Crystallex International Corporation (the ''Company'') is pleased to announce that it has completed a private placement of 8,175,000 special warrants at a price of $2.57 per special warrant, raising gross proceeds of $21,009,750. Each special warrant entitles the holder to receive one common share of the Company at no additional consideration and one-half of one common share purchase warrant. Each whole share purchase warrant entitles the holder to acquire an additional common share of the Company at an exercise price of $2.75 per share within the first year of closing and at $3.20 per share within the second year of closing.

The Company has undertaken to use its best efforts to obtain a receipt for a final prospectus within 120 days from closing. Upon closing, the Company received funds equal to one-half of the gross proceeds raised (less the Agent's commission and expenses) with the balance being held in trust until the receipt for a final prospectus is obtained. Should a final receipt not be obtained within 120 days from closing, the placees will receive, upon exercise of the special warrant, 1.1 common shares and 0.55 of a share purchase warrant for the funds advanced to the Company and, for the remainder of their subscription proceeds held in trust, will have the option of receiving back such funds or receiving 1.1 common shares and 0.55 of a share purchase warrant.

The Agent, Whalen Beliveau & Associates Inc., received a commission equal to 8% of the gross proceeds raised and a broker's warrant to purchase that number of common shares equal to 10% of the special warrants sold. Each broker's warrant entitles the Agent to acquire one common share of the Company at a price of $2.57 within the first year of closing and at $3.20 within the second year of closing.

Proceeds from this private placement will be used to complete the acquisition of the Albino 1 Concession as well as to enable the Company to fully explore its other Venezuelan holdings. Proceeds will also be used towards seeking further opportunities in Latin America or elsewhere to expand the Company's property portfolio.

On Behalf of the Board,

"Marc J, Oppenheimer"

Marc J, Oppenheimer, President & CEO

NOTE: The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.