Join Date: May 2004
Location: Wilmington, DE
Bikes: 1984 Trek 660, 2003 Specialized Hardrock, 2004 LOOK KG386i (RIP), 2005 Iron Horse Warrior Expert, 2009 Pedal Force CX1, 2014 Islabikes CNOC 14 (son's)
Mentioned: 4 Post(s)
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Quoted: 364 Post(s)
With a hollow axle on one side, it's definitely an external bearing crankset. The bearings are housed in the cups which onto the bottom bracket shell but side outside of it, and not inside like a typical bottom bracket would put the bearing. All you need is the external bearing socket that I linked to and you'll be able to remove and reinstall the bearing cups for your crankset. If you don't own a torque wrench, get one or have the LBS do this job for you.
Oh, as for removing the actual crank, I'm guessing that your Race Face crank uses a similar type of self-extracting bolt that FSA's external bearing cranks use. Unscrewing the 8mm hex socket bolt should pull the one arm off the axle. The other side should just slide out of the bearings or it may require a rubber mallet to drive it out.