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SpaceDev Completes Lunar Lander Study

Press Release From: SpaceDev, Inc.
Posted: Monday, January 5, 2004

SpaceDev has completed the first phase of a privately funded study to design a low cost robotic return to the Moon. The study was performed for Lunar Enterprise of California (LEC, a wholly-owned subsidiary of Space Age Publishing Company), and follows an earlier SpaceDev Lunar orbiter mission and spacecraft design project funded by Boeing. The current study analyzes mission and spacecraft options for a Lunar Dish Observatory to be placed near the south pole of the Moon.

"With Europe on the way to the Moon, Japan lunar missions set for 2004 and 2005, and India as well as China preparing to send a series of robotic missions to the Moon culminating in a manned lander mission, and with renewed interest by our own government in returning to the Moon, SpaceDev seems to be in the right place at the right time," said SpaceDev founding chairman and chief executive Jim Benson. "SpaceDev and others have been advocating the importance of a stronger U.S. private sector presence in and beyond Earth orbit for years. Recent public statements from high levels of government indicate more focus on such private sector contracts and a return to the Moon."

The SpaceDev study found that the south pole of the Moon is an ideal location for a variety of activities including a dish-type observatory. Certain areas near the pole experience extended periods of sunlight for solar power and warmth, and are in direct line of sight to communicate with the Earth. The study also found that insufficient data exists to choose a precise landing spot and describes the need for better navigation capabilities at and around the Moon. SpaceDev expects to begin working on the next phase of the study early next year.

The Lunar mission being designed by SpaceDev for LEC would save money and reduce risk by using hardware and software technology already developed by SpaceDev. In addition to incorporating its miniature high performance CHIPSat flight computer and Internet-based mission operation and control software, the study is examining the use of SpaceDev's clean, safe hybrid rocket motor technology developed with government contracts and for the historic SpaceShipOne project.

SpaceDev estimates that its Lunar Dish Observatory lander mission can be conducted for significantly less than the cost of previous missions such as the successful $100 million NASA Lunar Prospector, and the $150 million DoD Clementine orbiter (in today's dollars).

About SpaceDev

SpaceDev creates and sells affordable and innovative space products and solutions to government and commercial enterprises. Upon founding SpaceDev in 1997, Jim Benson started the trend of successful computer entrepreneurs moving into the space development arena. For more information, visit www.spacedev.com.

This news release may contain forward-looking statements concerning the Company's business and future prospects and other similar statements that do not concern matters of historical fact. Forward-looking statements relating to product development, business prospects and development of a commercial market for technological advances are based on the Company's current expectations. The Company's current expectations are subject to all of the uncertainties and risks customarily associated with developing business ventures including, but not limited to, risks associated with new product development and availability of raw resources and suppliers, risks to marketed products and availability of financing and other sources of income, as well as risks discussed in the Company's periodic reports filed with the U.S. Securities & Exchange Commission. The Company's actual results may differ materially from current expectations. Readers are cautioned not to put undue reliance on forward-looking statements contained in this release and to read it in conjunction with the Company's annual report on Form 10-KSB, including the consolidated financial statements filed therewith. The Company disclaims any intent or obligation to update publicly these forward-looking statements, whether as a result of new information, future events or for any other reason.

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