FOR IMMEDIATE RELEASE
The Investor Relations Group
Investor Contact: Kathryn McNeil/John Nesbett/Dian Griesel
Media Contact: Mike Graff/Stephanie Schroeder (212) 825-3210

Human Service Mission to the International Lunar Observatories

POWAY, CA – July 22, 2005--SpaceDev (OTCBB: SPDV) has been awarded a small contract by Lunar Enterprise Corporation, a wholly owned subsidiary of Space Age Publishing Company to perform the work necessary to create a conceptual mission architecture and mission design for a human servicing mission to the Lunar south pole targeted for the period of 2010 to 2015. The length of stay on the Moon will be seven or more days, depending on cost, practicality and other trade-offs.

The study will explore existing technology, technology currently under development, and proposed technology that could be developed by NASA, other countries or the private sector in time to be incorporated into the mission. The study will seek to combine those technology capabilities in order to arrive at an elegantly simple solution, because that approach should result in a mission that is low risk and low in cost.

About SpaceDev

SpaceDev (OTCBB: SPDV) creates and sells affordable and innovative space products and solutions to government and commercial enterprises. SpaceDev's innovations include the design, manufacture, marketing and operation of sophisticated micro- and nano-satellites, hybrid rocket-based orbital Maneuvering and orbital Transfer Vehicles (MoTVs) as well as sub-orbital and orbital hybrid rocket-based propulsion systems for safe human space flight. 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.

About Lunar Enterprise Corporation

Lunar Enterprise Corporation is a wholly owned subsidiary of Space Age Publishing Company of Hawaii Island, Hawaii, and Palo Alto, California. LEC and Space Age support a wide variety of enterprises and activities consistent with near-term, human, permanent operations on the Moon and with the founding of Space Age Publishing Company's next office. For more information, visit http://www.spaceagepub.com.