August and September. The purpose of the bulk sampling is to examine the commercial and technical viability of the Pamplona deposit as a supplier of sulphur to a major agricultural fertilizer company in the region. Subject to the results of the test production, the parties will start planning for regular production. The partner will carry all costs in connection with the bulk sampling and test production.
The Pamplona project, first developed in 1974, has an indicated resource of 40 million tonnes of ore that may be accessed by open pit mining, and a further 80 million tonnes of inferred resource. The average sulphur content of the Pamplona ore is 30% S and cut-off is 18% S combined as native sulphur and sulphide. The potential production volume is considered to be in the range of 2-4 million tonnes of ore per year, starting at around 1 million tonne per year. A stand-alone sulphur operation at Pamplona will not compromise the potential future supply of sulphur to the Mindoro nickel project.
World production of sulphur is over 54 million tonnes and worth over US$2.6 billion. The USA and Canada are the largest producers, as well as the largest consumers of sulphur. The major end use for sulphur is the production of sulphuric acid (primarily for fertilizer production), accounting for 96% of total market value. Sulphur is a mature market, but is forecast to experience an 8% growth from 1998 to 2005.
Fertilizer consumption in South-East Asia has increased by approximately 200% since 1980, and by 40% since 1990. The price of Sulphur has increased significantly over the last two years. For example, sulphur from the Indian subcontinent has gone from about 30 USD/tonne in Q3-01, to a high of 90 USD/tonne in Q1-03.
It is Crew's strategy to develop selected minerals projects through securing market access and entering into strategic alliances with major industrial partners, who are also end users of the mineral in question.
"Jan A. Vestrum"
President and CEO
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