VANCOUVER, British Columbia, Sept. 17, 2002 (PRIMEZONE) -- Crew is pleased to report positive results of its 41%-owned Metorex Group of South Africa.
Metorex has, despite the depressed metal prices and a decision to place Chibuluma South on care-and-maintenance in 2002, managed to deliver positive year-end results, which clearly demonstrate the value of the company's multi-commodity structure. The group's revenue on mineral sales increased 14% and the profit was maintained at R143 million compared to R141 the previous year. Headline earnings were 72.8 cents per share or R90 million. Capital investments of R98 million were directed mainly at the new copper-slag treatment plant at O'okiep and plant improvements at the Vergenoeg mine, which now appears as a world-leading plant and fluorspar deposit.
The board has recommended a dividend of 10 (ten) cents per share, to be paid on October 14, 2002.
"Jan A. Vestrum" President and CEO
This News Release was prepared by the Board of Directors on behalf of Crew Development Corp., which is solely responsible for its contents. For more information or to be put on our email list, please contact the Vancouver Office, (604) 683 7585 or US/Canada Toll Free: 1-866-818-2211, email: ir@crewdev.com or the Oslo Office at +47 67 59 2424, email crew@crew.no. Visit our website at http://www.crewdev.com.
To view the financial tables, please click on the following link: http://www.primezone.com/media/temp_nr/Metorex-Financials.doc