SpaceDev the world's first commercial space exploration company, today announced that Tony Spear, Mars Pathfinder project manager, and a team of seven experts have been commissioned to design an alternative mission and spacecraft for

SpaceDev's Near Earth Asteroid Prospector (NEAP).

Tony Spear was responsible for the highly successful and popular Mars

Pathfinder mission which last summer put the lander and Sojourner rover on

Mars to analyze the soil, rocks and atmosphere.

The Mars Pathfinder was the least expensive mission of its kinds and a

bold departure from the traditional size and expense of such missions. Mr.

Spear's job for SpaceDev is to use the same out of the box thinking to

design an optimal mission and a minimum cost spacecraft for NEAP. Study

results are expected in early July 1998.

James Benson, President and CEO of SpaceDev said "I am excited about Tony

and his dream team analyzing the feasibility of re-targeting NEAP to a new

and better target, asteroid Nereus. This is a wonderful and important

possibility because Nereus will fly by quite close to earth just before

the rendezvous opportunity, only .029 AU away. If we go to Nereus, a type

C asteroid, it will be the first time that close-up ground based

instrument findings can be correlated with instruments flown to and

dropped onto an asteroid."

NEAP will be the world's first commercial deep space science mission, and

will fly instruments from science teams, which have purchased insured

rides on the unmanned NEAP spacecraft.

In early 2002, Nereus will fly by very close to Earth, less than three

million miles away, only ten times the distance to the moon. A few months

later will be the best time to rendezvous with Nereus. No other probe has

ever rendezvoused with a carbonaceous asteroid.

Benson added "It is of the utmost importance that we go to near earth

asteroids to examine and understand them. They are both incredibly

dangerous and incredibly valuable, but at this time no one has a clue how

to deal with them. SpaceDev is the first to do something practical about

asteroids."

Carbonaceous asteroids are believed to contain water, iron, carbon,

aluminum, potassium, magnesium, calcium, and a variety of other

potentially valuable resources. Iron content varies from 6 to 23 percent,

and some are believed to contain up to 20 percent water. NEAP will look

for water with its neutron spectrometer, similar to that on Alan Binder's

Lunar Prospector, which confirmed the presence of water on the moon. Dr.

Binder is on the board of directors for SpaceDev. Nereus, about .6 miles

in diameter, is estimated to contain resources with a street value of over

$1 trillion.

NEAP is recognized by NASA as a "Mission of Opportunity" for both the

Discovery and MIDEX programs. To date, seven teams of scientists have

notified NASA of their intent to seek funding from NASA to purchase rides

for their instruments on the NEAP mission.

SpaceDev intends to hold a press conference in Washington, DC in early

July to release and describe the results of the Spear NEAP mission study.

About SpaceDev

SpaceDev, the world's first commercial space exploration company, intends

to launch the first privately financed spacecraft to assess and to land on

a near earth asteroid. SpaceDev is selling rides for scientific

instruments to governments and companies to transport their instruments

and experiments through deep space to another planetary body. SpaceDev

intends to sell the scientific data acquired by its instruments as

commercial products. Colorado-based SpaceDev has offices in San Diego, CA

and Washington, D.C.

Space Development Corp